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.
Bloomberg reported that Asia’s biggest refiner, China Petroleum & Chemical Corp., is seeking more asset deals from parent company after its $3B joint venture deal to replace reserves with Kazakhstan, Russia, and Columbia oilfields.
Total SA (FP), France’s largest oil company, sold its 20 percent stake in an offshore Nigerian field to China Petrochemical Corp. for roughly $2.5 billion as part of an asset-disposal program.
Extension of the 4.5 billion barrel Franco field is confirmed by the latest discovery from Petrobras. The company is also looking to drive production growth with its prolific pre-salt prospects.
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.
On Monday, the Shanghai Securities News reported that China Petroleum & Chemical Corp, or Sinopec is unlikely to buy overseas oil and gas assets from its parent this year as such an asset injection is a complicated process.
Flagging of its interest in the black gold this week, China National Oil Corporation secured its place in Iraq. Together with BP, it signed the first big oil deal. Why the sudden interest in oil?
Asia’s top refiner Sinopec Corp. declared that it has processed 86.9 million tonnes of crude oil, or 3.5 million barrels per day, in the first half of this year, up 1.82 percent from a year earlier. For full story, click here
Sinopec, with its $7.2 billion bid for Addax Petroleum, is seeking crucial production capacity and coveted reserves in West Africa and the Middle East to help balance its heavy reliance on crude oil processing. For full story, click here
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