China – Page 43 – Oil & Gas 360

Job Security Comes at a Price for Chinese Oil and Gas Companies

March 29, 2016

Maintaining employment strains Chinese oil and gas firms’ shrinking profits Many international oil and gas companies have responded to the steep drop in prices since November 2014 by cutting expenditures. Companies have achieved better financial metrics by increasing efficiencies in their operations, and, in many cases, by reducing their workforce. Layoffs have been an unfortunate side effect of the price

China’s Oil Imports Up 20%

March 22, 2016

Saudi Arabia and Russia vie for market share in China Monthly oil imports to China in February were 20% higher in 2016 than the year before. The increased level of imports in February were the highest ever on a daily basis as the country takes advantage of low oil prices to increase stockpiles, reports Reuters. Saudi Arabia made up the

The Next China: Oil and Gas Companies in India Deepen Ties with Russia

March 21, 2016

Indian energy consortium increases shares in Russian oil fields Russia and India strengthened their ties over the weekend with several agreements which will increase Russia’s share in India’s energy markets and give India a greater share in a number of upstream projects in Russia. Russia’s state-owned oil giant Rosneft (ticker: RNFTF), Oil India, Indian Oil and Bharat Petroresources signed a

More Loans from China — BOC Lends Gazprom $2.2 Billion

March 3, 2016

‘Sitting in Ambush’ for Russian Companies Bank of China has agreed to loan Russian state-owned gas giant Gazprom (ticker: OGZPY) €2 billion ($2.17 billion). In the company’s press release, Gazprom said the loan was the largest deal in terms of the amount of financing attracted directly from one financial institution and the first bilateral loan facility agreement with a Chinese

Natural Gas Price Battered by Faltering Asian Demand and New LNG Supply Coming Online

March 2, 2016

Natural gas prices are down more than 4% today at $1.67 per MMBtu, the lowest they have been since 1999. Waning demand for natural gas in Japan, warmer weather expectations in the U.S., along with an expected surge in LNG supplies has put a great deal of downward pressure on natural gas prices. Japan, the world’s largest importer of natural

World’s Most In-Debt Oil Company to Get $10 Billion Lifeline from China

February 29, 2016

Petrobras plans to use loan to help pay down debt Petrobras (ticker: PBR, Petrobras.com) will receive a $10 billion loan from the China Development Bank to help pay down the company’s debt coming due this year, according to a report from China Business News. In exchange for helping PBR pay its $12 billion 2016 debt, Petrobras will supply oil to

China’s CNPC Plans to Spin Off its Oilfield Service Sector with IPO

February 24, 2016

No details available yet on timing or size of IPO China National Petroleum Corp., the country’s largest oil and gas producer, is looking to spin off its oilfield service sector as part of the ongoing process to overhaul the world’s second largest economy. During an industry conference held in Houston this week, CNPC Chairman Wang Yilin said that the company

OPEC’s Strategy is Working – in China

February 17, 2016

Sinopec shuts-in four production sites As the oil price slump continues amid OPEC’s battle to maintain market share, the group’s goal of eliminating high-cost production appears to be working, but perhaps not where OPEC had originally hoped. Sinopec (ticker: SNP), China’s second largest crude oil producer, announced today that the company will be shutting in four of its least profitable

China Crude Imports Down Over 4%

February 15, 2016

China net fuel exports down 76% month-over-month China’s net fuel product exports fell 76% in January from the final month of 2015 to 350,000 metric tons, the lowest level since June, according to Bloomberg. China’s net exports reached the seven-month low as refiners chose to sell more fuel at home after the government stopped cutting domestic prices. The government had

China’s Teapot Refiners Under Scrutiny after Cancelling Import Deal

January 22, 2016

More than $50 million of crude destined for Chinese teapot refiners rerouted China is making a push to open its markets to competition and increase its crude oil refining capacity by allowing smaller “teapot” refiners to handle 1.5 MMBOBP of crude oil, about one-fifth of the country’s refining needs. It is hoped that that teapot refiners, called such because of

CNOOC to Cut Production and Spending

January 20, 2016

CNOOC’s 2016 plan looks to lower production for the first time in a decade Lower oil and gas prices are forcing at least one of China’s producers to lower its production goal for 2016. In a press release Tuesday, China National Offshore Oil Corporation (CNOOC, ticker: CEO) announced that it plans to produce 5% less than in 2015, and cut

Russia’s Yamal LNG Receives More Cash from China

January 6, 2016

New Chinese investment firm raises $6 billion in financing Russia-based Novatek’s (ticker: NVTK) Yamal LNG project has received a new infusion of capital from a new Chinese investment firm called China Insurance Investment Ltd. The firm is comprised of 46 Chinese companies who have raised 40 billion yuan ($6 billion) to finance energy and infrastructure projects overseas, reports Reuters. The

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