Reuters SINGAPORE – China has raised the volumes of its first batch of 2020 fuel export quotas by 53% from a year earlier to 27.99 million tonnes, according to a document from the Ministry of Commerce that was reviewed by Reuters on Tuesday. The new quotas will be shared among five state oil companies, PetroChina, Sinopec, China National Offshore Oil
From Reuters China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude
From Reuters Royal Dutch Shell has entered China’s shale oil sector, signing an agreement with state-owned Sinopec to study an East China block, part of the nation’s early efforts to unlock the potentially massive unconventional resource. China is already in the initial stages of developing its vast shale gas resources, with production last year making up just 6 percent of
Sinopec’s Net Profit Up Over 20% to RMB 61.6 Billion in 2018
From Reuters China Petroleum and Chemical Corp plans to sign a 20-year liquefied natural gas (LNG) supply agreement with Cheniere Energy once China and the United States end their trade dispute, two sources with knowledge of the matter said on Wednesday. Cheniere and China Petroleum and Chemical, known as Sinopec, reached a consensus in late-2018 on commercial terms after months
From Bloomberg China’s largest oil refiner said its trading unit lost almost $700 million last year after being wrong-footed by zigzagging markets, revealing one of the biggest losses by a commodity trader in the last decade. Sinopec blamed the losses at its Unipec unit in part on “inappropriate hedging techniques” and said it closed its positions after discovering the problem. Oil plunged
From Reuters Sinopec Oilfield Service Corp plans to cut 4,000 jobs this year due to structural overstaffing, having let go 2,000 employees in the first half, company spokesman Li Honghai said on Wednesday. The planned lay-offs account for just under 5 percent of the company’s total staffing. The job reductions include early retirements and cut-off to employment contracts extensions, Li
From Reuters Proposed project price is tagged at $43 billion WASHINGTON (Reuters) – Alaska Gasline Development Corp (AGDC) is preparing an equity offering for this summer and is open to partnering with a major energy firm on the development of its costly Alaska LNG export terminal and pipeline project, an executive said on Thursday. “We’re going to be putting forward
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
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
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
Chinese-made oilfield equipment will head to Iraq; crude oil trade, E&P, oilfield engineering services, chemical refining get a bump; construction of storage and transport facilities on tap During a visit to China, Iraqi Prime Minister Haider al-Abadi signed a memorandum of understanding (MOU) with Chinese Premier Li Keqiang to establish a long-term, stable energy partnership. As part of the MOU,
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