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China’s energy demand to peak by 2040, later than expected
--FILE--A Chinese visitor walks past the stand of CNPC (China National Petroleum Corporation), parent company of PetroChina, at an exhibition in Beijing, 3 April 2007.China National Petroleum Corp. (CNPC), the largest oil producer on the mainland, is reported to be considering bidding for minority stakes in shale gas assets owned by Chesapeake Energy of the United States, valued at about US$15 billion each.

China’s energy demand to peak by 2040, later than expected

BEIJING: China’s energy consumption will peak at 4.06 billion tonnes of oil equivalent by 2040, state-owned oil major China National Petroleum Corp (CNPC) forecast on Wednesday, setting the ceiling at a later date and a higher rate than previously expected.

The forecast was issued in CNPC’s annual long-term energy outlook. Last year’s research paper pegged the peak at 2035 and 3.75 billion tonnes of oil equivalent. On Wednesday, it forecast oil demand in the world’s second-largest economy will reach a ceiling at 690 million tonnes a year by 2030. That compares with last year’s estimate of a peak of 670 million tonnes a year by 2027.