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 Resumes Output at Most Wells Shut by Typhoon
Sinopec Corp has resumed operations at most of the oil and gas wells at its top-producing oilfield, Shengli in east China, after thousands were shut due to typhoon Lekima, parent company Sinopec Group said on Wednesday.The state oil and gas firm has resumed production at 15,318 of the 16,565 crude wells closed by the typhoon…
Addax Petroleum Extends Yinson’s Adoon FPSO Deal
Nigeria-focused oil company Addax has extended the charter for the Yinson-owned FPSO Adoon for another three months, pending discussion for a potential longer-term deal."Unless otherwise expressly defined in this announcement, terms and expressions used in this announcement shall have the same meaning as ascribed to them in our earlier announcements made in October 2018…
Sinopec to Boost Gas Supply
Chinese state oil major Sinopec said on Monday it will supply 18.17 billion cubic meters (bcm) of natural gas during the heating season that kicks off this week, up 17.7 percent from last year, to meet rising demand in the world's fastest-growing gas consumer.The company's natural gas supply to seven northern provinces and cities will increase by 29.1 percent during the season…
Petrogal to Invest Up to $1 bln per Year in Brazil -CEO
Petrogal, the Brazilian unit of Portugal's Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on Thursday.CEO Miguel Pereira said the company, Brazil's third largest oil and gas producer…
China Shifts to Iranian Tankers to Keep Oil Flowing Amid US Sanctions
Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the United States.The shift demonstrates that China, Iran's biggest oil customer, wants to keep buying Iranian crude despite the sanctions…
China Move to Drop Crude off Tariff List a Relief for Sinopec
China's decision to remove crude oil from its latest tariff list in an escalating trade war with the United States was a relief to state oil firms prompted by a strong lobbying effort by main importer the Sinopec Group, Beijing-based oil sources said.Dropping crude oil from the final tariff list on $16 billion in U.S. goods…
Sinopec to Double LNG Capacity, Boost Shale Ops
China's Sinopec group, parent of Sinopec Corp, aims to more than double its receiving capacity of liquefied natural gas over the next six years and lift domestic shale gas production by two thirds by 2020. The plans are part of the state energy firm's efforts for clean fuel production to account for half of its total energy supply by 2023.
Oil Rises on Saudi Export Cut Pledge
Saudi Arabia to limit exports to 6.6 mln bpd in August; OPEC to tackle some members' compliance with output deal. Oil prices extended gains on Tuesday after Saudi Arabia pledged to curb exports from next month and OPEC called on several members to boost compliance with output cuts to help rein in oversupply and tackle flagging prices. Brent crude futures were up 68 cents at $49.28 a barrel by 1054 GMT.
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…
Sinopec, NCF to Commercialize CO2-to-fuel technology in China
NewCO2Fuels Ltd (NCF) has entered into a term sheet with Sinopec Engineering (Group) Co Ltd (SEG) to commercialise NCF’s award winning CO2‑to‑fuel technology for the Chinese market. Greenearth Energy Limited (ASX: GER) stated that NewCO2Fuels Ltd (NCF) has entered into terms with Sinopec Engineering (Group) Co Ltd (SEG) to commercialise NCF’s award winning CO2-to-fuel technology for the Chinese market.
Blast at Chinese Refinery, No Casualties
Equipment at an oil refinery in the eastern Chinese city of Nanjing caught fire and exploded on Sunday, state media said, in the country's latest industrial accident. The explosion occurred at around 1:50 p.m. at the Jinlingshihua Nanjing Refinery, a subsidiary of Sinopec Group, the official Xinhua news agency said, adding that no casualties had yet been reported.
Sinopec to Acquire Stake in Russia's Sibur
China Petrochemical Corporation (Sinopec Group) will buy up to 20 percent in Sibur, Russia's top petrochemical company, Igor Artemyev, head of Russian antimonopoly watchdog, told reporters on Friday. He added that for the first 10 percent, Sinopec will pay $1.338 billion, while it would acquire another 10 percent within next three years. Reporting by Denis Pinchuk and Katya Golubkova
Sinopec Unit Addax Cuts 70 Jobs
Addax Petroleum, a subsidiary of Chinese state-owned oil giant Sinopec Group, will cut up to 70 jobs at its Geneva office, a quarter of its staff in the city, due to falling crude prices, it said on Thursday, confirming a report in Le Temps newspaper. "I can confirm we have taken steps towards staff reduction in Geneva of up to 70 positions…
Rosneft, Sinopec JV to Develop Russkoye, Yurubcheno-Tokhomskoye Fields
Rosneft and China Petrochemical Corporation (Sinopec) signed the Heads of Agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields. The document was signed by the Chairman of Rosneft Management Board Igor Sechin and the Chairman of China Petrochemical Wang Yupu during the…
Sinopec Restructures Overseas Unit
BEIJING, July 31 (Reuters) - Chinese energy giant, Sinopec Group, is relocating nearly 40 percent of its staff in its global exploration and production unit back to its headquarters, in a major shakeup aimed at cutting costs and boosting efficiency, company sources said. China's state oil giants have since last year been trying…
New Chairmen at Three Chinese Oil Firms
China has appointed new chairmen for the country's top three energy groups, according to company statements on Monday, in a top-down reshuffle of the industry which faces the challenges of spending cuts, low oil prices and easing demand. Earlier on Monday the state-owned Sinopec Group said its chairman, Fu Chengyu, has retired.
Sinopec: Long Wait for $100 Oil to Return
Asia's largest refiner, Sinopec Corp, said on Monday it expects prolonged weakness in global oil prices, forcing it to cut spending and turn more cautious about acquisitions. "This year's oil prices won't be high. It will take a very, very long time for international crude prices to rise back to $100 a barrel," its chairman Fu Chengyu told reporters at the company's results briefing.
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…
