BEIJING -- China's oil and gas industry saw steady growth in 2018, with expansion reported in both proven reserves and annual output, according to the Ministry of Natural Resources on Monday.In 2018, national exploration of oil and gas saw a total investment of 63.66 billion yuan (about $9.26 billion), up 8.9 percent year on year, the ministry said in a report on its website.Investment in oil and gas exploitation rose 24.7 percent to reach 203.11 billion yuan, according to the ministry.Newly added proven oil reserves stood at 959 million tonnes in 2018, a 9.4-percent rise after declining for t...
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Renewables to help create low-carbon and clean, safe energy mix, say expertsWind and solar photovoltaic power are likely to achieve grid price parity within 2020, while at the same time, their quick development will further diminish the share of hydropower in the total power output by renewables in China, according to industry experts.Zheng Sheng'an, president of China Renewable Energy Engineering Institute, estimated the rapid growth of wind and solar power will continue throughout 2025, driven by the country's commitment to reducing carbon emissions even as conventional hydropower is slowing...
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After seven years of negotiations, African leaders met on Sunday to launch the largest free trade zone in the world, bringing together a population of approximately 1.2 billion and a combined GDP of $2.5 trillion.Leaders attending an African Union summit in Niamey, Niger, agreed on five operational instruments to underpin the African Continental Free Trade Area. These are: regulations determining rules of origin, an online negotiating forum, a mechanism to monitor and eliminate non-tariff barriers, a digital payment system and an African Trade Observatory.Intra-trade constituted only 17 percen...
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2019
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