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Chinese oil firms eye new-energy automobile field

Posted on: Mon, 16 Nov 2009 09:26:00 EST

Symbols: CEO

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BEIJING, Nov 16, 2009 (Xinhua via COMTEX) --
CEO | Quote | Chart | News | PowerRating -- China's state-run oil firms CNPC,
Sinopec Group, and CNOOC Group, are all eying the development of
new-energy automobiles, signaling the country's intent to develop its
related industry.

Sinopec Group has established a cooperative relationship with
Beijing Motorcar Industry Stockholding to jointly develop new-energy
automobiles.

CNPC signed in September a framework agreement with Huaneng Power
International (600011.SH; 0902.HK; HNP.NYSE) to cooperate in natural
gas power generation.

CNOOC Group recently invested five billion yuan in Tianjin Lishen
Battery Joint-Stock, a firm engaged in the production of Lithium-ion
batteries, especially for vehicles, to lay down 20 battery production
lines.

Sinopec primarily focuses on the development of vehicles fed on
natural gas and hybrid engines, CNPC is mainly engaged in researching
ethanol feedstock fuel powered vehicles, and CNOOC engages in the
manufacturing of electric cars and building battery charging
stations.

According to China's Ministry of Finance, China will invest 20
billion yuan by 2012 to promote the use of new energy engines.

For full details on CNOOC ADS (CEO) CEO. CNOOC ADS (CEO) has Short Term PowerRatings at TradingMarkets. Details on CNOOC ADS (CEO) Short Term PowerRatings is available at This Link.

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