Even as China's neighbours, such as Taiwan and Hong Kong, voice alarm at the billowing air pollution flowing over the borders, one of Beijing's largest oil companies is reported to be closing down one of its renewable energy subsidiaries because of low demand and high production costs.
China National Offshore Oil Corp. (CNOOC) is said by the Beijing-based Economic Observer newspaper to be shutting down its New Energy Investment subsidiary, which produces equipment for several types of renewable energy, including wind power and biomass.
The newspaper said the company's executives have lost confidence in the subsidiary, which has incurred huge financial losses since its founding in 2007.
