PetroChina Ramps Up Coalbed Gas Output
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), the nation's biggest oil and gas explorer, has increased its target for annual coalbed gas production by 50% to six billion m3 by the end of 2015, PetroChina Coalbed Methane Co president Jie Mingxun said. "We are placing our focus on coalbed gas as mass production of shale gas is not attainable in the short term," Jie said, adding that the company will likely produce three billion m3 of coalbed gas this year. China is expected to produce 30 billion m3 of coalbed gas annually by the end of 2015, according to a five-year plan released earlier by the National Development and Reform Commission.
Tencent to Pour $1b into E-Commerce
Tencent Holdings Ltd (HKG: 0700), one of the largest internet firms in China, will invest $1 billion founding an e-commerce division for independent operations, chairman Ma Huateng said. Tencent's revenue from e-commerce amounted to ¥752.8 million in Q1 2012, accounting for 7.8% of total revenue.
SK Gas to Sell Half of Its China Gas Stake
South Korea's SK Gas Co said it has decided to sell its 2.25% stake in China Gas Holdings Ltd (HKG: 0384) for $48.31 million to restructure its investment portfolio. The stake represents half of SK Gas's holdings in China Gas.
$1 = ¥6.33