China Grants Zheijang First Private Fuel Export License
China has granted Zhejiang Petroleum & Chemical Co (ZPC) a license to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.The license would allow ZPC to directly sell oil products to the international market…
China Issues Second Batch Fuel Export Quotas
China has issued 28 million tonnes of refined fuel export quotas in the second allotment for this year, little changed from the first batch of 27.99 million tonnes issued last December, according to four sources with knowledge of the matter.The quotas were released last week to five state oil companies…
Sinochem raises 2019 term oil supply from Saudi Aramco, Kuwait
China's Sinochem Group agreed to annual crude oil supply deals for 2019 with Saudi Aramco and Kuwait Petroleum Corp (KPC) with volumes from both suppliers more than 20 percent higher than in 2018, a senior Sinochem executive said on Friday.The Saudi volumes will be processed at Sinochem's wholly-owned Quanzhou refinery in southeast China's Fujian province…
Sinochem Pilots Blockchain for Gasoline Export Shipment
Sinochem Energy Technology Co. Ltd., a subsidiary of Sinochem Corporation, has successfully used blockchain technology for a shipment of gasoline from China's Quanzhou to Singapore, said official news agency Xinhua on Monday. It claimed it was the first time that blockchain applications have been applied to all key participants in the commodity trading process.
Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S.
Growing Chinese Debt Squeezes Angola
Debts to China climb to an estimated $25 billion; Angola has less oil to sell to plug budget holes. Angola has found itself with a dwindling amount of crude to sell as more of its oil flows to China for debt repayment, leaving little revenue for anything from oil sector development to health care in one of Africa's largest oil exporting nations.
Former COFCO Chief Named Sinochem Chair
The former head of China's top food processor and grain trader COFCO Group Ltd has been appointed as the chairman of Sinochem Group, the country's fourth-largest oil company said on Tuesday. Ning Gaoning replaces long-serving Sinochem chief Liu Deshu, who is leaving due to reaching a government-set retirement age, Sinochem said, without giving further details.
Sinochem, Sonangol Ink 10-year Supply Pact
China's state-run Sinochem Group said on Wednesday it had signed a deal with Angolan state-owned producer Sonangol to buy crude oil for more than 10 years. The statement on the Chinese company's website did not give details of the supply amount or other financial details, but trading sources said the agreement was for four or five cargoes per month…
China Considering Merging State Oil Firms -WSJ
China is considering combining its huge state-controlled oil companies to better compete with the world's biggest producers, the Wall Street Journal reported. Companies being considered for mergers include China's largest oil producer, China National Petroleum Corp, and its main domestic rival and refiner…
Sinopec SVP is new Sinochem Chair
A former senior vice president at top Asian oil refinery Sinopec Corp has officially taken office as the new head of state-run Sinochem Group, officials at the two companies said on Tuesday. Cai Xiyou, Sinopec's vice president in charge of oil trading and sales, replaces 61-year-old Liu Deshu, president of Sinochem Group since 1998.
PTT Global Seeks Refinery Partner
New refinery will triple capacity to 360,000 bpd from 120,000. Aims to conclude details on financing, partners early 2015. Thailand's PTT Global Chemical Pcl said on Wednesday it is seeking a partner to expand the crude processing capacity of its planned joint petrochemical project with Indonesian state oil and gas firm Pertamina.
