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China, Japan seek common ground on energy



By ELAINE KURTENBACH, AP
08 May 2008 @ 06:11 am EST


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The new Olentangy Orange High School in Lewis Center, Ohio, is seen under construction Thursday, Jan. 31, 2008. The latest woes among bond insurers could spur landmark change in regulation of insurance and financial markets, and could further crimp municipalities and other public institutions' ability to raise money for hospitals, schools and other projects. (AP Photo/Kiichiro Sato)
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The plan suits the needs of both sides. Booming China faces severe shortfalls in refining capacity, while Japanese refiners are struggling with overcapacity and dwindling demand.

Nippon Oil said it also agreed to increase the amount of crude oil it refines for CNPC under earlier cooperation deals to 70,000 barrels a day in 2008 from the earlier 50,000 barrels a day.

Despite the positive news on the energy front, inevitably, friction remains.

Japan's Ministry of Economy, Trade and Industry issued a report Thursday citing a high Chinese tariff on auto parts among various allegedly unfair trade practices. It also criticized China's lax enforcement of pirated and counterfeited products.

China ranked second, with 29 cases among the 113 "questionable" trade practices cited in the METI report. The United States led with 36 cases.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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