NEW YORK, NY -- (Marketwire) -- 05/09/11 -- China will soon overtake the United States as the world's top energy user. While in the past China spent billions of dollars buying into energy resources from abroad to fuel its burgeoning cities, the nation has increased production in recent years -- boosting the top lines for several Chinese energy companies. The Bedford Report examines the outlook for companies in China's Energy Sector and provides research reports on Sino Clean Energy, Inc. (NASDAQ: SCEI) and PetroChina Co. (NYSE: PTR). Access to the full company reports can be found at:
China is the world's second-largest oil consumer and the fifth-largest producer. Rising demand has fuelled pressure to open up the upstream gas industry to smaller state-run firms.
The latest figures from China's National Bureau of Statics show that in the first three months of 2011 China's crude oil output increased roughly 6.7 percent year on year to 51.36 million metric tons or 4.18 million barrels each day. A Platts monthly survey showed China's state-owned refiners expect crude runs to edge up to 83 percent in April compared with 80 percent in March.
The Bedford Report releases regular market updates on China's Energy Sector so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.
China represents both the largest coal consumer and producer in the world. Last month the China National Coal Association stated that in the first quarter of the current year China's coal output and sales maintained a steady increase rate, rising sequentially by 8.3 percent and 6.8 percent respectively.
Sino Clean Energy is a leading producer and distributor of coal-water slurry fuel in the People's Republic of China. The company recently announced preliminary gross profit in the first quarter of $10 million to $12 million. The company said that preliminary revenue for the first quarter was $33.7 million.
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