Word: gas
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...Center on China's Transnational Relations at the Hong Kong University of Science and Technology. "China has been very active to get as many commitments on energy around the world before the dollar devalues too much." In August, China signed a $41 billion contract to buy liquefied natural gas over the next 20 years from Australia. Last month, China's state-owned China National Offshore Oil Corp (CNOOC) entered talks with Nigeria to buy as much as one-sixth of the West African nation's proven petroleum reserves, the Financial Times reported. This week, Guinea's junta announced...
...Soviet alliance during the early years of the Cold War. But despite the bonhomie and talk of common interests, the neighbors are now most aligned by the bottom line. After signing $3.5 billion in deals and approving a framework for the export of a huge quantity of Russian natural gas to China during an Oct. 12-14 summit, the two countries have shown that what links them closest is the almighty deal...
...each side, there are clear benefits: Russia's energy companies secure a stake in China, which is set to become the world's biggest energy consumer within five years, according to the International Energy Agency in Paris. And for China, Russia provides a safer, more direct source for gas and oil than either the Persian Gulf or the Horn of Africa. Energy-rich Russia has suffered from tanking oil and natural gas prices, while China has managed thus far to weather the global economic downturn thanks to $586 billion in government stimulus spending. China has taken advantage of more than...
...China and Russia have yet to come to terms on an agreement for Gazprom to sell natural gas from fields in western and eastern Siberia to the China National Petroleum Corp. (CNPC). In 2006 the two companies signed a memorandum of understanding to develop two pipelines, one that would link Sakhalin Island with northeast China and a second that would join the Siberian Kovykta gas field with China's northwestern Xinjiang region. Completion of that deal stalled on disagreements over several issues, including price. (See pictures of China's electronic-waste village...
...China's energy demands are expected to climb steeply over the next two decades. The country now gets 70% of its power from coal-fired generation and just 3% from cleaner-burning natural gas. China has rich coal resources, but the material is generally of low quality and contributes heavily to the country's severe air pollution. China will continue to rely on coal to fuel its energy needs, but the proportion of cleaner natural gas is expected to rise. The U.S. Department of Energy's Energy Information Administration estimates that China's natural gas demand will triple...