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People's Daily Online>>China Business

Energy investing benefits world (2)

(China Daily)

11:17, April 03, 2012

The market for overseas investments is now a buyer's market, Liu said, adding that he expects Chinese companies will continue to make investments at a faster and faster pace.

The National Development and Reform Commission, the country's top economic planner, approved at least seven overseas projects in February.

Fu Chengyu, chairman of China Petrochemical Corp, or Sinopec, Asia's biggest refiner, said that trade protectionism became more common in developed countries after the recent financial crisis broke out.

As industrialization continues, concerns about energy are expected to bear down not only on the Chinese but also all people over the next 30 to 50 years. More cooperation will be needed throughout the world, Fu said, adding that industrialized countries don't always work together well.

"No one single country can solve its energy issues alone," he said.

He also forecast that international oil prices will climb above $150 a barrel this year, without giving reasons for the prediction.

But Zhang and other forum participants, including Bill Richardson, former US secretary of energy, predicted the price will stay below $150.

Political tensions and the demand for oil amid a world economic recovery will be the two biggest influences on oil prices in the near future, Zhang said. He said he expects the price of crude oil to be below $130 a barrel this year.

【1】 【2】

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