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Private capital to be involved in new gas pipeline project by 123wert sdfsf
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Private capital to be involved in new gas pipeline project |
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Business,Business News,Business Opportunities
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PetroChina Co, Asia's largest oil and gas producer by market value,disclosed yesterday that China's new natural gas transmissionpipeline project will have investment from private companies. However, analysts said that "only opening" China'spetroleum and gas sector, which has long been dominated byState-owned companies, "is not enough." Jiang Jiemin, chairman of the State-owned PetroChina, announcedyesterday at a media briefing that construction of China's thirdwest-east natural gas transmission pipeline is to start this yearand will be completed in two to three years. The pipeline will carry natural gas from Turkmenistan and NorthwestChina's Xinjiang Uyghur Autonomous Region through 15 of thecountry's province-level regions to the Yangtze and Pearl Riverdeltas, the country's two most economically developed regions. Investment in the project is expected to reach more than 100billion yuan ($15.8 billion).
"Investment from the government as well as from other sources,including private capital, will be introduced," Jiang said. Henoted that more detailed information will be announced by the endof June. In 2010, China's State Council announced that the government wouldencourage private capital to enter sectors controlled mainly byState-owned companies, including the petroleum and gas sector. However, according to a notice released by the Ministry of Land andResources, Sinopec and PetroChina, the country's top refineries,still own the exploration rights to 291 of the country's miningareas for petroleum and gas, accounting for 89.2 percent of thetotal.
Privately owned companies only have exploration rights tofour mining areas, with the rest owned by local governments orother State-owned companies. "Just opening the industry, which can certainly encouragecompetition, is not enough," Lin Boqiang, director of theCenter for Energy Economics Research at Xiamen University, told theGlobal Times yesterday. Lin noted that the State-owned companies usually possessadvantages, and they can endure losses for a long time. Therefore,the competition between them and privately owned companies is"unfair." "Encouraging their (privately owned companies) engagement inthe energy sector calls for solid supportive policies from theauthorities," said Lin. Jiang of PetroChina said the company will import 23 billion to 25billion cubic meters of natural gas from central Asia this year, upfrom the 15.9 billion cubic meters in 2011.
He also said gas imports were one of the main reasons forPetroChina's operating losses. I am Hardware writer, reports some information about steel angle brackets , pot filler faucets.
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