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
The board of Addax, which is also listed in Toronto and based in Switzerland, has recommended a C$52.80 per share offer from Sinopec, the Chinese state oil and gas company. For full story, click here
Sinopec Corp’s Guangzhou refinery declared that it will process 33 percent less crude in May from April because of major maintenance work. For full story, click here
Gasoline inventories in China’s two oil majors CNPC and Sinopec dip 2.7 percent at the end of February to 31.9 million barrels from a month earlier. For full story, click here
Asia’s top refiner, Sinopec reported that it is considering adding four large commercial storage facilities capable of holding a total of 8 million tonnes of refined oil products, to boost its supply capacity. For full story, click here
Sinopec Group reported that it processed 26.62 million tonnes or 3.29 million barrels per day of oil in the first two months of this year. For full story, click here
Thursday, November 11, 2010