According to reports, Central Asia has recently announced that it will start meeting a big part of country’s energy requirement by the end of this year, when the first phase of huge 10,000 km long pipeline gets functional.

Moreover, the gas pipeline will include around 15 billion cubic meters of natural gas from Kazakhstan.

The new pipeline is projected to accomplish the government’s target for western region development by pulling in Caspian Sea gas supplies to Xinjiang area. The gas runs pipeline from Turkmenistan and passes via Uzbekistan and Kazakhstan.

According to a local government officer at the International Forum on Chinese Automobile industry development held in Tianjin, Shanghai is likely to realize about RMB 30 billion in production value of new energy autos by the next two years (2012).

According to reports, a major automobile maker in South Korea, Kia Motors, has recently announced that it has decided to to recall more than 8,000 vehicles in China since Sep. 6 due to some defects in courtesy lights.

As per news, the to-be-recalled autos comprise three brands, Kia Soul, Kia Sorento Rs and Kia Cadenza or Kia K7.

As per the statement issued by the company, “The defected auto owners could ask for free repair services in Kia Motors' repairing centers.”

Oil prices dropped down in the Asian market after two straight days of gains, taking a sign from regional bourses that retreated among expectations of slower U. S. financial growth.

Benchmark crude for the next month delivery remained down 24 cents at $73.12 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange.

The contract increased 84 cents to settle at $73.36.

However, the rally was short-lived among gloom about the global financial system.

According to some sources, CPC Corp, a Taiwan state-based oil firm, has recently announced that it has discovered natural gas mines in middle-Taiwan's Miaoli County with an approximated production capacity of around 1 billion cubic meters.

In a statement filed with the Taiwan Stock Exchange, CPC Corp announced that it has discovered the natural gas at well No. 145 in Miaoli, in which the well to be capable of producing more than 1 billion cubic meters of gas by the next 20 years, which is supposed to start by the end of 2011.

As per the latest facts from the General Administration of Customs, China, the second-biggest oil consumer after the United States, imported record 3.74 million metric tons of crude oil from Angola during the last month, up 30 percent as compared to the same period of the last year.

During the first half of 2010, China's crude oil imports from the African country increased by 24.84 precent year on year to 22.27 million metric tons, making Angola overtake Saudi Arabia as China's largest crude oil supplier.

According to reports, China’s US$300 billion sovereign wealth fund, China Investment Corp, has announced that it plans to team up with Canada-based Penn West Energy Trust to mutually explore the oil sand resources in Canada.

Further, the report also expressed that a wholly-owned subsidiary of CIC and Penn West Energy will establish a joint venture to strengthen the oil sand asset in the Peach River area in Alberta.

CSG Holding Co Ltd, which is basically involved in the making and sale of glass and the solar energy industry, has decided to invest around RMB 1.3 billion in order to increase its production of energy-saving glass in 2010.

In this regard, the company has provided a total of 70,000 square meters of energy-saving glass to number of pavilions in the 2010 Shanghai World Expo, which begun on May 1 and will end on October 31 of this year.

According to recent reports, China may start charging a carbon tax on the country’s enterprises around 2012 as it plans to reduce greenhouse gas emission and promote energy conservation and environment friendly industries.

While talking to reporters, a senior researcher with the Energy Research Institute under the National Development and Reform Commission, Jiang Kejun said, “We expect China will start to levy various taxes only if they are helpful in mitigating greenhouse emissions and developing a low-carbon economy.”