05 November 2012 10:10 [Source: ICIS news]
SINGAPORE (ICIS)--China will provide subsidies to foster the development of the shale gas industry in the country, its Ministry of Finance (MOF) and National Energy Administration (NEA) said in a joint statement on Monday.
The rate of subsidy is yuan (CNY) 0.4 ($0.06) for each cubic metre (cbm) of shale gas produced during 2012-2015, the government agencies said.
China’s local governments are also encouraged to set aside separate subsidies for shale gas production based on their own financial conditions.
Energy-hungry China has been aggressively seeking ways to raise production of shale gas to meet its rising demand, industry sources said.
China is targeting to produce 6.5bn cubic metres of shale gas by 2015.
($1 = CNY6.24)
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