China expects its annual refined oil output to reach 310 million tons by 2015, Zhang Guobao, head of the State Energy Administration, said Thursday.
China unveiled a raft of targets for its energy and power sectors on Thursday, revealing a plan for a rapid increase in power generation but a much slower rise in the country's oil refining capacity over the next five years.
China said Thursday it could basically meet its goal of reducing energy consumption per unit of gross domestic product (GDP) by around 20 percent from 2005 levels by the end of 2010.
China has given initial environmental clearence to an $8.7 billion joint-venture refinery between PetroChina Co Ltd and Venezuela's state oil company Petroleos de Venezuela SA (PDVSA).
China Petrochemical Corp and Repsol YPF SA, Spain's largest oil company, are in talks to pursue joint ventures around the world after the Chinese refiner invested $7.1 billion in a Repsol unit in Latin America last year.
China Petroleum and Chemical Corp (Sinopec) produced a record 7 million tons or 140,000 barrels per day of crude oil in its northwest oilfield last year, 6.1 percent more than in 2009.
First Solar Inc, a US-based renewable energy company, signed a memorandum of understanding (MOU) with China Guangdong Nuclear Solar Energy Development Co Ltd (CGN SEDC) on Wednesday to jointly develop the world's largest solar power plant.
China vowed Wednesday that it would continue efforts to expand and upgrade its rural power grid networks in the next five years to meet the increasing demand.
Work on Fiji's Somosomo Hydro Plant in Taveuni should begin early 2011 with the completion of the dam and site designs by Chinese investors, according to the Fijian Information Ministry on Wednesday.
China has joined the world's elite club of offshore oil producers after China National Offshore Oil Corp (CNOOC) announced that its oil and natural gas output surpassed 60 million metric tons in 2010.
Sinovel, China's top wind turbine producer, plans to raise up to $1.4 billion through an initial public offering in Shanghai, hoping to ride high on the back of strong demand for Chinese renewable energy stocks.
The argument that hydropower construction may contribute more pollution than thermal power plants has stirred controversy among the country's top authorities, reported Chinese media on Sunday.