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This data sheet is a background paper to the report Empty promises: G20 subsidies to oil, gas and coal production by Oil Cha
Overseas Development Institute (ODI). It builds on the research completed for the report The fossil fuel bailout: G20 subsidies
published in 2014.
For the purpose of this report, production subsidies for fossil fuels include: national subsidies, investment by state-owned
finance. The full report provides a detailed discussion of technical and transparency issues in identifying fossil producti
methodology used in this desk-based study. In addition, a brief outline of the methodology used in this report is also in th
The authors welcome feedback on the full report, on the country study, and on this data sheet to improve the accuracy and tran
government support to fossil fuel production.
Contents:
National subsidies
SOE investment
Public finance (summary)
Public finance (domestic - full)
Public finance (international - full)
National subsidies (million USD - except where otherwise indicated)
Targeted Estimated
2013 2014
Subsidy Subsidy type energy Stage: annual
estimate estimate
source amount
Tax expenditure
Resource-Tax (资源税) Abatements and Tax break and
Refunds for Gas extraction refunds Gas Production 93.46 93.46 93.46
Resource-Tax (资源税) Abatements and Tax break and
Refunds for Oil extraction refunds Oil Production 576.32 576.32 576.32
Provision of service
Exemption for land use fee of coal mines below market value Coal Production NA NA NA
Providing Inner Mongolia producers with
coal railway transportation below fair Provision of service
market rate below market value Coal Production 1121.5 1121.5 NA
OECD 2015
OECD 2015
Xue, H., Wang, H., Bridle, R., Gerasimchuk, I., & Attwood, C. (2015). Subsidies to Coal Production in China .
http://energypolicy.columbia.edu/sites/default/files/energy/China%20Shale%20Gas_WORKING%20DRAFT_Sept%2011_0.pdf
Ernst and Young (2013) Global Oil and Gas Tax Guide.
http://www.mzcan.com/hongkong/01555/announce/202/EN/EW01555-ann_6LBFDaN9c3b6.pdf
CNPC 2014 annual report: Directive on Business tax Exemption Policies Regarding Buying or Selling Personal Financial Products
(CS [2009] No. 111) and the Directive on Business Tax Exemption for International Transportation Services (CS [2010] No.8)
Xue, H., Wang, H., Bridle, R., Gerasimchuk, I., & Attwood, C. (2015). Subsidies to Coal Production in China .
Xue, H., Wang, H., Bridle, R., Gerasimchuk, I., & Attwood, C. (2015). Subsidies to Coal Production in China .
Xue, H., Wang, H., Bridle, R., Gerasimchuk, I., & Attwood, C. (2015). Subsidies to Coal Production in China .
Xue, H., Wang, H., Bridle, R., Gerasimchuk, I., & Attwood, C. (2015). Subsidies to Coal Production in China .
SOE Investment (USD million - except where otherwise indicated)
Project /
Name of SOE (national level)
Investment
Exploration and
upstream
Sinopec
capital
expenditure
Exploration and
upstream
Petro China
capital
expenditure
Exploration and
upstream
CNOOC
capital
expenditure
Capital
expenditure
Huadian Resources
Capital
expenditure
China Coal
Capital
expenditure
China Huaneng Group Corporation
Capital
expenditure
China Datang Corporation
Capital
China Guodian Corporation expenditure
Capital
Shenhua Group
expenditure
Capital
China Resources Power
expenditure
Capital
Shenhua Group
expenditure
Value Value
Fossil Fuel Annualised
Description Stage
Sector 2013 2014 Average Value
Electricity
Capital expenditure (property, plant
(96.5% Generation 2,812 2,206 2,509
and equipment)
fossil fuel)
Electricity
Capital expenditure (property, plant
(97.5% Generation 1,736 3,025 2,381
and equipment)
fossil fuel)
76,512
Source:
Rystad, 2015
Rystad, 2015
Rystad, 2015
http://www.cninfo.com.cn/finalpage/2013-04-27/62439745.PDF?COLLCC=190993879& http://file.finance.sina.com.cn/211.154.219.97:94
ttp://www.chinacoalenergy.com/n43869/n43882/n43884/n43889/n43890/c57647
1/attr/576472.pdf
http://www.chinacoalenergy.com/n43869/n43882/n43884/n43889/n43890/c7921
97/attr/792206.pdf
http://www.hpi.com.cn/reportYA/600011_2012_n.pdf http://www.hpi.com.cn/reportYA/%E5%8D%8E%E8%83%BD%E5%9B%
http://www.cninfo.com.cn/finalpage/2013-03-26/62272486.PDF http://www.cninfo.com.cn/finalpage/2014-03-27/63733653.PD
http://www.cninfo.com.cn/finalpage/2013-03-30/62305331.PDF http://www.cninfo.com.cn/finalpage/2014-03-25/63719767.PDF
http://www.shenhuachina.com/cs/Satellite?c=sh_news_p&cid=1382685132733&pagename=shenhua_china_en%2Fsh_news_p
http://www.cr-power.com/en/InvestorRelations/AnnualReports/201504/P020150427586804022240.pdf
586804022240.pdf
Public finance summary (USD million - except where otherwise indicated)
91 46
91 46
183 91
22,962 11,481
6,901 3,451
1,232 616
962 481
414 207
287 144
304 152
33,063 16,531
33,245 16,622
Public finance domestic (full) (USD - except where otherwise indicated)
Project
Institution Project Name
Country
EXPORT-IMPORT BANK
LS36-1 Gas Field China
OF CHINA
CHINA DEVELOPMENT
LS36-1 Gas Field China
BANK
e otherwise indicated)
The Export-Import Bank of China will provide approximately $400 million financing to
back the construction of four 174,000 m3 LNG carriers at Hudong-Zhonghua
Shipbuilding. The four new LNG vessels were jointly ordered by CNOOC Energy
Technology and Services, China LNG Shipping, Teekay LNG Partners and BW’s LNG
investment arm. Hudong-Zhonghua will deliver the LNG carriers from September 2017
to January 2019. The four vessels will transport LNG from BG’s Queensland Curtis
Island LNG project in Australia, from which CNOOC is buying liquefied gas. The four oil & gas
LNG vessels will be built by Hudong-Zhonghua in China. China Exim Bank, The Bank
of Tokyo Mitsubishi UFJ, Sumitomo Mitsui Financial Group, Australia & New Zealand
Banking Group Ltd - ANZ, Mizuho Financial Group, Industrial & Commercial Bank of
China - ICBC and Bank of America has financed $787m debt for the deal. ANZ also
acted as the financial adviser to the sponsors on this transaction. Norton Rose
Fulbright LLP advised the lenders
CDB has syndicated a loan for Primeline and its affiliate company Primeline Petroleum
Corp to finance their share of the costs of the LS36-1 gas field development. The
LS36-1 gas field is located in 84m of water in the East China Sea about 150km from
the major city Wenzhou. The syndicate consists of CDB and China Export and Import
Bank (EXIM) as joint lead arrangers and Shanghai Pudong Development Bank
(SPDB) as participant and agent bank. The facility will be made available to Primeline
oil & gas
and PPC on a joint borrower basis secured on their respective interests in the
Development. The facility will be for a total amount of US$274 million (of which the
Company’s share is US$ 205.5 million) and will be repayable over 9 years at an all-in
interest rate of LIBOR+4.7%. NOTE: The exact share of the loan being provided by
each of the three syndicate members is not stipulated in any of the listed sources;
hence, an arbitrary allocation of $91.33 million is allocated to each.
CDB has syndicated a loan for Primeline and its affiliate company Primeline Petroleum
Corp to finance their share of the costs of the LS36-1 gas field development. The
LS36-1 gas field is located in 84m of water in the East China Sea about 150km from
the major city Wenzhou. The syndicate consists of CDB and China Export and Import
Bank (EXIM) as joint lead arrangers and Shanghai Pudong Development Bank
(SPDB) as participant and agent bank. The facility will be made available to Primeline
oil & gas
and PPC on a joint borrower basis secured on their respective interests in the
Development. The facility will be for a total amount of US$274 million (of which the
Company’s share is US$ 205.5 million) and will be repayable over 9 years at an all-in
interest rate of LIBOR+4.7%. NOTE: The exact share of the loan being provided by
each of the three syndicate members is not stipulated in any of the listed sources;
hence, an arbitrary allocation of $91.33 million is allocated to each.
Development Phase
(Upstream or Stage Value Not counted Period
Downstream)
https://ijglobal.com/data/transaction/31574/pan-asia-africa-americas-euro-lng-vessels-acquisition-2014
https://ijglobal.com/data/transaction/32261/ls36-1-offshore-gas-production-project; https://ijglobal.com/articles/94062/primeline
https://ijglobal.com/data/transaction/32261/ls36-1-offshore-gas-production-project
Public finance international (full) (USD - except where otherwise indicated)