South China Sea: Beijing’s Military Bases Are Ready For Use

03/30/17 •lweb.es/f2695 •bit.ly/2ojz8Po

China, Military, Oil

According to the Center for Strategic and International Studies’ Asia Maritime Transparency Initiative, major construction at three of China’s large man-made islands in the disputed South China Sea is wrapping up, allowing Beijing to deploy fighter jets and mobile missile launchers to the area at any time. China has continued to militarize the waters as it seeks to reinforce effective control of much of the waterway, through which $5 trillion in trade passes each year. The Philippines, Vietnam, Malaysia, Taiwan and Brunei also have overlapping claims.

PetroChina: Record-Low Profit But Capex To Rise Over 40%

03/30/17 •lweb.es/f2687 •bit.ly/2nOos7y

China, Oil, Uncategorized

PetroChina’s profit fell 78% to the lowest on record as the oil price crash punished the country’s biggest oil and gas producer for a third year. Net income dropped to 7.86 billion yuan (US$1.1 billion). While PetroChina expects its crude production to fall a second year in 2017, it sees gas sales rising 10% this year and to be its main growth driver to the end of the decade. PetroChina expects its 2017 global crude production to be 879 million barrels, down 4.5%.