• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 1 hour Could Venezuela become a net oil importer?
  • 3 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 1 min Tesla Closing a Dozen Solar Facilities in Nine States
  • 6 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 57 mins Why is permian oil "locked in" when refineries abound?
  • 5 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 18 hours Teapots Cut U.S. Oil Shipments
  • 14 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Saudi Arabia turns to solar
  • 2 hours Oil prices going down
  • 3 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours Gazprom Exports to EU Hit Record
  • 22 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour EVs Could Help Coal Demand
  • 18 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 6 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
OPEC Edges Closer To Production Agreement

OPEC Edges Closer To Production Agreement

A successful OPEC agreement in…

Can U.S. Shale And OPEC Find Common Ground?

Can U.S. Shale And OPEC Find Common Ground?

OPEC and U.S. shale have…

China To Consolidate Energy Industry Authority In New Ministry

China solar

China’s government plans to consolidate its energy industry authority into a new ministry, to replace the National Energy Administration, unnamed sources told Reuters. The NEA was set up ten years ago as a unit of the National Development and Reform Commission—the authority in charge of economic planning.

The new ministry will not be part of the NDRC, the sources said, adding that it will handle energy-related issues that are currently the responsibility of several government agencies. The move signals China’s acknowledgement of the growing importance of its energy sector, including both fossil fuels and renewables.

According to the sources, the new ministry will manage the liberalization of the country’s electricity market and the opening up of its energy infrastructure to private investment, including from foreign companies.

China last year overtook the United States as the biggest oil importer in the world, as it brings more refining capacity online and fills strategic inventories, while domestic oil production continues to decline. Natural gas imports are also breaking records, thanks in no small measure to Beijing’s efforts to reduce the country’s reliance on coal and reduce pollution.

Domestic production of gas is also growing, as is the adoption of renewable energy. China is the most generous investor in solar and wind power, and it has also set ambitious goals for the adoption of electric vehicles.

Related: Can Tech Really Transform The Oil Industry?

China is building a solid EV battery production capacity, too. To date, there are 140 electric vehicle battery manufacturers in China, and they have led the doubling of the global battery cell production capacity to 125 GWh to date. This, estimates show, could grow further to over 250 GWh by 2020.

This boom in the energy industry certainly merits its own ministry, especially as the government seeks to make policy development and adoption more efficient. But the new ministry is also part of a wider government shakeup that will also involve an overhaul of its financial regulatory system in a bid to improve financial risk control.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News