China National Petroleum buys 55 percent stake in major ethanol producer Tianguan Group

November 1, 2007

China National Petroleum Corp (CNPC) has bought a 55 percent stake in Tianguan Group, a major Chinese ethanol producer based in Henan Province. Reportedly, a concern prompting the investment is the potential that the Chinese government might establish a renewable energy mandate.

CNPC announced in September it would invest US$1.34 billion in renewable energy by 2020. CNPC has built 88 ethanol blending facilities and an 85 Mgy ton ethanol plant.

Yesterday, fuel riots were reported in China because of shortages. The shortages are affecting Shanghai, the southeast coastal provinces, and are spreading to the interior. Diesel is fixed-priced at $2.42 in China, about one third of the price in European markets, and fuel companies are getting squeezed by soaring crude oil costs, leading to production cutbacks and allocations. Prices have not been raised for 17 months despite crude oil rices nearly doubling.

China set to become corn importer despite corn ethanol ban

China is set to become a corn importer, despite halting all corn ethanol related development projects. The USDA estimates that China has a 35 million ton corn stockpile, but China is expected to be a ...

Bunge buys 60 percent stake in Brazilian sugar, ethanol, power operation

In Brazil, Bunge announced that, through its Brazilian subsidiary Bunge Alimentos, it purchased a 60 percent stake in the 1.4 million tonne Monteverde Agroenergetica mill, under construction in centra...

Daily Biofuels Summary for November 1: Crude oil, palm oil hit record prices

Top Story: In Malaysia, crude palm oil futures reached a record $876 per ton, tracking the increase in crude oil prices which reached a record $96 per barrel yesterday. Producer News: In Illi...

All Chinese ethanol projects, grain exports to be halted as corn, wheat shortages hit hard

In China, state agribusiness Cofco said that all ethanol projects and corn and wheat exports would be halted, except small exports to Hong Kong and Taiwan, due to grain shortages. In addition, executi...

China to become corn importer in 2008 as food, fuel shortages loom

In China, the cancellation of all new grain ethanol production will not save China from becoming a corn importer in 2008. The country, which has 20 percent of the world's population but only 7 percent...

China ethanol plant completed ahead of schedule; execs glowing about rising Asian ethanol prices, steady costs

In China, the Tiger Ethanol announced that the Hami Ethanol plant is expected to complete construction in November, more than four months ahead of schedule. The plant's owners notes that local ethanol...

Written by Jim Lane · Filed Under Consumers & Fleets, International, Producer News