China will soon overtake the United States as the world’s top energy user. While in the past China spent billions of dollars buying into energy resources from abroad to fuel its burgeoning cities, the nation has increased production in recent years — boosting the top lines for several Chinese energy companies. The Bedford Report examines the outlook for companies in China’s Energy Sector and provides research reports on L&L Energy, Inc. (NASDAQ: LLEN) and China Integrated Energy, Inc. (NASDAQ: CBEH). Access to the full company reports can be found at:
China is the world’s second-largest oil consumer and the fifth-largest producer. Rising demand has fuelled pressure to open up the upstream gas industry to smaller state-run firms.
The latest figures from China’s National Bureau of Statics show that in the first three months of 2011 China’s crude oil output increased roughly 6.7 percent year on year to 51.36 million metric tons or 4.18 million barrels each day. A Platts monthly survey showed China’s state-owned refiners expect crude runs to edge up to 83 percent in April compared with 80 percent in March.
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China represents both the largest coal consumer and producer in the world. Last week the China National Coal Association stated that in the first quarter of the current year China’s coal output and sales maintained a steady increase rate, rising sequentially by 8.3 percent and 6.8 percent respectively.
Coal imports declined in the first three months while exports rose “slightly,” Xinhua News Agency said. China’s net coal imports declined 67 percent to 5 million tons in February from January after overseas coal costs increased. Exports totaled 2.59 million tons in March.
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