Bloomberg reported that China Petroleum & Chemical Corp. has made a profit of 2.2 billion yuan from processing crude for the first time since 2011 while PetroChina Co was able to cut refining losses to 1.56 billion yuan as China enters market-driven pricing to fulfill its energy needs
Reuters reported that China will begin a more flexible pricing system for domestic fuel in order to prevent shortages and tame consumption to reverse years of losses for oil refiners in the country.
The Wall Street Journal reported that PetroChina Company Ltd. (HKEX:0857) has set aside $15.7 billion for overseas oil and gas investments this year, and is on the hunt for acquisitions in Central Asia, East Africa, Australia and Canada.
A trade mission to China led by Calgary Economic Development will wrap up on May 31 following talks over the future of Chinese investment in the Alberta oil sands.
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
As China demonstrates its political clout at the G20 summit in Seoul, the country continues to make headlines in economic and energy news as the China National Petroleum Company (CNPC) has made an agreement with Shell to develop oil sands. CNPC, the parent of PetroChina, reported that its president, Jiang Jiemin and Royal Dutch Shell Plc (NYSE:RDS.B)CEO Peter Voser signed a memorandum of agreement in Beijing on "integrated co-operation" of oil and gas projects in Canada and coal bed methane development in China.
China’s top oil firm, PetroChina, has commenced building 1 million cubic metres, or about 6.3 million barrels, of crude oil storage tanks in southwestern Sichuan, company-run China Petroleum Daily reported on Thursday. For full story, click here
Asia’s top oil and gas company PetroChina has commenced an expansion of its Liaoyang refinery in northeastern China to prepare for more oil imports from Russia. For full story, click here
Asia’s leading oil and gas producer, PetroChina declared that it would purchase a 45.5 percent stake in Singapore Petroleum Company for $1.02 billion, its first overseas acquisition of a public company. For full story, click here
Chinese shares surged to a nine-month high on Wednesday, buoyed by strong consumer spending data and a 6.1 percent rise in PetroChina, the Shanghai benchmark’s heaviest-weighted share. For full story, click here
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