Oil prices will keep their growth momentum in the long run due to the ballooning exploration costs and the hike in energy demand on the back of the accelerating global industrialization pace, said Fu Chengyu, chairman of China National Offshore Oil Corporation, the country's biggest marine oil producer.
BHP Billiton is buying shale gas reserves from Chesapeake Energy Corp for $4.75 billion, pitting itself for the first time against oil giants and China in the battle for the fast-growing energy source in North America.
Two Chinese companies jointly won a bidding project for solar power equipment with the United Nations worth $81 million.
China must devise an emergency natural-gas storage plan during the 12th Five-Year Plan period to prepare for the possibility of an abrupt shortage, said a senior researcher at the country's energy think tank.
The rise in China's jet fuel prices is expected to push up the costs of domestic airline companies by billions of yuan every year, while analysts hinted airliners could raise passenger fuel surcharges to offset the increase in costs.
China National Petroleum Corp (CNPC) said it is planning to double the length of pipelines laid during the period of the 12th Five-Year Plan (2011-2015) from the amount constructed during the past five years, in a bid to improve the company's energy access.
China raised the prices of gasoline and diesel by 350 yuan ($53.2) a ton beginning on Sunday, the National Development and Reform Commission (NDRC) announced Saturday night.
Retail gasoline and diesel prices were raised on Sunday, the second increase in two months, in a bid to tame rising domestic fuel demand amid surging crude oil prices on the international market.
China's environment authorities will launch a campaign this year to clean up lead-acid battery manufacturing, which has been blamed for a spate of child lead poisoning cases.
Energy service companies in China will enjoy tax exemptions as of Jan 1 this year, The Ministry of Finance announced on its website on Thursday.
Palm oil dropped for a third day on speculation that weather conditions that pushed prices to the highest level in almost three years may be improving, helping increase supplies of the commodity.
The pipeline, one of the country's four strategic oil and gas access points, has been operating securely and steadily since it was put into use, China National Petroleum Corporation (CNPC), the major operator of the project, said on Wednesday.
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