OPEC, China agree to regular meetings<\/p>\n
Associated Press, Beijing<\/p>\n
OPEC's president said that the group had very successful meetings
\nwith Chinese officials during its first-ever official trip to
\nChina, the world's fastest-growing energy consumer.<\/p>\n
Both sides agreed to hold regular future dialogues, said
\nSheikh Ahmad Fahad Al-Ahmad Al-Sabah.<\/p>\n
He said the Organization of Petroleum Exporting Countries
\nbelieves China's demand is now "stable" and "reasonable,"
\nalthough he said he was given no specific demand figures from
\nChina.<\/p>\n
Al-Sabah said OPEC projects Chinese demand in 2006 to grow by
\n350,000 barrels a day.<\/p>\n
The two sides agreed to begin holding regular technical and
\nministerial meetings to discuss production, demand and fair
\npricing.<\/p>\n
OPEC, along with much of the oil industry, had largely
\nunderestimated the strength of China's demand growth in the past
\ntwo years.<\/p>\n
Chinese demand has been a major factor behind rising oil
\nprices, especially in 2004 and somewhat in 2005.<\/p>\n
Al-Sabah, who is also Kuwait's oil minister, said he hoped to
\nhave a final deal by March between Kuwait and state-owned oil
\ncompany PetroChina Co. Ltd. to build a refinery in the southern
\ncity of Guangzhou.<\/p>\n
The US$3 billion-US$4 billion project would aim for an output
\nof 350,000 barrels a day, he said.<\/p>\n
Kuwait is also looking at a second big refinery project in
\nChina, Al-Sabah said, but gave no details.<\/p>\n
He said Kuwait might take a strategic stake in the Industrial
\nand Commercial Bank of China, but again gave no specifics.<\/p>\n
Kuwait, which has the world's fourth-largest oil reserves,
\nwants to expand its presence in China. State-run Kuwait Petroleum
\nCorp. established a representative office in Beijing in March.<\/p>\n
As head of the OPEC delegation, Al-Sabah met with Ma Kai,
\nchairman of China's National Development and Reform Commission.<\/p>\n
Al-Sabah arrived in Beijing on Thursday and planned to visit
\nGuangzhou before heading to Russia.<\/p>\n
Beijing releases production and trade statistics each month,
\nbut not inventory data.<\/p>\n
China is the world's second-biggest consumer of oil and third-
\nbiggest importer.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/opec-china-agree-to-regular-meetings-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}