China's STAR Composite Index closes lower Friday

The STAR Composite Index, which reflects the performance of stocks on China's sci-tech innovation board, closed 3.24 percent lower at 1,496.36 points on Friday.

The STAR 50 Index, which tracks the 50 largest stocks listed on the board that also meet certain liquidity requirements, closed 2.60 percent lower at 1,253.20 points.

The sci-tech innovation board, commonly known as the STAR Market, was inaugurated in June 2019 at Shanghai Stock Exchange. It is designed to support companies in the high-tech and strategic emerging sectors.

China will ramp up domestic oil and gas supply capacity while expanding its global energy cooperation network during the 15th Five-Year Plan period (2026-2030) to consolidate its energy security, an official with the National Energy Administration (NEA) said Friday.

China will also thoroughly implement its 10-year action plan for oil and gas exploration and development, increasing investment and operational efforts to consolidate its resource foundation, said Ge Ju, deputy director of the NEA's Department of Development Planning, at a press conference in Beijing.

The country will focus on key sedimentary basins, including the Ordos, Bohai Bay, Sichuan-Chongqing region, Tarim, and Songliao basins, and accelerate the construction of a batch of national strategic oil and gas production bases. It will also seek to boost output from deep-sea and deep-earth resources, unconventional reserves and mature oilfields.

China will also develop a number of major natural gas storage projects to strengthen its capacity to meet peak demand and ensure stable supplies during periods of high consumption.

China currently engages in oil and gas trade with nearly 50 countries, with imports sourced from all major global oil and gas exporters, helping ensure stable and reliable international energy cooperation.

"During the 15th Five-Year Plan period, China will further expand its circle of friends in oil and gas cooperation. Meanwhile, we will consolidate and expand overland strategic import corridors, safeguard maritime shipping lanes, and ensure that oil and gas can be procured and transported back safely," said Ge.