Valuation 4
What’s new? 9
A multi-year energy boom 10
Case Study: Japan in 1964
and Korea in 1988 18
Demand and supply 28
Oil/Oil Products 31
Natural Gas 43
Coal 55
Power 64
Pricing reform works? 72
Company profiles 81
Sinopec Corp 82
CNOOC Ltd 84
PetroChina 86
China Shenhua Energy 88
China Power International 90
China Resources Power 92
Datang Int’l Power 94
Huadian Power Int’l 96
Huaneng Power Int’l 98
Appendix 1: Summary of the
11th Five-Year Plan 100
Appendix 2: Impact of RMB
appreciation 103
Appendix 3: Urbanisation and
oil consumption 105
Appendix 4: Energy savings
by sector 106
Disclosure appendix 107
Disclaimer 110