Tuesday, April 7, 2020

China Petrochemical Corp News

China Opens Up to Foreign E&P Firms

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For the first time, China will this year allow foreign companies to explore for and produce oil and gas in the country, opening up the industry to firms other than state-run energy giants, as Beijing looks to boost domestic energy supplies.The long-awaited opening accompanies a reshuffle of the so-called "midstream" pipeline business, but experts say it may not excite immediate interest from global drillers because of the poor overall asset quality of China's hydrocarbon resources.From May 1, foreign firms registered in China with net assets of 300 million yuan ($43 million) wil

Sinopec: Phase 2 of Tianjin LNG Terminal Approved

China Petrochemical Corp, known as Sinopec, said on Thursday that the second phase of its Tianjin LNG receiving terminal in the north of the country was approved by the Tianjin Development and Reform Commission on Oct. 29.The terminal, which received its first cargo in February this year, will add five LNG storage tanks in the second phase - each with a capacity of 220,000 cubic meters. Construction is due to begin in March 2019 and be completed in December 2021, Sinopec said.(Reporting by Tom Daly; Editing by Gopakumar Warrier)

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, wants to expand its presence in Brazil's offshore pre-salt areas, where billions of barrels of oil are trapped under a thick layer of salt, especially in the Campos and Santos basins."We want to be here, we want to grow here.

Quiet Reforms Reshaping China's O&G Sector

Expect no radical "big bang" in China's shake-up of its giant state-run energy firms, but a series of experimental and incremental steps that Beijing has quietly embarked on may still bring meaningful change to an economically crucial sector. Reform of sprawling state-owned enterprises (SOEs) to improve efficiency is a priority for China's leaders as growth slows in the world's second biggest economy, and was a key plank of the country's latest five-year plan agreed in 2015.

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, better known as Sinopec, the Wall Street Journal reported on Feb. 18. It should be noted that even if the authorities are considering such a move doesn't necessarily mean it will happen.

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, China Petrochemical Corp or Sinopec, the Journal said, citing officials with knowledge of a government study. Other options include merging China National Offshore Oil Corp, or CNOOC, and Sinochem Group, the report said.

China Uncovers Power Abuses, Nepotism at Sinopec

Sinopec Group Logo

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…

Petronas sells Canada Gas Stake to Sinopec

Malaysia's state oil firm Petroliam Nasional (Petronas) said on Tuesday it will sell 15 percent of its Canadian shale assets in northeastern British Columbia to China Petrochemical Corp (SINOPEC). China's largest petrochemical producer will absorb 1.8 million tonnes of liquefied natural gas from the facility's annual production for at least 20 years, Petronas said in a statement. It did not specify a value for the deal. Reporting By Al-Zaquan Amer Hamzah