China's Natural Gas Output up 12.3% in 2008
02 February 2009
Brilliance Auto, the seventh largest auto maker in China in terms of sales, aims to double its sales revenue to reach 80 billion yuan ($11.7 billion) in 2010, the company said Thursday.
Qi Yumin, board chairman of the company, said Thursday that the automobile industry would see opportunities in light of the government-planned stimulus measures to boost the ailing sector. "The home brands will benefit a lot from these measures," Qi said.
The company sold more than 285,000 vehicles last year and saw a sales revenue of 41 billion yuan. It expects to sell 500,000 complete vehicles and 500,000 engines in 2010.
The company began the construction of a factory, which would be able to produce 150,000 vehicles annually, with an investment of 3 billion yuan last week in Shenyang, capital of the northeastern Liaoning Province.
The factory alone is expected to add 15 billion yuan to the company's sales revenue every year, according to Qi.
Chinese auto makers reported a 6.7-percent rise in sales in 2008 compared with the previous year, the lowest rise in 10 years, according to China Association of Automobile Manufacturers.
The industry group expected the growth rate of auto sales to drop to 5 percent this year as consumer confidence waned with a slowing economy.China's production of natural gas rose 12.3 percent year on year to 76.1 billion cubic meters in 2008 as the government promoted cleaner energy, an industry association said.
China's production and consumption of natural gas have been rising steadily since the government set a target of raising the proportion of natural gas in total energy consumption to 5.3 percent by 2010 from 2.8 percent in 2005.
Construction of more liquefied natural gas (LNG) terminals were also launched last year, while LNG purchase agreements were signed between state oil producers and foreign LNG sellers, including Shell, Total and Qatar Gas, despite higher natural gas prices driven by record oil price hikes in 2008. Those agreements would add a possible annual imports of more than 8 million tons.
Source : english.chinabuses.com
Editor : July
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