From Reuters China’s crude oil imports rose to the second-highest level on record in February, as strong demand from independent “teapot” refiners continues to drive growth. February’s imports came in at 31.78 million tonnes or 8.286 million barrels per day, up 3.5 percent on a year ago, Chinese customs data showed on Wednesday. Daily shipments were only behind December’s record
BP says U.S. shale gas output to more than double In its recently released 2017 Energy Outlook, BP outlines its predictions for global energy production and consumption through 2035. Global consumption of energy is expected to increase by 30% through 2035, driven primarily by growth in emerging economies, especially China and India. Oil, gas and coal remain dominant; demand for
The National Development and Reform Commission releases its projections for the remainder of the decade China expects crude oil production to fall by 7% compared with its previous five-year plan as production from some of the country’s largest, and oldest, wells continues to decline. Output of natural gas, however, is expected to increase by almost two-thirds, according to a report
From Asia Times Students with postgraduate degrees from Chinese or overseas universities now do not need work experience to be allowed to find mainland jobs. Foreign students who have completed their postgraduate degrees in Chinese or overseas institutions are now allowed to find a job in mainland China without any previous work experience. The Ministries of Foreign Affairs, Education, and
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
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