Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

China s largest oil producer to tap Uzbek

BEIJING, October 21 – China National Petroleum Corp. (CNPC), the country\’s largest oil producer, said it had signed a deal to jointly explore an oil field in Uzbekistan with a local company.

CNPC will develop the Mingulak oil field, which has oil reserves of more than 30 million tonnes, with Uzbekistan\’s state oil company Uzbekneftegaz, the Chinese company said in a statement late Monday.

Annual production at the field is expected to reach two million tonnes, according to the company, the parent of PetroChina. It did not disclose any financial details.

The deal "will help meet Uzbekistan\’s demand for oil, and boost the development of China\’s natural gas upstream business and the Central Asia-China natural gas pipeline project", it said.

CNPC in January started building the pipeline, which will ship gas from Turkmenistan, through Uzbekistan and southern Kazakhstan, to western China\’s Xinjiang region, state-run Xinhua news agency said.

It is scheduled to start operation in 2009 with a transmission capacity of 30 billion cubic metres (1.1 trillion cubic feet) of gas a year, it added.

Energy-hungry China imported nearly 200 million tonnes of oil last year, up more than 10 percent from 2006, the state-run China Daily newspaper said Tuesday.

Imported oil accounted for 46 percent of the country\’s total consumption in 2007 and the figure is expected to rise to 66 percent in 2020, it said.

China mainly buys oil from the Middle East, Africa and the Asia-Pacific but is increasingly looking at Central Asian countries due to easier access and lower costs, the newspaper said.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...