Also Read

Stimulus plans - Turkey to finalize package for shipbuilding

Stimulus plans - Pakistan to steer industrial sector out of crisis

Chinese shipbuilding stimulus to boost SBQ plate market

Stimulus plans - AK Steel sees Buy America clause as sensible

Stimulus plans - China to strengthen financial support for steel mills

Chinese News

Chinese domestic steel price slide likely to spur exports

Monday Market Monitor - China (WEEK 8) - Sheen vanishing

Stimulus plans - China likely to regulate steel export policy

Consolidation among Chinese yards inevitable

US ITC makes determination on refined brown aluminium oxide from China

Baotou Steel benefits from energy saving efforts

Slowdown signs - Beihai Port suspends asset buy

Siemens to supply process control systems to Jiangsu Guowei Aluminium

Stimulus plans - China investing USD 35 billion in energy

Sutor Technology opens office in Shanghai

China SRB to purchase 290,000 tonnes of primary aluminum

Jiuquan Steel outperforms in energy saving goals

Quakeproof rebar developed by Sangang

BaoSteel Engineering breaks ground cement plant in Namibia

Yangtze River ports see recovery in traffic

News

Monday, 23 Feb 2009

Stimulus plans - China investing USD 35 billion in energy

Bloomberg reported that China, the world’s second biggest oil consumer, has approved and started energy projects that cost at least USD 35 billion since November as the government implements a stimulus plan to spur economic growth.

According to data compiled by Bloomberg, construction of the eastern branch of the second West East gas pipeline valued at CNY 93 billion started on February 7th while at least four other projects worth more than CNY 145 billion were granted provisional approvals in the last three months. Two additional reactors at a plant in Qinshan in Zhejiang province were given the go-ahead.

JPMorgan Chase & Co said that China passed a stimulus plan for the oil refining and petrochemical industry that will add to the CNY 4 trillion of spending the government announced in November to spur growth. Emerging markets including China may be the first to recover from the global recession.

Mr Han Wenke, the head of energy research at the National Development and Reform Commission said that "The Chinese government is moving much faster than other countries such as the US to help counter the crisis. The situation that China faces in the energy sector is different from that in the US and I believe China may recover quicker than most from the crisis."

China said this month it plans to approve Huaneng Group’s CNY 4.2 billion power plants in Hunan and China National Offshore Oil Corp’s liquefied natural gas storage facility. In December, China Guodian Corp., the nation’s third-biggest power producer, won government approval to build a 1,200 MW coal fired power plant in Henan province.

Mr Wang Siqiang a deputy director at the National Energy Administration said at the China Energy and Environment Summit in Beijing in December that the country will invest more than CNY 40 billion in new coal mines, power stations and petrochemical plants in the western province of Ningxia.

China Power Investment Corp one of the nation’s biggest electricity producers, said last month it may spend CNY 60 billion building power stations in the central province of Hunan to help spur economy growth.

China’s economy expanded 6.8% in the fourth quarter of 2008, the slowest pace in 7 years. Exports had the biggest fall in almost 13 years in January and foreign direct investment shrank 33 percent from a year earlier.

(Sourced from Bloomberg)

Hopefully HE will be in line to take advantage of some of that stimulus and maybe that`s why it went up a bit recently.