Energy Insider: Top EV Charging Station Maker Eyes $46.5 Million Fundraising; Hubei Shuts All Coal Mines for Maintenance
In today’s Caixin energy news wrap: Cement industry’s off season comes earlier than usual as demand weakens; leading EV charging startup plans $46.5 million fundraising; Hubei orders coal mines to halt production for maintenance; and PetroChina finds new shale oil reserves.
Xining Special Steel faces potential ownership change
Xining Special Steel Co. Ltd. (600117.SH) said its controlling shareholder Xining Special Steel Group Co. Ltd. plans to invite strategic investors as the company prepares for a reorganization and relocation. The move may lead to a change in Xining Special Steel’s controlling shareholder, the company said in a filing. The plan is in the preparatory phase and has yet to be confirmed, reviewed and approved by regulators, Xining Special Steel said.
EV charging startup TELD to raise $46.5 million from 10 investors
Qingdao TELD New Energy Co. Ltd. (TELD), the electric vehicle charging arm of Sino-German joint venture Qingdao TGOOD Electric Co. Ltd. (300001.SZ) plans to invite 10 strategic investors in a 300 million yuan ($46.5 million) fundraising as the company prepares for a domestic listing. The new investors include GLP Pte. Ltd., State Power Investment Corp. Ltd., China Three Gorges Corp., and EVE Energy Co. Ltd. (300014.SZ). They will pay 14.6 yuan per share for TELD’s newly issued stock, valuing the company at 13.6 billion yuan. Qingdao TGOOD, a major manufacturer of electrical transformers, said in December that it planned to spin off TELD for a domestic listing.
Hubei shuts down all coal mines for 20-day maintenance
Hubei Daily reported June 19 that all coal mines in operation in the province are required to halt production June 15 to July 5 for major maintenance. The province has 17 coal mines with a total capacity of 1.7 million tons per year. Currently, seven of them have been in normal production, hiring about 900 employees. The 10 others had operations in suspension.
Cement prices weaken as demand slows
China’s cement industry is experiencing dropping prices and rising inventories as demand weakens, the Securities Times reported. The off season for the industry arrived about half a month ahead of normal amid a slowdown in new property development projects and the early arrival of the rainy season in southern China. Leading enterprises in northern and eastern Guangdong province and the Pearl River Delta region plan to further cut cement and clinker prices by about 30 yuan ($4.60) per ton in mid-June. The national average price of cement from January to April was 456.5 yuan per ton, lower than the average price of 470 yuan per ton over the same period in 2020, market data showed.
PetroChina discovers largest proven shale oil reserves
State-owned oil giant PetroChina said its Changqing Oilfield Co. discovered an oil shale field in the Ordos Basin with proven reserves in excess of 1 billion tons. This marks the largest oil shale field yet discovered in China and a major exploration achievement for Changqing Oilfield. It is estimated that by the end of the 14th Five Year Plan period annual shale oil production from the Changqing Oilfield will increase to 3 million tons.
CAMC signs major contract in Kazakhstan
China CAMC Engineering Co. Ltd. (002051.SZ) said it signed an agreement with the Kazakhstan Sozak Oil and Gas JSC for the development of Kazakhstan’s Sozak gas project. The contract amount is $1.2 billion. Located in Kazakhstan’s Turkistan region and Kyzylorda region, the project includes construction of a natural gas production and processing plant with an annual capacity of 6 billion cubic meters. The work will include well drilling, an internal gathering and transmission system, an oil and gas treatment plant, external transmission pipelines and supporting works.
Jiangxi’s first UHV transmission line to enter operation in late June
Jiangxi’s first ultra-high voltage (UHV) transmission line, the Yazhong – Jiangxi project, is expected to go into operation in late June. The project was approved by the National Development and Reform Commission in August 2019 and commenced that September. Starting in Sichuan province’s Liangshan Yi autonomous prefecture, the line passes through Yunnan, Guizhou and Hunan before ending in Fuzhou, Jiangxi province — a total of 1,696 kilometers. Its rated capacity is 8 million kilowatts, and total investment is 24.4 billion yuan ($3.78 billion). According to its design, annual transmission capacity comes to 40 billion kilowatt-hours of electricity.
Contact editors Han Wei (firstname.lastname@example.org) and Bob Simison (email@example.com)
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