BEIJING
- Another nine Chinese firms have been approved by
watchdog agencies to enter the overseas futures market
recently, bringing the total up to 26.
The newly
approved nine firms are Sinopec International Co Ltd,
Lanzhou Aluminum Stock Co Ltd, Yunnan Copper (Group) Co
Ltd, Yunnan Aluminum Stock Co Ltd, Jiaozhuo Wanfang
Aluminum Stock Co Ltd, Yunnan Tin Stock Co Ltd, Zhuzhou
Smeltery Group Co Ltd, Huludao Nonferrous Metals Group
Co, Ltd and Shuikoushan Non-ferrous Metals Co, Ltd.
Before this, China had licensed 17 state-owned
enterprises in two batches to engage in futures business
overseas. They include the Minmetals Nonferrous Metals
Stock Co Ltd, the China Grains and Oils Co Ltd and Gansu
Jinchuan Group.
Sinopec invests more in oil,
gas prospecting Meantime, one of those approved
firms, the China Petrochemical Corp (Sinopec), reports
that it has increased its investment in oil and natural
gas prospecting in recent years, from 3 billion yuan
(US$362 million) in 1999 to over 8 billion yuan in 2003.
In 1999, Sinopec had 60 prospecting areas
covering 63,000 square kilometers. The figures rose to
366 prospecting areas covering 1.089 million sq km or
34.8% of the nation's total registered prospecting areas
by 2003.
Sinopec's oil and gas resources are
distributed mainly in onshore Bohai Gulf, Tarim Basin,
Junggar Basin and Sichuan Basin.
Up to now,
resources on 750,000 sq km of Sinopec's prospecting
areas have been appraised, with verified geological oil
resources reaching 26.55 billion tons and geological
natural gas resources reaching 19.3 trillion cubic
meters, accounting for 25.5% and 35.4% of the nation's
respective total.
(Asia Pulse/XIC)
Aug 18, 2004
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