China's shale gas stocks buoyed by supportive measures

BEIJING, Nov. 15 (Xinhua) -- Shares of Chinese shale gas companies were lifted on Thursday by news that the country is considering policies to spur exploration of the natural resource.

Share prices of Landocean Energy Services Co., Ltd. gained 3.21 percent to 18.3 yuan (2.9 U.S. dollars). Oriental Energy Co. climbed 2.42 percent to 11.43 yuan, while Sichuan Tianyi Science & Technology Co. rose 2.97 percent to 9.02 yuan.

In Thursday's Shanghai Securities News, Li Yuxi, a researcher with the Ministry of Land and Resources (MLR), said that supportive measures being considered include a market-based pricing mechanism, favorable tax policies and a withdrawal system to help lower risks in exploration.

Li made the statement at the ongoing China International Shale Gas Summit 2012 in the southwest mega-city of Chongqing.

The emerging sector has gained traction in shale-gas-rich China in recent years, as a string of policies have been rolled out by central government.

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