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China to curb investment in smaller refining units
(Reuters)
Updated: 2005-12-21 15:48
China is one of Asia's top gasoline exporters, but this summer pumps ran dry across the south-east as capped domestic retail prices encouraged refiners to ship fuel to more profitable overseas markets and stifle supplies at home.
The power sector, which could face a glut from next year after two summers of shortages, was also targeted, with investment in thermal generators under 300 megawatts being restricted, except in remote areas like Tibet and the island province of Hainan.
The document also outlined plans to curb investment in small coal mines and encourage development of larger collieries. China is trying to clean up its coal mining industry which last year claimed over 6,000 lives.
Beijing is also encouraging development of the coal gasification and liquefaction industries, the document said.
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