(World Oil) – Ecuador’s President Daniel Noboa has ordered a consortium seeking to take over the nation’s top oil asset to pay an entry fee of $1.5 billion by March 11, moving up the deadline by more than three weeks. Noboa has warned he will cancel the deal without the early payment. “The motive is simple: If they don’t respond with
(World Oil) – China Petroleum & Chemical Corporation (Sinopec) has released the first sustainability report published by a Chinese company in Algeria, detailing its achievement in fulfilling economic, safety, environmental, and social responsibilities in the region and advancing the vision of New Algeria. Algeria is the largest country in Africa with the fourth largest economic output. Sinopec adheres to the vision
Investing LONDON – China has ramped up purchases into its oil reserves this year even as oil prices soared, despite calls from Washington for a global coordinated stocks release to help cool the market, industry data showed and traders said. Washington has sought cooperation from China to bolster the impact of a coordinated release of strategic oil stocks from major
World Oil (Bloomberg) –APA Corp. and its Chinese partner in an Egyptian oil project will recover almost $900 million in prior investments under a new drilling contract with the North African nation. APA was the day’s best performer in the S&P 500 Index. APA and Sinopec will collect the “backlogged costs” over a five-year period that began on April 1,
Nasdaq SINGAPORE/NEW YORK, Oct 15 – Major Chinese energy companies are in advanced talks with U.S. exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country’s fuel security, several sources said. At least five Chinese firms, including state major Sinopec Corp 0386.HK and China National Offshore Oil Company (CNOOC) and local
Reuters BEIJING/SINGAPORE – China’s Sinopec Corp plans to spend 30 billion yuan ($4.6 billion) on hydrogen energy by 2025 as the state oil and gas major pivots to producing natural gas and hydrogen as part of becoming a carbon-neutral energy provider by 2050. Asia’s biggest oil refiner said on Monday it plans to become China’s largest company to produce hydrogen
Reuters CHICAGO/BEIJING – China has bought “roughly 200 million gallons” of U.S. ethanol for the first half of 2021, matching its previous record for annual imports of the corn-based biofuel, Archer Daniels Midland Co Chief Financial Officer Ray Young said on Tuesday. The accelerated imports are among several positive signs for the ethanol sector which has been hard hit by
Reuters SINGAPORE – Chinese oil majors will struggle to extend fast growth in shale gas production beyond 2025, as complex geology and failure to draw in more investors make it expensive to develop the unconventional resource. That would be a blow to China’s efforts to cut its reliance on gas imports, presently 42% of total consumption. It would also mean
Reuters SINGAPORE – Sinopec Corp pledged on Tuesday to maximise domestic gas productions and raise imports of liquefied natural gas (LNG) to record rates as a cold spell hitting large parts of the country this week lifts demand for the winter heating fuel. On Monday China’s central economic planner, the National Development and Reform Commission (NDRC) urged companies to step
Reuters MOSCOW – China’s refiners have purchased a quarter of Russia’s Urals oil exports planned for June in the Baltic despite record high premiums for the grade due to a lack of sour barrels as result of the OPEC+ output cuts, traders said and shipping data showed. Rising demand for Russian barrels will likely make oil firms more reluctant to
CNBC Earnings from China’s oil firms are going to “look pretty ugly” in the short-term, one Bernstein analyst told CNBC on Monday. “We’re expecting very significant losses in the first quarter for PetroChina and Sinopec as a result of the low oil prices,” Neil Beveridge, senior oil and gas analyst at Bernstein, told CNBC’s “Street Signs.” Both PetroChina and Sinopec are expected to post
Reuters SINGAPORE – China’s Sinopec, expected to be the next major Chinese buyer of U.S. liquefied natural gas (LNG), is planning to review terms of a potential $16 billion supply deal with Cheniere Energy after a sharp drop in LNG prices, industry officials said. That could delay sign-off on a deal that would help Beijing meet ambitious targets it set
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