China's voracious appetite for energy - both for home and commercial usage - is
fuelling huge investment from its leading energy providers at home and
overseas. PetroChina, the nation's largest oil and gas producer, has announced
that it plans to invest up to USD1.3 bn in new diversified energy projects by
2010.
The new projects are reported to include coal-bed methane, oil shale and oil
sands, as well as renewable energies including wind and solar power and bio-
and geothermal energy. No details were divulged regarding where these projects will be located.
State media reports Hu Wenrui, Vice President of PetroChina, as telling an
energy forum that the investment is projected to garner three million tonnes of
oil equivalent in new energy resources production capacity. "This will help guarantee the energy safety of the
fastest-growing economy and the world's second-largest energy consumer after
the United States," he said.
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