Inside this issue:

CHINA NATURAL GAS BI-WEEKLY REPORT JAN 17-31, 2010 1
1 MARKET OVERVIEW 4
1.1 GAS APPARENT CONSUMPTION 4
1.1.1 China's Jan-Nov’2009 natural gas apparent consumption up by 11.3% on year to 81.22-Gm3 4
1.1.2 China's natural gas shortage in 2010 may reach 30 billion cubic meters 4
1.1.3 Fuel oil demand from industrial users in Jiangsu likely to surge 20% in Jan over natural gas supply shortage 5
1.2 DOMESTIC PRODUCTION 5
1.2.1 China's 2009 natural gas output growth touches six-year low 5
1.2.2 Tarim Oilfield's gas supplies to WEP hit 60 bln cubic meters 5
1.2.3 West China oilfield sees rise in reserves 6
1.2.4 China aims to sharply raise shale gas output by 2020 6
Table 1：China Natural Gas Output in Dec’2009 (Unit:kilostere) 7
Table 2：China Natural Gas Output in Jan-Dec’2009 (Unit:kilostere) 8
1.3 IMPORTS & EXPORTS 8
1.3.1 China in 2009 the first 11 months of LNG imports increased by 65.2% 8
1.3.2 Storage shortfall may hamper China's gas import goals 9
1.3.3 Tamar partners mull gas exports to China 10
Table 3：China Natural Gas Import/Export in Dec’2009 (Unit:kmt) 10
Table 4：China Natural Gas Import/Export in Jan-Dec’2009 (Unit:kmt) 11
Table 5：China's LNG Imports by Source in 2009 11
Table 6：China's LNG Imports by Place of Receipts in 2009 12
2 NATURAL GAS PRICES 12
2.1 CHINA’S NATURAL GAS WELLHEAD PRICES IN JAN’2010 12
2.2 RETAIL PRICES OF PIPELINED GAS IN MAJOR CITIES FOR RESIDENTS IN JAN’2010 12
2.3 LNG SPOT PRICES IN MAJOR CHINESE MARKETS IN JAN’2010 13
3 NATURAL GAS PIPELINE NETWROK & TANKS 14
3.1 CHINA'S GAS PIPELINE LENGTH TO REACH 100,000 KM IN 2015 14
3.2 CHINA PLANS TO IMPORT SOME 5 BILLION CUBIC METERS OF NATURAL GAS VIA THE CHINA-CENTRAL ASIA GAS PIPELINE IN 2010 14
3.3 CHINA-TURKMENISTAN GAS PIPELINE TO SUPPLY GAS TO BEIJING 14
3.4 PETROCHINA TO SUPPLY BEIJING WITH TURKMENISTAN NATURAL GAS FROM JAN. 20 VIA ITS SECOND WEST-TO-EAST PIPELINE AND THE SHAANXI-BEIJING PIPELINE 15
3.5 GAIL PLANS TO BUY 4.17% IN $2B GAS PIPELINE THAT CHINA IS BUILDING IN MYNMAR 15
3.6 A GAS RESOURCE MULTI-SUPPLY SYSTEM IS EXPECTED TO TAKE SHAPE IN CHINA BEFORE 2020 WITH THE CONSTRUCTION OF A WEST-TO-EAST PIPELINE AND INCREASING DEMAND FOR NATURAL GAS 16
4 LNG RECEIVING TERMINALS IN CHINA 16
4.1 NDRC TO APPROVE GUANGDONG ZHUHAI JINWAN LNG IMPORT TERMINAL SOON 16
5 POLICIES AND REGULAITONS 17
5.1 CHINESE PREMIER WEN JIABAO TO HEAD NATIONAL ENERGY COMMISSION 17
5.2 CHINESE VICE PREMIER LI KEQIANG STRESSES STABLE ENERGY SUPPLY 17
5.3 CHINA ENCOURAGES COAL, GAS IMPORTS IN POWER SHORTAGE 17
5.4 FOREIGN MINISTRY SPOKESPERSON MA ZHAOXU'S REMARKS ON EXPLORATION OF CHUNXIAO OIL-GAS FIELD IN JAN 18
5.5 CHINA HOLDS FIRM OVER CHUNXIAO 18
5.6 CHINA TOP ECON PLANNER: TO FURTHER TAP OVERSEAS ENERGY RESOURCES 19
5.7 NATIONAL ENERGY ADMINISTRATION TO URGE PETROCHINA AND SINOPEC TO ACCELERATE THE BUILDING OF UNDERGROUND NATURAL GAS STORAGE TANKS 19
5.8 CNPC–IN TALKS WITH DOWNSTREAM NATURAL GAS USERS ON THE PROPOSED REFORM ON NATURAL GAS PRICING MECHANISM 19
5.9. CHINA GOVERNMENT PUSHES FOR COAL GASIFICATION 20
5.10 ENERGY SECTOR TURNS CRISIS INTO OPPORTUNITIES FOR CHINA 21
6 MAJOR NATURAL GAS PLAYERS IN CHINA 22
6.1 PETROCHINA （CNPC） 22
6.1.1 CNPC to splash $10b on gas business in 2010 22
6.1.2 CNPC (Hong Kong) to build gas plants in Inner Mongolia 22
6.1.3 PetroChina has completed more than 90% of total const ruction on its Jiangsu LNG terminal 23
6.1.4 CNPC's Yumen oil field links with CNPC Int'l (Chad) on upstream exploration 23
6.1.5 CNPC's overseas oil and gas output hits new high in 2009 23
6.2 SINOPEC 23
6.2.1 Sinopec's 2009 natural gas output growth lower than market expectation 23
6.2.2 Huayou Natural Gas, a subsidiary of CNPC, plans to invest 4.1 billion yuan in building a project to make LNG from coke oven gas 24
6.2.3 Sinopec, BP mull joint shale gas exploration in China 24
6.2.4 Sinopec sets up Sichuan branch to tighten grip on SW market 24
6.3 CNOOC 25
6.3.1 CNOOC: Bohai Oilfield increases daily natural gas supply for Tianjin 25
6.4 OTHER PLAYERS IN CHINA 25
6.4.1 Guangdong Dapeng LNG (Shenzhen), Its 1st pipeline operator skills training evaluation & competition completed successfully 25
6.4.2 China Gas buys Zhongyu Gas Holdings Ltd, eyes larger market share 26
6.4.3 China Natural Gas Announces Engagement of RedChip Companies for Investor Relations Programs China Natural Gas, Inc 26
6.4.4 China Natural Gas Announces Appointment of David She as Acting Chief Financial Officer 26
7 BRIEFING ON CHINA’S CBM MARKET 28
7.1 CNPC TO STEP UP IMPLEMENTATION OF CBM STRATEGY 28
8 CHINA LPG MARKET 29
8.1 S. CHINA'S LPG IMPORTS IN DEC'09 UP 49% TO 329,000MT 29
8.2 SINOPEC PUTS CENTRAL SELLING OF LPG ON AGENDA 29
8.3 LPG EX-REFINERY PRICES BREACH GOVERNMENT-SET CEILING IN S. CHINA 30
8.4 CHINA'S 2009 LPG APPARENT CONSUMPTION UP 11.17% TO 21.16-MIL MT 30
9.PROJECT DEVELOPMENT 31
9.1CHINA EYES GAS DEAL WITH ISRAEL CONSORTIUM 31
9.2 GAZPROM, CHINA TO SIGN GAS SUPPLY DEAL FROM 2015, OFFICIAL 31
9.3 RUSSIA LOOKS TO CHINA FOR GAS CONTRACTS 31
9.4 JAPAN THREATENS ACTION ON CHINA GAS PROJECT 32
9.5. MAGNEGAS EXTENDS CHINA PURCHASE ORDER OPTION DUE TO STRONG MUTUAL INTEREST 33
9.6 HENAN ANCAI ENERGY CO TO LAUNCH 100,000-CUBIC-METRE-PER-YEAR LNG PROJECT IN Q3 2010 33
10. OTHERS 34
10.1 CHINA'S REFINING GROWTH PROMPTS DIESEL QUESTIONS 34
10.2 CHINA TO CUT GAS EMISSIONS BY 400,000MT 34
10.3 FACTBOX-CHINA'S REFINERY RUN FORECASTS FOR 2010 35
10.4 CHINA'S REFINERY EXPANSION PLANS 2010-2015 36
10.5 CHINA'S SITES FOR COMMERCIAL OIL STORAGE 36

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Inside this issue:

1 MARKET OVERVIEW 3
1.1 GAS APPARENT CONSUMPTION 3
1.1.1 C. Asia supply to ease China's gas shortage 3
1.2 DOMESTIC PRODUCTION 4
1.2.1 PetroChina's Jilin Oilfield to double gas output by 2015 4
1.2.2 Sinopec's Tahe Oilfield to expand oil and gas production capacity to 15 mln t by 4
Table 1：China Natural Gas Output in Feb’2010 (Unit:million cubic meters) 5
Table 2：China Natural Gas Output in Jan-Feb’2010 (Unit:million cubic meters) 6
1.3 IMPORTS & EXPORTS 6
1.3.1 China, Russia reach initial gas cooperation agreement 6
1.3.2 China to increase LNG imports, facilities 6
1.3.3 China's LNG imports in Jan 2010 up by 41% on month 7
Table 3：China Natural Gas Import/Export in Jan’2010 (Unit:million cubic meters) 8
Table 4：China Natural Gas Import/Export in Jan’2010 (Unit:million cubic meters) 8
Table 5：China's LNG Imports by Source in 2009 8
Table 6：China's LNG Imports by Place of Receipts in 2009  8
2 NATURAL GAS PRICES 9
2.1 A CONFUCIAN MESS: NATURAL GAS PRICING IN CHINA 9
2.2 CHINA’S NATURAL GAS WELLHEAD PRICES IN FEB’2010 10
2.3 RETAIL PRICES OF PIPELINED GAS IN MAJOR CITIES FOR RESIDENTS IN FEB’2010 11
2.4 LNG SPOT PRICES IN MAJOR CHINESE MARKETS IN FEB’2010 11
3 NATURAL GAS PIPELINE NETWROK & TANKS 12
3.1 WEST-EAST GAS PIPELINE'S DELIVERY VOLUME HITS 65.9-BLN CU M 12
3.2 GUANGDONG TO INVEST RMB 47.6 BLN IN GAS NETWORK 12
3.3 CHINA'S GUANGDONG PLANS $7 BLN GAS GRID BY 2020 12
3.4 SINOPEC TO FORGE 1,660-KM LNG PIPELINE 13
3.5 CNOOC'S 88-KM HAIKOU-WENCHANG GAS PIPELINE IN HAINAN ENTERS OPERATION 13
3.6 CONSTRUCTION STARTED ON FIRST UNDERGROUND GAS STORAGE RESERVOIR IN CHONGQING 13
4 LNG RECEIVING TERMINALS IN CHINA 14
4.1 CNOOC SEES NEW LNG DEALS, OK FOR MORE TERMINALS IN 2010 14
5 POLICIES AND REGULAITONS 14
5.1 CHINA WILL CARRY OUT A NEW ROUND OF OIL AND GAS RESOURCES SURVEYS IN 2010 14
5.2 CHINA POSITIVE TOWARD RESOLVING GAS FIELD DISPUTE 15
5.3 CHINA NATURAL GAS PRICE TO BE LINKED WITH OIL PRICE 15
6 MAJOR NATURAL GAS PLAYERS IN CHINA 16
6.1 PETROCHINA （CNPC） 16
6.1.1 Woodside Petroleum still in LNG talks with PetroChina 16
6.1.2 CNPC confirms bid for Australian coal-bed gas supplier 17
6.1.3 PetroChina may re-select the location of its LNG project 17
6.1.4 CNPC cuts in natural gas power generation sector 17
6.2 SINOPEC 17
6.2.1 Sinopec's Zhongyuan eyes rebirth on Puguang gas field 17
6.3 CNOOC 18
6.3.1 Dwingding home turf, growing overseas exposure 18
6.3.2 China Offshore Oil to sign long-term LNG contracts 19
6.4 OTHER PLAYERS IN CHINA 19
6.4.1 China Oil and Gas to raise HK$725 mln through rights issue 19
6.4.2 China Gas mulls takeovers, focuses on customer base 19
6.4.3 China Gas to own Zhongyu Gas in May 20
6.4.4 China Natural Gas announces fourth quarter and year end 2009 financial results 20
7 BRIEFING ON CHINA’S CBM MARKET 22
7.1 CNPC: GETS OK FOR FOREIGN COAL BED METHANE PARTNERS 22
8 CHINA LPG MARKET 23
8.1 SINOPEC EXPECTS MORE LPG OUTPUT ON HIGHER CRUDE RUN TARGET IN Q2 23
8.2 BP MAY SELL 200,000-CU-M REFRIGERATED LPG STORAGE IN ZHUHAI, S. CHINA 23
9. PROJECT DEVELOPMENT 23
9.1 CHINA'S YANCHANG TO EXPLORE FOR THAI GAS, OIL 23
9.2 NEW NATURAL GAS TRANSMISSION PROJECT KICKED OFF IN GUANGDONG 24
9.3 CHINA NATURAL GAS ANNOUNCES INSTALLATION CONTRACT FOR JINGBIAN LIQUEFIED NATURAL GAS PROJECT 24
9.4 CHONGQING MINSHENG GAS TO LAUNCH 50,000-CUBIC-METRE/DAY LNG PROJECT IN MAR 25
9.5 CHINA MAY EMULATE U.S. ‘QUIET REVOLUTION’ IN SHALE GAS OUTPUT 25
10 OTHERS 26
10.1 CHINA'S FEB REFINERY THROUGHPUT AT RECORD HIGH 26
10.2 CHINA 2010 FINISHED OIL PRICES ESTIMATED TO GO UP 26