Shandong Luneng Group Co., Ltd. has listed for sale 22 % stake in Xinjiang Hami Guangheng New Energy Co., the listed price of 19.8268 million yuan.
Xinjiang Hami Guangheng New Energy Co., Ltd. was established on February 22, 2011, registered capital of 90 million yuan, the business scope includes: wind, photovoltaic farm construction; electrical energy processing; sale of electricity to the grid; to provide services for the power grid. June 30, 2011 as the base date of assessment, the assessed total assets of 90.3085 million yuan, net assets of 90.1218 million yuan, the transfer of the subject corresponding to the assessed value of 19.8268 million yuan.
The company is mainly focused on the operation of the first phase of the 49.5MW Hami 13-room wind farm project, and is expected to start the construction in March of this year, put into operation before December 31.
The total investment of the project is 449.4153 million yuan, and the construction period is one year.
The total installed capacity is of 49.5MW, with 33 1500 Model wind turbine installation, 2200 equipment power generation hours, and annual in-grid electricity generation of 10.89 million KWh.
China's largest oil refiner Sinopec yesterday disclosed the year 2011 results, according to Chinese accounting standards, last year the company's net profit was of 71.697 billion yuan, only 1.4% growth over year 2010, which means Sinopec earned nearly 200 million yuan (1.96 billion yuan) last year, however, it was Sinopec performance growth of the worst year since year 2008.
Assets total 1.13 trillion yuan
Financial report data show that in year 2011 the purchased crude oil processing capacity was of 166.85 million tons, 73 % of its total crude oil processing volume. Last year the average international oil price was of $ 111.27 / barrel, increased by 40% over the previous year. Last year the refining business loss amounted to 37.6 billion yuan.
Annual report disclosed that the petrochemical industry access control is being relaxed
It is noteworthy that yesterday Sinopec disclosed in its annual report that the company also faced a number of macroeconomic policies and government regulatory risk.
For example: the Chinese government is to gradually relaxing the access regulation of the oil and petrochemical industry, but is still continuing the implementation of a certain degree of access control on the domestic oil and petrochemical industry, including: the issuance of the crude oil and gas exploration and production license; it also expressed that those were likely to have great adversely influence on the production, operation and efficiency of the company.
Currently Sinopec and PetroChina, CNOOC and several major oil companies almost monopolize the domestic oil and gas production and processing business.
During the "Two sessions", it is of widespread concerns of the implementation of the "new 36" rules to allow private enterprises to enter the petrochemical monopoly industry.
Residents kept awake by neon advertisements and bright landscape lighting should soon be able to enjoy a good night's sleep.
Legislation is being drawn up that will limit the hours these lights can be switched on and allow for those inappropriately placed to be removed.
Visual impact and energy-saving are being prioritized as the city's greenery bureau seeks more effective management of decorative lighting, said officials.
Standards detailing lighting up times will be available in the coming months. The new law is due to come into effect later this year.
Currently, a lack of clear regulations has made it difficult for the watchdog to intervene in disputes over decorative lights.
Zhu Zhiyu, a representative of concerned residents and a local political advisor, has proposed that the lights must be turned off before midnight, backed by fines.
The law will also grant the watchdog powers to order the removal of lights that are inappropriately positioned, said officials.
Officials said they are currently combing through complaints about landscape lighting.
Meanwhile, the watchdog said new light installation and renovation projects will not be licensed unless they meet energy-saving product criteria.
In the face of rising trade frictions from the US and the EU, Chinese solar energy companies should explore new markets, especially the domestic market, said industry insiders at a conference in Beijing Friday.
The US Commerce Department announced on March 20 it would impose anti-subsidy duties on photovoltaic solar panels from China, ranging from 2.9 percent to 4.73 percent.
Shi Dinghuan, president of the China Renewable Energy Society, said China opposed to the duties from the very beginning of the investigation, and the US' move is unfair and is against the tide at a time when the world is fighting climate change.
Shi said that as most of the equipment and raw materials in China's solar energy industry are imported from the US, levy of duties will not only harm Chinese manufacturers, but also US suppliers.
Dave Renne, president of International Solar Energy Society (ISES) said the duties were better than previously concerned, as the US government is listening to the urge of the industry, and the outcome was out of political choice.
Removal of trade barriers is crucial to the development of the industry, said Renne. However, he warned of the results of the US' anti-countervailing duties to be released in May.
Most players in the industry don't want to see trade tensions between China and US, as there is much collaboration between the two countries in this industry, said Monica Oliphant, former president of the ISES.
Impact of the duties this time would be relatively low, as the US doesn't want to upset the Chinese industry, she said. Oliphant explained that it is just to satisfy some industry players who want to protect themselves.
What she is concerned that if duties go up, there would be a flood of cheaper and affordable systems in the market instead of good and efficient but expensive ones, and that would harm the industry as a whole.
China produces 50 percent of the photovoltaic products in the Asia-Pacific region, with 95 percent of its overall output exported outside of the country, according Oliphant.
Therefore, she suggests Chinese solar firms pay more attention to the domestic market as well as the Asia-Pacific region, where there would be less protectionism and smaller duties.
Li Yuanpu, director of the Geothermal Heat Pump Committee at China Renewable Energy Society (CRES), agrees with this idea. He said his organization is helping solar companies with legal assistance, as well as exploring possible markets in ASEAN countries, Australia, and Africa.
As the PV is not grid-friendly to China's centralized grid system, the CRES is studying the decentralized grid system of Germany, which enables solar module installers to be the direct end users of the power generated.
Shi of the CRES refuted the view that there is an overcapacity in the industry, stressing that the installed capacity of China's solar energy is less than 10 million kW, and is far away from replacing fossil fuels. He added that a clarified government's policy for the solar electricity price is the key for solar firms to explore the domestic market.
Chinese battery and carmaker BYD Co Ltd reported on Sunday that it saw a record decrease in its profits and vehicle sales in its 2011 financial year, which ended on Dec 31.
That aroused concerns that the company will have a difficult time achieving its goal of having the most automobile sales by any Chinese company by 2015.
Statistics from the company's financial report showed that BYD's revenues decreased by no more than 1 percent from a year earlier, coming in at 46.31 billion yuan ($7.3 billion). Even so, its gross profit dived by 17 percent, falling to 6.87 billion yuan, and its profits attributed to equity holders declined sharply by 45 percent to 1.38 billion yuan.
The company's shares on the Shenzhen Stock Exchange gained 1.81 percent to close at 26.47 yuan on Monday, while its stock price dropped by 4.82 percent to hit HK$19.94 a share in Hong Kong.
The Shenzhen-based company, which the US billionaire Warren Buffett has invested in, blamed the profit decrease on its waning battery business, which has been harmed by a slowdown in demand for traditional mobile phones and on its shrinking share of the market for notebook computers. The company's rechargeable batteries and new-energy businesses were also harmed by the decline in demand in the European market for photovoltaic equipment.
BYD also said its automobile sales decreased by 13.33 percent in 2011 from the previous year, declining to 437,000 vehicles. For the year before, the company had set an ambitious target of selling 800,000 vehicles but eventually sold 520,000.
Despite the sales decline, BYD said in the financial report that its vehicle business had 22 billion yuan in revenue in 2011, a slight increase year-on-year.
Analysts also said the company lacks technologies and products that can compete with those of its domestic and foreign rivals. They said that situation will make it impossible for BYD to meet its goal of having the most sales of any Chinese automaker by 2015.
Wang Chuanfu, company chairman, said he is still optimistic about BYD's future in the biggest automobile market in the world. He said "the growth in sales in China's vehicle market is expected to reach 10 percent this year and BYD's will increase faster than that".
He said his confidence comes from the company's being a step ahead in the electric vehicle industry.
In March 2010, BYD formed a 600-million-yuan joint venture with the German automaker Daimler AG and began working to develop an electric vehicle specifically suited to the Chinese market. The companies plan to release the vehicle later this week, and the first of the new models is expected to be introduced at the Beijing auto show next month.
Analysts, though, said much must still happen before electric vehicles are widely used. BYD has only sold about 1,000 electric vehicles since it introduced them more than two years ago.
