By Paul Homewood
BEIJING, May 22 (Reuters) – China said on Friday it will bolster the capacity of the country’s energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus pandemic.
In energy announcements on the first day of the parliament, known as the National People’s Congress (NPC), authorities also pledged to boost the country’s oil and gas network and continue to support exploration for unconventional gas reserves.
The National Development and Reform Commission (NDRC) said in a statement it would push forward construction of crude oil reserves.
The coronavirus pandemic has led to a slump in demand for crude oil, with insufficient storage capacity worldwide.
The NDRC said it would also press ahead with competitive trading of mining rights for oil- and gas-bearing zones, aiming to attract more market players into oil and gas exploration and production.
The country will also accelerate construction of oil and gas network and encourage the opening up of pipeline facilities to all eligible users, said the state planner.
China set up its long-awaited national oil and gas pipeline company in December aiming at providing fair market access to infrastructure and boost investment in oil and gas production.
Meanwhile, back in the rotting corpse known as the EU, car manufacturers are in desperate crisis, faced by the long term threat of climate policies and the immediate threat of coronavirus:
And the corpse’s response?
So car manufacturers, already facing oblivion because of lockdown, can only expect aid to see them through difficulties not of their own making if they agree to bankrupt themselves in the search for “cleaner cars”. I suspect many, like Nissan, will say “on your bike”!
via NOT A LOT OF PEOPLE KNOW THAT
May 22, 2020 at 04:09PM