China's economic growth in the second quarter will be higher than the first and is expected to reach the annual economic growth target of around 5%, China's Premier Li Qiang told delegates at the World Economic Forum in Tianjin on Tuesday.
The World Bank said on Tuesday it has approved a $1.14 billion project to expand access to cleaner electricity in eastern Indonesia, for which it will provide $500 million in financial support.
China is relentlessly adding new petrochemical capacity despite a global glut as the country's refiners diversify from transport fuels, threatening to depress margins worldwide through 2024 as weak economic growth saps demand.
Global energy demand rose 1% last year and record renewables growth did nothing to shift the dominance of fossil fuels, which still accounted for 82% of supply, the industry's Statistical Review of World Energy report said on Monday.
Indonesia's state energy company Pertamina (PERTM.UL) reached a $3.1 billion financing deal with a number of export credit agencies and commercial banks to fund the upgrade of its Balikpapan refinery, the company said on Saturday.