Platts Entering Chinese Energy Information Market

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Last updated at: (Beijing Time) Wednesday, July 30, 2003

Platts Entering Chinese Energy Information Market

Platts, the world's largest energy information provider, inaugurated the Chinese version of its energy information platform in Beijing Tuesday.

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Platts, the world's largest energy information provider, inaugurated the Chinese version of its energy information platform in Beijing Tuesday.

To minimize costs, Platts chose to cooperate with C1 Energy Private Ltd., a leading Chinese energy information provider.

The two companies signed a cooperative agreement here Tuesday, under which C1 will translate Platts Asia product assessments, market commentaries, industrial news and other relevant information into Chinese and display them on C1's information platform, www.clenergy.net.

The two companies want to realize an annual revenue of 20 million US dollars initially, targeting China's medium-sized and small oil traders, especially those in the developed coastal provinces.

Before the initiation of its Chinese version, Platts was already servicing large state-owned Chinese companies such as C NPC,Sinopec and CNOOC.

"This is our first move into China and we will continue expanding our services to meet the ever-rising demand in the Chinese market," said Mr. W. K. Chan, director of Platts' Asia-Pacific branch.

Platts is entering the Chinese market as China increases its dependence on imported oil and integrates into the world's oil market to meet its WTO commitments.

The country imported roughly 70 million tons of crude and nearly 20 million tons of oil products last year, raising its dependence on foreign oil to 30 percent.

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