Larger quotas expected later in 2017 China will cut its export quotas to the country’s oil majors by 40% in the first round of licenses for 2017, reports Reuters, even as traders expect allowances for overseas sales to meet or exceed this year’s record levels. The Ministry of Commerce and the General Administration of Customs said the four state majors
As Europe and America consume less coal, China gains greater influence over coal industry In its medium-term coal market report for 2016, IEA reports that global coal demand growth has stalled after more than a decade of 4% annual growth, with demand in 2016 to be below 2013 levels. Consumption decreased for the first time in 2015 as declines in
Russia and Japan ink 23 energy-related agreements including offshore and LNG Russia and Japan deepened ties between the neighboring countries over the weekend as Russian President Vladimir Putin visited Japanese Prime Minister Shinzo Abe in Japan. The talks were set in the hopes of restarting a dialogue over four islands that each country has claimed a right to since the
From Bloomberg News China Life, SDIC buying 50% of Sichuan-to-East China pipelines -Sinopec approved sale of natural gas pipeline unit in August China Petroleum & Chemical Corp. is selling a 50 percent stake in a pipeline unit to investors including China Life Insurance Co. for 22.8 billion yuan ($3.3 billion) as it seeks funds to expand its natural gas business. China Life will
“We are a big elephant already. If we don’t reform ourselves faster, we will become a dinosaur” – Fu Chengyu, former Chairman of Sinopec and CNOOC China’s oil and gas industry is at risk of falling behind the times, according to the former chairman of two of the country’s biggest oil and gas producers. Chinese oil companies have “tremendous room”
From the Asia Times ‘LeSports Connects’ signals sports is an industry whose center of gravity is moving east to China If you were in any doubt as to China’s intention to own world football, you probably just haven’t been paying attention. But the desire for sporting might of the world’s rising superpower does not stop there, as the program of a three-day event being
Uncertainty over oil prices is hurting Chinese oil production Daily oil production in China – the world’s second-largest crude consumer after the United States – fell to a seven-year low in October, according to data from the country’s statistics bureau. Chinese oil production is falling as the country’s national oil producers remain cautious about raising production in the face of
Chinese banks will finance the 3.5 MMBOPD project with heavy oil upgraders Calgary-based Genoil Inc. (ticker: GNOLF), provider of upgrading technology for petroleum processing, has signed a letter of intent (LOI) for $50 billion worth of projects in Russia and Chechnya. The engineering company said it will develop oil fields and construct clean technology upgraders, refineries and pipelines in Russia
Low oil prices continue to hurt Chinese oil major PetroChina China’s largest crude oil and natural gas producer, PetroChina (ticker: PTR), released its third-quarter results today, reporting substantially lower income amid the global crude oil glut. Net income during the first nine months of the year fell 94% to 1.73 billion yuan ($255.2 million), the company said in its press
China’s GDP growth ‘suggests quite significant smoothing of the data’: analysts China’s gross domestic product continued to grow at a steady rate of 6.7% for the third straight quarter. Government infrastructure projects and a booming property market spurred prices and demand for raw materials and goods, from cement and steel to furniture, reports Reuters. The third straight quarter of identical
Gas Demand Growing as Coal Prices and Exports Heat Up Henry Hub aside, the real hot commodity this summer has been coal, as spot prices for Australian thermal reached $100 per ton (ASD) in September for the first time since April, 2012. The country is the world’s second largest exporter of coal, behind Indonesia. This price spike has been spurred
Crude oil inventory build offset by refined product draw, supporting prices above $50 per barrel Both Brent and WTI crude prices are up after falling earlier in the day on expectations of a 3 MMBO crude oil build. The build exceeded expectations, with the U.S. adding 4.9 MMBO to its inventory according to the EIA, but prices recovered following the
