|Riley Grant |||Dec 23, 2014 01:41 PM EST|
(Photo : Reuters) A pump jack is seen surrounded by steam during sunset at a PetroChina's oil field in Xinjiang. The region is about to become China's center of energy production, which could help the country out of its economic slump.
Oil bubbling from the ground in China's Karamay City was found in the North-Western Xinjiang region recently, and now investors are focused on making this place a vast source of coal, gas and oil. The region is about to become China's center of energy production, which could help the country out of its economic slump.
Like Us on Facebook
According to Today Online, the country is delegating more of their attention, energy and even resources in this area in Xinjiang, as it is their goal to boost up its oil business along with coal and natural gas production, and even power generation. All these projects are happening despite the rise of ethnic violence in the area.
The energy industry of Xinjiang is founded by oil. The region is the fifth of the country's total when it comes to oil reserves amounting to about 21 billion tons. And this doesn't include the other major new oil deposits that are still yet to be discovered. Presumably around 35 million tons of crude oil will be produced by 2020 in this area, which is 23% higher than 2012 according to a report from China's Ministry of Land Resources.
Aside from oil, the region also has the largest coal and natural gas supply, amounting to about 40% of the country's total supply. These three items are the main products that China would capitalize to provide energy to its cities and businesses.
According to the next five-year economic plan of China, Xinjiang is going to be among the five energy headquarters in the country and would be given extra attention by President Xi Jinping, as he sees the area to be a new Silk Route. It is a formidable proposition because it means rebuilding a new network of transportation and business agendas across this region towards Central Asia and Europe.
©2015 Chinatopix All rights reserved. Do not reproduce without permission
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
China Pork Prices Expected to Stabilize As The Supplies Recover
Elephone P9000 Smartphone is now on Sale on Amazon India
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?