PipeChina to Buy $56B Worth of Pipelines
China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion).Under the deal, PipeChina, known formally as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants PetroChina and Sinopec…
China's Sinopec Starts Hiring for New Risk Management Unit
China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company's official wechat account on Sunday.Formally known as Sinopec Chaoyang Risk Management Co and with a registered capital of 300 million yuan ($42.40 million)…
Sinopec Half-year Profit Rises 41%
China Petroleum and Chemical Corp , known as Sinopec, reported its best six-month profit since the second half of 2014 on Sunday, the latest Chinese state oil major to report a surge in results due to a big recovery in crude prices from last year. The country's largest refiner reported a first-half net profit attributable to equity shareholders of 27.1 billion yuan ($4.08 billion)…
Indonesia Police Say Interpol Issues Red Notices for 3 Sinopec Execs
Indonesian police said on Tuesday Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud linked to a more than $800 million Sinopec oil terminal development in Indonesia. China Petroleum and Chemical Corp, or Sinopec, is the second major Chinese state oil firm in less than three years to find staff facing allegations of corruption in Indonesia…
Sinopec Mulls Acquisition of Chevron's South African Assets
Chinese giant now lone bidder, auction near end; sssets estimated to be worth $1 billion. China Petroleum and Chemical Corp (Sinopec) is nearing an agreement to buy a majority stake in Chevron Corp's South African assets, which are estimated to be worth $1 billion, two people familiar with the transaction said. The sources said Sinopec, Asia's largest oil refiner…
Sinopec's South China Crude Pipeline in Operation
China Petroleum and Chemical Corp has started operating a major crude oil pipeline that connects eastern Jiangsu province with refineries in south China, the company said in a statement. The pipeline, which spans 560 kilometers, runs at an annual capacity of 20 million tonnes, Sinopec said. "The new crude oil pipe will support crude demand from Sinopec's Jiujiang and Anqing refinery", it added.
PetroChina, Sinopec Merger Makes Little Sense
The market chatter over forming a giant Chinese oil major through merging PetroChina and Sinopec has ramped up again recently, but the motivations for such a deal struggle to stand up to scrutiny. The Chinese authorities are mulling joining China National Petroleum Corp, the parent of PetroChina, and China Petrochemical Corp, the parent of China Petroleum and Chemical Corp…
Greenhouse Gas Emissions Rise, Despite Call for Cuts
Greenhouse gas emissions by the world's top 500 companies rose 3.1 percent from 2010 to 2013, far off the cuts urged by the United Nations to limit global warming, a study showed on Monday. The top 500 firms by capitalisation accounted for 13.8 percent of world greenhouse gas emissions and 28 percent of gross domestic product in 2013, according to the report…
Sinopec Plans $1.5 bln spend To Boost Energy Efficiency
Asia's top refiner Sinopec plans to spend some four billion yuan ($644.23 million) on more than 800 projects in 2014 as part of a strategy to double its energy efficiency in 10 years, local media reported on Friday. Sinopec, known as China Petroleum and Chemical Corp, will also invest close to 10 billion yuan ($1.61 billion) on about a thousand new projects in 2015…
First PNG LNG Cargo Shipped by Exxon Mobil
Exxon Mobil Corporatio says it has shipped the first cargo of liquefied natural gas (LNG) from the $19 billion PNG (Papua New Guinea) LNG project ahead of schedule. PNG LNG, operated by ExxonMobil affiliate ExxonMobil PNG Limited, is expected to produce more than 9 trillion cubic feet of gas over its estimated 30 years of operations. The first cargo is bound for LNG customer Tokyo Electric Power Co. Inc. (TEPCO) in Japan.
