Former Sinochem vice general manager arrested and indicted
Feng Zhibin, a former vice general manager of China’s state-owned chemical giant Sinochem Group, has been arrested and indicted on charges of suspected bribery, utilizing influence for bribery, and abuse of power by state-owned company personnel, the Supreme People’s Procuratorate said on Wednesday.
Chinese chemical stocks surge after missile attack on Saudi industrial hub
Shares of Chinese chemical manufacturers surged on Tuesday after a missile attack targeted Jubail, Saudi Arabia’s largest industrial city, threatening a key hub for global petrochemical production and driving international buyers to seek alternative suppliers. Several Shanghai- and Shenzhen-listed chemical companies, including Guizhou Chitianhua Co. Ltd. (600227.SH) and Sichuan Lutianhua Co. Ltd. (000912.SZ), hit their 10% daily trading limits. Nantong Jiangtian Chemical Co. Ltd. (300927.SZ) jumped 20%.
China halves domestic fuel price hikes amid surging global oil markets
China moved for a second time to cushion consumers from the global oil shock triggered by the U.S.-Iran war, halving the size of a scheduled domestic fuel-price increase even as crude markets remained volatile. The National Development and Reform Commission said on Tuesday that gasoline and diesel prices would rise from midnight by 420 yuan ($61) and 400 yuan a metric ton, respectively, well below the increases of 800 yuan and 770 yuan that would have been triggered under China’s normal pricing formula.
China’s compressed-air storage industry seeks commercial breakthrough
Compressed-air energy storage is poised for faster growth in China, but the nascent industry must still prove its commercial viability to win broader market acceptance, a senior executive at a leading developer said. The industry still needs to prove it can cut costs, build industry standards and operate reliably at commercial scale, according to Ji Lü, general manager of Zhongchu Guoneng (Beijing) Technology Co. Ltd., in a media interview on April 2 at an industry conference.
Experts warn of power strain from surging AI data center demand
The booming global expansion of artificial-intelligence data centers is threatening to overwhelm power grids with unprecedented electricity demands, prompting industry leaders to rethink how the digital infrastructure of the future will be powered. Speaking Tuesday at the 14th Energy Storage International Conference and Expo, Guo Yunzheng, an executive at China Mobile Energy Technology Co., warned that the colossal energy needs of AI data centers will present three critical challenges to power-supply systems starting in 2025: high power, high volatility, and high capacity.
