Economy

Energy industry 'triangle' to be implemented soon

(Xinhua)
Updated: 2011-06-28 12:58

BEIJING - A plan to build an energy industry "golden triangle" in Northwest China has been submitted for approval and may be implemented soon, the China Securities Journal quoted an unnamed source as saying Tuesday.

The plan involves building a comprehensive energy production and supply base that will cover an area of 133,800 square kilometers in Northwest China's Inner Mongolia and Ningxia autonomous regions and the provinces of Shaanxi and Gansu, according to the report.

The move is intended to allow the government to take advantage of petroleum resources in the nearby Ordos Basin, the report quoted Gao Shixian, head of the research institute of energy under the National Development and Reform Commission.

The report also quoted Pan Jiping from the Research Center of Oil and Gas Resources under the Ministry of Land and Natural Resources as saying that the plan may offer favorable support for the construction of energy transit corridors, as well as open some sectors to private capital.

The plan is part of an overall effort to map out regional revitalization plans in Inner Mongolia, the report said.

A series of revitalization programs related to the energy industry will be implemented in other developing regions in the near future, Chen Xiushan, an economics professor from the People's University of China, said in the report.