Sinopec, a top refiner, claims that China's oil demand will peak in 2027.
Sinopec, the state-owned refinery, said that China's oil demand will peak in 2027. This is due to a decline in diesel and gasoline consumption, which has slowed down global oil markets. Sinopec stated that the peak oil demand in 2027 will not exceed 800 million metric tonnes, or 16 millions barrels of crude oil per day. Sinopec predicted peak China oil demand at 800 million tonnes around 2026-2030.
Sinopec predicts China's oil consumption will peak in 2027
Sinopec (China Petrochemical Corp.) expects China’s petroleum consumption will peak in 2027, at no more that 800 million metric tonnes or 16 million barrels a day. The state energy group released an outlook on Thursday. The forecast is more precise than the one made by the giant refining company last year when it estimated that China's peak oil production would be around 800 millions tons between 2026 to 2030.
Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.
Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products…
Chinese giant CATL expands beyond batteries to power grids and EV platforms
Robin Zeng is the billionaire founder and CEO of CATL. He wants to transform the world's biggest battery manufacturer into a provider of green energy, as well as reduce the costs of developing electric cars, thus upending the economics that have driven the growth of the industry. Zeng said in an interview he expected the business of…
Origin Energy's APLNG revenues rise on higher gas prices and sales
Origin Energy, a company based in Australia, reported a sequential increase in revenue for its first quarter from its stakes in the Australia Pacific Liquefied Natural Gas (APLNG), backed by higher natural gas prices and strong sales. Origin, which aims to transition to greener energy sources, has said that it is evaluating a variety of early-stage opportunities for renewable development.
Sinopec's Q3 profits fall by 52.1% due to lower oil prices and refining margins
Sinopec, a Chinese refiner, reported a 52.1% drop in its net profit year-on-year to $8.54 billion yuan (US$1.2 billion) during the third quarter due to lower oil prices. Sinopec, the world's biggest refiner based on capacity, reported 790.4 billion Yuan in revenue for its third quarter, a 9.8% drop from the year before, according to a filing made by the company.
Sinopec reports east China's shale field pumps 1,600 tons of oil per day
Sinopec, the state oil group, announced on Wednesday that it is progressing with the development of shale oils at its Jiyang pilot project in east China. The company now pumps 1,600 tons per day, up from just 100 tons in 2020. Sinopec, at this rate, is on course to meet a 2022 target of producing 500,000 tons per year by 2025 in Jiyang.
East Timor spoke with Sinopec and other Chinese companies about stalled multibillion dollar gas project, President says
After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy.
East Timor spoke with Sinopec and other Chinese companies about a stalled multibillion dollar gas project, President says
After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy.
CNOOC China says fossil fuels are crucial for the near future
CNOOC Ltd, a Chinese offshore oil and natural gas company, believes that fossil fuels will continue to be a stabilising force in the global energy market for a long time. The company has set a record production target for 2024. CNOOC, after reporting a record-breaking interim profit, said that the state-run firm aimed to pump 700 to 720 millions barrels of oil by 2024 or 3% to 6 percent more than last year.
PetroChina posts record interim profit, but fuel sales decline
PetroChina, China's largest gas and oil company, announced on Monday that its first-half net profit had reached a new record, an increase of 3.9% over a year earlier, due to higher gas and oil prices, which outweighed lower refining profits. According to a filing at the Hong Kong Stock Exchange, the net income for the period was 88.61…
ConocoPhillips Beefs Up Stake in Australia Pacific LNG
ConocoPhillips has completed the acquisition of an additional 10% stake in Australia Pacific LNG (APLNG) from Origin Energy for $1.645 billion. After customary closing adjustments, cash paid for the additional interest is approximately $1.4 billion (AU$2.0 billion). The transaction resulted from the exercise of ConocoPhillips’ preemption…
Europe Remains Top Destination for US LNG
Europe last month remained the top destination for shipments of U.S. liquefied natural gas (LNG), according to Refinitiv data, outpacing exports to Asia for the second month in a row.About two-thirds of U.S. LNG volumes went to Europe last month, compared to around 61% in December when sky-high European prices and demand drove U.S.
China's Sinopec Finds Shale Oil at Shengli Field
A unit of state-run oil Chinese and gas major Sinopec Corp has found an initial 458 million tonnes (3.34 billion barrels) of geological shale oil reserves at its Shengli field, the official Xinhua news agency reported on Tuesday.Shengli, in Shandong province, is one of China's largest conventional oil and gas fields but Sinopec, has been exploring the Jiyang trough at the deposit for unconventional resources in
Global Crude Market Finds Support From China Demand
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.China, the world's largest importer of crude, is the only major buyer expected…
China Ramps up US Oil Purchases Ahead of Trade Deal Review
U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S.
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 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, competing against state-owned…
Angola Resisting Pressure to Taper Oil Output
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand.After July…
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)…
