China – Page 42 – Oil & Gas 360

China to Get Ethiopia’s NatGas via $4 Billion LNG Project in Djibouti

July 25, 2016

From Geeskaafrika.com Ethiopia says physical work on a massive $4 billion cooperative natural gas project between Ethiopia, Djibouti, and China will soon be launched. The announcement was made Thursday by Ethiopian Foreign Minister Tedros Adhanom at the opening of the 4th Ethiopia-Djibouti Joint Ministerial Committee Meeting in the capital, Addis Ababa. The project is made up of a natural gas

China’s Oil Output Falls by the Most in 15 Years

June 13, 2016

Oil output down more than 7%; Coal down more than 15% The glut of oil brought on by OPEC’s decision to defend market share continues to put pressure on producers around the globe, particularly in China. China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported 2015 profit was less than half of what it was in 2014

Yuan Down, Part 2: Changes to How China Handles its Oil Reserves

June 2, 2016

At Today’s Lower Prices China is Adding 70-90 MMBoe to SPR with Strategic Crude Oil Purchases Simultaneously to the Peoples Bank of China intentionally depreciating the Yuan last week, China’s National Energy Administration announced on May 31, 2016 that the country is planning to implement changes to how oil reserves are handled. Private companies will be engaged to build and

Subsidy Fraud in China’s Robotics Industry Hides Manufacturers’ Struggle to Innovate

June 2, 2016

From Manufacturing.com China is making moves to modernize its manufacturing industry, but in incentivising local manufacturers with generous subsidies, corrupt businessmen are coming out of the woodwork for easy cash-grabs. Earlier this year, China released its “Made in China 2025” (MiC2025) economic policy, modeled after Germany’s “Industry 4.0” plan. The policy lays out incentives for domestic manufacturers to create and

China: Yuan Down, Yuan to Go

June 1, 2016

Despite the Memorial Day weekend and the shortened week for U.S. business, the week has been eventful nonetheless. With anticipation mounting for the June 2nd OPEC meeting, the increased potential for a U.S. interest rate hike being signaled by the Fed, and Canadian crude returning to the market, oil markets have been rife with intensity this week. These market influences

Russian Crude to China Outpaces Saudi Arabia for Second Time

May 23, 2016

Imports of Russian crude to China are up 52.4% from last year For the second time this year, Russia supplied more crude oil to China than Saudi Arabia. Crude imports from Russia increased 53.4% year-over-year in April to reach 1.17 MMBOPD, topping the previous record of 1.13 MMBOPD in December, Reuters reported. April imports from Saudi Arabia fell 21.8% from

Chinese Production Declining As Domestic Demand Ramps Up

May 18, 2016

Chinese production continues to fall due to aging assets as demand grows Demand for crude oil at Chinese refineries continues to grow as the country’s aging oil properties slow production. Chinese production fell the most month-over-month since November 2011 in April, reports Bloomberg, down 3.2% from March. Meanwhile, the country’s refiners processed a record 10.93 MMBOPD of oil. The production

Oil Prices Jump Above $46 on Inventory Draw, EIA Revises Demand Up

May 11, 2016

Crude oil inventories fell 3.4 MMBO during surprise week-over-week draw Crude oil inventories fell today, giving markets a pleasant surprise, and sending WTI prices up above $46 per barrel. Economist expected a small build for the week ended May 6, 2016, with the average estimate at 80 MBO. The numbers released by the DOE today showed a draw of 3.4

CNPC Profits Drop 52% in 2015

April 27, 2016

CNPC reports profit of $12.7 billion for full-year 2015 China’s largest oil and gas producer, China National Petroleum Corp. (CNPC), reported its full-year 2015 profit, showing a 52% decline year-over-year. The company reported $12.7 billion in total profit for the year, reports Shanghai Daily, and revenues of $308 billion, down 26% from 2014. The company produced 260 million metric tons

China May Buy 19.5% Stake in Rosneft

April 21, 2016

Sale of major Rosneft stake to CNPC signals strengthening ties between China and Russia China National Petroleum Corp. Deputy Chief Executive Wang Zhongcai said the company is interested in purchasing a stake in Rosneft, Russia’s state-owned oil company. The sale would strengthen the ties between the two countries, which have increasingly been working together on energy projects. Russia needs the

Chinese Majors Selling Assets back to the Government

April 19, 2016

Sinopec offers major stake in international unit to Chinese investment firms China Petrochemical Corp., or Sinopec Group as it is commonly referred to, is selling more than half of a unit which holds its overseas assets to two state investment vehicles. No value for the transaction was provided, but the deal will split ownership into two 30% stakes and one

China’s Plan to Stimulate Growth: We’ll Cut Taxes by $76.8 Billion

April 4, 2016

Premier Li Keqiang sets out plan for 6.5% annual growth through the end of the decade Chinese Premier Li Keqiang outlined the country’s economic goal to maintain growth of at least 6.5% through 2020 at the annual Boao Forum for Asia – China’s answer to the Davos World Economic Forum. As part of this plan, China will cut taxes in

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