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China's oil demand falls sharply amid global crisis: top producer

Two China airlines to get govt aid: state media
The parents of China Eastern Airlines and China Southern Airlines are expected to each get three billion yuan (440 million dollars) to tide them over hard times, state media reported Monday. The two carriers will likely get the money to offset the adverse impact of weakening demand and high fuel costs, the Shanghai Securities News said, citing unnamed sources. A number of other firms controlled by the central government are also likely to receive cash injections, the paper reported, without saying which. China's three major airlines have had a bad year, with China Eastern posting a 2.3 billion yuan loss in the first nine months, while Air China was 657 million yuan in red in the same period. China Southern had 28 million yuan in profit for the first three quarters but it lost 810 million yuan from July to September, the report said. China Eastern's debt-to-equity ratio has exceeded 98 percent while that of China Southern has reached more than 80 percent, the newspaper said.
by Staff Writers
 Beijing (AFP) Nov 17, 2008
 China's demand for oil is falling sharply and inventories are surging as the global economic downturn is gradually being felt, said China National Petroleum Corp (CNPC).

Production at the nation's top oil producer has been affected "adversely" as the international financial crisis has continued to take its toll on the country, according to a statement on the company's website.

"The impact has become even more clear since September," the statement said, citing CNPC president Jiang Jiemin, who was speaking at a recent company video conference.

"It manifests itself in tougher sales due to sharply contracting consumption, difficult production planning because of surging inventories, and slumping prices of oil and petrochemical products," he said.

Economic growth in China slowed to nine percent in the third quarter, the lowest level in more than five years.

Industries such as the home appliance and steel sectors are seeing decreasing orders, with many steel makers suspending or cutting production, in turn leading to weakening demand for oil and gas, earlier Chinese reports said.

Sinopec, the country's number one refiner, said in its third quarter report that sales of oil products between July and September went down by 3.2 percent from the second quarter to 31.8 million tonnes.

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 Yaounde, Cameroon (UPI) Nov 16, 2008
 Ten oil workers kidnapped last month off the coast of Cameroon were freed after weeks of being held captive by militant groups waging attacks off the coast of the Bakassi Peninsula, a highly coveted oil-producing region that earlier this year was handed over to Cameroon from neighboring Nigeria after decades of dispute.







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