Oil Rises as Syria's Assad Departs, China eases Monetary Policy
Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.Brent crude futures were up $1.34, or 1.9%, to $72.46 per barrel at 11:25 a.m. ET (1625 GMT). U.S. West Texas Intermediate (WTI) crude futures CLc1 were up $1.5, or 2.23%, to $68.70."Events in Syria over the weekend could impact the crude market and…
Two Republicans ask Pentagon to add Chinese Battery Maker CATL to restricted List
Two Republican senators on Wednesday requested that the U.S. Defense Department add Chinese battery manufacturer CATL to a list of restricted companies suspected to be working with Beijing's army. Experts say that companies added to this list are not eligible for U.S. government contracts, and they also face significant reputational risk. Senator Marco Rubio and Representative John Moolenaar of the House Select Committee on China asked Defense Secretary Lloyd Austin, to place CATL, formally known China's Contemporary Amperex Technology Co, on the list.
Chinese Seismic Vessel Returns to Waters off Vietnam Amid Virus 'Distraction' Charges
A Chinese ship embroiled in a standoff with Vietnamese vessels last year has returned to waters near Vietnam as the United States accused China of pushing its presence in the South China Sea while other claimants are pre-occupied with the coronavirus.Vietnamese vessels last year spent months shadowing the Chinese Haiyang Dizhi 8 survey vessel in resource-rich waters that are a potential global flashpoint as the United States challenges China's sweeping maritime claims.On Tuesday…
China Will Buy More LNG, but Wants it Smoother, Less Lumpy: Russell
China appears set to once again boost its purchases of liquefied natural gas (LNG) for the northern winter, but unlike last year's rush, this time the process is likely to be more organised and stable.In recent weeks there have been several indicators that China is planning on increasing the use of natural gas in winter heating, replacing boilers that use more polluting coal.Curbing winter air pollution has been a major aim of the authorities in Beijing, but they were stung by criticism last year that the switch to natural gas was made too quickly and the resulting shortages left som
Harsh Jail Sentence for Former Sinopec President
Found guilty of taking about $4.9 mln in bribes, Wang Tianpu gets 15-1/2 years. A Chinese court has jailed Wang Tianpu, the former president of energy giant Sinopec Group, for 15-1/2 years for graft, state media reported on Tuesday, citing a court verdict. Wang, who took top positions at Sinopec Group between 2003 and 2014, was found guilty of accepting bribes of about 33.48 million yuan ($4.9 million) and embezzling state properties worth 795,934 yuan ($116,063), state news agency Xinhua said.
Vietnam to China: Shift Rig, Abandon Drilling Plans
Vietnam demanded China move a controversial oil rig on Thursday and abandon plans to start drilling in waters where jurisdiction is unclear, the latest sign of festering unease among the two communist neighbours. The $1 billion rig, which was at the centre of a fierce diplomatic stand-off between the countries in 2014, had moved into an area of the Gulf of Tonkin in the South China Sea about which Vietnam said the two countries were still "executing delineation discussions". China calls the rig Haiyang Shiyou 981. Vietnam refers to it as Hai Duong 981.
China's Hebei Province Sees Growth at 6.8%
China's biggest steel-producing province, Hebei, expects to achieve economic growth of 6.8 percent in 2015 from the previous year, state media said on Sunday, as the area grapples with tougher anti-pollution measures and slowing demand. The province surrounding the capital, Beijing, churns out nearly a quarter of Chinese steel output, but is now taking the brunt of a campaign to cut dependence on heavy and polluting industrial capacity. Hebei had set an annual GDP target…
China Commodity Outlook Brightens
Lost amid the headlines about China's decision to end its one-child policy was news that points to a brighter medium-term outlook for commodity demand in the world's biggest consumer of natural resources. While all the nitty-gritty details of the ruling Communist Party's fifth plenary have yet to be published, the world of commodities should note the commitment to double gross domestic product (GDP) and per capita income by 2020 from 2010 levels. This should go some way towards alleviating fears that China's economy is in structural decline…
Oil Prices Fall, Supply Worries Weigh
Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with U.S. inventory data expected to show another increase in crude stocks. Brent for December delivery had fallen 30 cents to $47.24 a barrel by 1150 GMT, after settling the previous session down 45 cents. U.S. crude dropped 55 cents to $43.43 a barrel, having touched a nine-week low of $43.20 earlier on Tuesday. An expected further build in U.S. crude stocks and a glut of refined products again raised concerns of an oversupplied market.
China Passes New Pollution Law, Will Cap Coal Consumption
Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption, the Asian giant's biggest source of smog. The draft amendments were passed by 154 votes to 4, with five abstentions, Zhong Xuequan, spokesman for the National People's Congress (NPC), China's parliament, told a media briefing on Saturday. The ruling Communist Party has acknowledged the damage that decades of untrammelled economic growth have done to China's skies, rivers and soil.
China to Promote Green Car Production
China is preparing a new scheme to encourage auto makers and consumers to use electric and hybrid vehicles, learning lessons from California's efforts to promote a similar switch, the head of a major state-owned carmaker said on Thursday. The central government could implement such a policy in the first half of next year, said Xu Heyi, chairman of Beijing Automotive Group Co Ltd, parent of listed BAIC Motor Corp Ltd. China has set fuel economy standards that grow increasingly aggressive through 2020 to relieve heavy air pollution in much of the country…
China, Vietnam Pledge Peaceful Resolution of S.China Sea Spat
China and Vietnam have pledged to look for a peaceful resolution to their dispute in the South China Sea via talks, following a meeting between China's president and the head of Vietnam's Communist Party, state news agency Xinhua said on Wednesday. A joint communique carried by Xinhua said that both countries had a "candid" exchange of views on their maritime spat. But the two countries agreed to "use well the Sino-Vietnam government border negotiation mechanism, uphold friendly consultations and negotiations to look for a basic and lasting resolution both countries can accept"…
China, Vietnam Must Manage Sea Dispute
Chinese President Xi Jinping told the visiting head of Vietnam's ruling Communist Party on Tuesday that the two countries must manage their dispute over the South China Sea well to maintain peace and stability, state media reported. Communist parties rule both countries and trade has swelled to $50 billion annually, but Vietnam has long been suspicious of its giant neighbour, especially over Beijing's increasingly assertive claims to almost the entire South China Sea.
China Uncovers Power Abuses, Nepotism at Sinopec
China's anti-corruption watchdog said on Saturday that it had uncovered evidence of graft at China Petrochemical Corp (Sinopec Group), warning the state-owned oil giant to take strong action to eradicate kickbacks, nepotism and theft. Sinopec, the parent company of China Petroleum & Chemical Corp , must take steps to stop "power-for-money dealings" and prevent the loss of state assets, the Central Commission for Discipline Inspection (CCDI) said. Some executives are suspected of corruption in areas of project construction…
Kemp: For China, Pollution and Climate Change are Not the Same Problem
Beijing is one of the most polluted cities in China, according to official statistics. Every time China hosts a major international event the government has to take extraordinary measures to clean up the air and avoid suffocating its prominent guests in a dangerous choking smog. On social media, residents ask why the government can clean up for foreigners but can't provide a healthy environment for ordinary citizens who live and work in the city. Beijing ordered a special…
China, Vietnam Want Amicable Sea Dispute Solution
China and Vietnam agreed on Monday to use an existing border dispute mechanism to find a solution to a territorial dispute in the South China Sea, saying they did not want it to affect relations. The two countries have sought to patch up ties since their long-running row erupted in May, triggered by China's deployment a drilling rig in waters claimed by the communist neighbours, which lead to confrontation at sea between rival vessels and violent anti-Chinese protests in Vietnam.
Can Shale Revive China's flagging oil fields?
"I believe and will prove that our country is not deficient in oil reserves. Those comments, recorded in an illustrated history of the Songliao Basin published by China National Petroleum Corporation (CNPC), are attributed to Wang Jinxi, an oil field worker who became a hero of Communist China during the 1960s and 1970s. Wang's Drill Team No. 1205 was credited with doing more than any other to develop the super-giant Daqing oil field amid the frozen swamps of northeast China.
Charles Palmer Uses 'B-Word' in China Rant
An influential Chinese newspaper called for retaliation against Australia on Wednesday after Australian mining mogul and politician Clive Palmer described China's government as "bastards" who shoot their own people. The Australian government has rebuked Palmer for his comments, and Foreign Minister Julie Bishop said she planned to contact the Chinese embassy to stress that the Australian parliament does not share Palmer's "abusive" views. While the Chinese government has yet to publicly comment…
China's Pollution Control Yields Wrong Question on Coal
Just how serious is China about cutting or limiting coal consumption? That's something that global coal miners, traders and environmentalists would love to know, but the likelihood is that it is the wrong question. Hardly a week goes by without an announcement by one of the many central or regional authorities about plans to curb the burning of coal, the fuel that meets about two-thirds of China's electricity needs and powers the world's biggest steel industry. The latest was from the Beijing Municipal Environmental Protection Bureau…
China Sending 4 Rigs To S China Sea Amid Tensions
China is sending four oil rigs into the South China Sea in a sign that Beijing its stepping up its exploration for oil and gas in the tense region, less than two months after it positioned a giant drilling platform in waters claimed by Vietnam. Coordinates posted on the website of China's Maritime Safety Administration showed the Nanhai number 2 and 5 rigs would be deployed roughly between southern China and the Pratas islands, which are occupied by Taiwan. The Nanhai 4 rig would be towed close to the Chinese coast.
