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Shale gas holds promise but is costly

Business | Energy
2011-7-11

DEVELOPMENT of China's shale gas resources, a promising sector in the nation's avowed commitment to cleaner-burning fuels, could pose some serious environmental and cost hurdles, experts said. China, which may...

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Oil falls over 2 percent on weak US jobs report

Business | Energy
2011-7-9

OIL tumbled more than 2 percent yesterday, giving up most of its gains for the week after the latest government data showed hiring in the US is at a virtual standstill. The Labor Department said that employers added...

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Oil and gasoline prices on the rise again

Business | Energy
2011-7-8

A funny thing happened on the way to lower oil and gasoline prices: They went up. Two weeks after the US and other oil-importing nations took action that knocked down the price of oil to almost US$90 a barrel,...

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2 firms win exploration rights to shale gas in Sichuan Basin

Business | Energy
2011-7-8

CHINA awarded the exploration rights to two shale gas blocks in the Sichuan Basin to Sinopec Corp and a provincial gas company in its first auction for the unconventional gas resource. The licensing round, initiated...

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Oil settles little changed, below US$97 a barrel

Business | Energy
2011-7-7

A stronger dollar and higher interest rates in China kept a lid on the price of oil yesterday. Benchmark West Texas Intermediate crude for August delivery lost 24 cents to settle at US$96.65 per barrel yesterday...

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Oil climbs above US$97 per barrel

Business | Energy
2011-7-6

SOME major investment banks are still betting that oil prices will rise next year despite an emergency injection of crude on world markets from the US and other countries. Benchmark crude rose as high as US$97.48...

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Shenhua in US$7b coal bid

Business | Energy
2011-7-6

A VENTURE led by China Shenhua Energy Co will hold a 40 percent stake in the western Tsankhi block of Mongolia's Tavan Tolgoi coal project, giving Shenhua the biggest share of one of the world's biggest coking coal...

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Oil rises above US$95 after Greece gets loan

Business | Energy
2011-7-5

OIL edged above US$95 a barrel yesterday, bolstered by news that Greece was saved from near collapse after obtaining a vital loan installment. By early afternoon in Europe, benchmark crude for August delivery was...

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PetroChina ventures

Business | Energy
2011-7-4

PETROCHINA Co yesterday announced it has finished forming two joint ventures with INEOS Group Holdings Plc to conduct crude oil refining and trading. The two joint ventures, INEOS Refining Ltd and INEOS Refining...

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Oil falls on demand slowdown

Business | Energy
2011-7-2

OIL prices fell yesterday as weak manufacturing data in China overcame a report showing factory activity in the US picked up in June after a sluggish May. Benchmark West Texas Intermediate for August delivery declined...

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Bohai Bay spill cleared

Business | Energy
2011-7-2

AN oil field operated by ConocoPhillips off China's northeast coast had an oil leak last month, but the slick has been largely cleaned up. The leak at the Penglai 19-3 field in Bohai Bay is now under control and...

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China's natural gas reform unlikely this year on inflation: report

Business | Energy
2011-7-1

CHINA won't launch a reform on the pricing of natural gas within this year mainly due to inflation concerns, Economic Information Daily reported today, quoting an unidentified authoritative source. Currently,...

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Cnooc ConocoPhillips Bohai oilfield has leak: media reports

Business | Energy
2011-7-1

PENGLAI 19-3 oilfield, China's biggest oil and gas field under operation, in Bohai Bay had a leak early this month, media reports said. The project is co-developed by Cnooc Ltd and ConocoPhillips. ConocoPhillips...

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Oil drops 11 percent in 2nd quarter

Business | Energy
2011-7-1

AFTER rising to become an obstacle to economic growth, oil prices went backward in the second quarter. The benchmark price in the US dropped nearly 16 percent in May and June, and closed the quarter with an 11...

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Gas flows on longest pipeline

Business | Energy
2011-7-1

THE trunk line of China's second west-to-east gas pipeline, the world's longest of its kind, started operating yesterday, carrying gas to the southern city of Guangzhou from central Asia. The 8,700-kilometer...