China Aims to Boost Natural Gas Production
Following several years of natural gas consumption outpacing local production growth, China is introducing incentives to spur several forms of domestic production in hopes of reducing its reliance on imports.China’s natural gas imports, both by pipeline and as liquefied natural gas (LNG), accounted for nearly half (45%) of China’s natural gas supply in 2018, an increase from 15% in 2010, according to the U.S.
Chinese, Russian Majors Ink Arctic LNG Deal
Russia's second largest natural gas producer Novatek, Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot, Chinese state-owned shipping and logistics services supplier company COSCO Shipping Corporation Limited, and the Chinese government owned investment fund Silk Road Fund, signed a four-party agreement to establish a joint venture Maritime…
Natural Gas Consumption Up 10% in China
According to the preliminary estimate, the consumption of natural gas in China exceeded 27 million cubic meters in 2018, registering a YOY increase of more than 10%, said a report.The growing Chinese economy and stricter environmental protection policies drive the growth of natural gas consumption in China. In 2018, the Chinese government introduced several environmental protection…
China’s Oil and Gas Industry to Focus on Environment Impact
China’s oil and gas industry is set to reinforce efforts to reduce environmental impacts of its projects and operationsin 2019, said a research.According to a new research from DNV GL, six in ten (61%) senior oil and gas professionals in China say their organizations are actively preparing for the transition to a lower carbon energy mix compared to 51% globally. Industry leaders’…
Sinopec Adds LNG Tank at Tianjin Terminal
China's Sinopec Corp completed adding a third tank to store liquefied natural gas at its receiving terminal in Tianjin, marking the completion of construction of the first phase of the import facility, the state oil and gas group said on Tuesday.The terminal, in the northern port city Tianjin, near Beijing, began operations last February. It has an annual receiving capacity of 3…
Asian Refiners Rush to Secure Feedstock as Trade War Looms
U.S. tariffs on Chinese goods came into effect Friday; China retaliates, duty on U.S. crude possible. Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's U.S. tariffs, China has threatened a 25 percent duty on imports of U.S. crude.
China's Ethanol Push in Doubt as U.S. Trade Dispute Widens
Beijing slows approval process for new ethanol plants; ationwide roll-out of E10 fuel by 2020 in doubt. China's ambitious push to use biofuel in cars nationwide by 2020 is in doubt amid concerns about supplies of raw material such as corn, complicated by an escalating trade dispute with Washington, producers and analysts say. In September last year, the government outlined radical plans to roll out the use of ethanol in gasoline nationally by 2020…
East China LNG Terminal Records 93% Sales Increase
A liquefied natural gas (LNG) import terminal in east China operated by China National Offshore Oil Company, or CNOOC, recorded an increase of 93 percent in gas sales in the first five months of this year, the state oil company said on Monday,CNOOC's LNG sales from the Ningbo terminal in Zhejiang province hit 2 million tonnes by the end of May, nearly doubling the amount from a year ago, according to a statement posted on CNOOC's website.The gas sales are expected to hea
Philippines Eyes Exploration Deal with China in S.China Sea
The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how to jointly explore for offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty.
Trump to Unveil China Tariff List
The Trump administration this week will unveil the list of Chinese imports targeted for U.S. tariffs to punish Beijing over technology transfer policies, a move expected to intensify trade tensions between the world's two largest economies. The list of $50 billion to $60 billion worth of annual imports is expected to target "largely high-technology" products and it may be more than two months before tariffs take effect, administration officials have said. The U.S.
China Crude Futures Enjoy Champagne Start
China's new crude oil futures contract enjoyed a successful first day of trading in Shanghai, most likely exceeding the wildest hopes of its backers, but much of the hard work of building a viable benchmark still has to be done. The new contract, launched on Monday by the Shanghai International Energy Exchange (INE), attracted interest from Western oil traders as well as domestic investors.
China Says to Have "Prudent" Oil Exploration with Philippines
China will prudently advance cooperation with the Philippines on joint oil and gas exploration in the South China Sea, China's top diplomat State Councillor Wang Yi said on Wednesday after meeting his Philippine counterpart. Any potential deals between Manila and Beijing on energy exploration in the disputed waterway should be agreed with a company and not the Chinese government, a senior Philippine official said earlier this month.
Ship Collision; Iranian Tanker Burns; 32 Missing
A tanker carrying Iranian oil and run by the country's top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker's 32 crew members missing, the Chinese government said. Thick clouds of dark smoke could be seen billowing out of the Sanchi tanker engulfing the vessel as rescue efforts were hampered by bad weather and fire on and around the ship…
China Rises to World's No.2 LNG Importer
China's 2017 LNG imports to top South Korea's for first time; becomes key driver of spot LNG prices. China will become the world's second-biggest importer of liquefied natural gas (LNG) this year as it overtakes South Korea, shipping data in Thomson Reuters Eikon showed. This is a huge boost to Asia's emerging spot market as Chinese buyers rely much more on short-term purchases to meet their needs than their counterparts in Japan and South Korea.
CERCG Looking to Ship LNG from Australia's West to East
State-owned China Energy Reserve and Chemicals Group (CERCG) on Monday said it is investigating whether to ship liquefied natural gas (LNG) from Western Australia to the gas-hungry east coast market. The Chinese integrated energy firm, which runs oil and gas projects, processing plants and gas distribution, said in a press release to Reuters that subsidiary CERCG Australia is studying the viability of transporting LNG by road, rail and ship.
Trump Signs 43 Billion Dollar LNG Deal with China
On his visit to China, President Trump reaffirmed his commitment to form agreements that reduce the trade deficit with China by signing a deal to help the LNG industry in Alaska with three Chinese companies. The deal, which could be potentially worth $43 billion, involves Sinopec, the largest oil company in China, the sovereign wealth fund and one of China's largest bank. will work together to create 12,000 jobs in Alaska.
Cheniere Energy to Open China Office
U.S. natural gas exporter Cheniere Energy Inc is setting up an office in Beijing to help it clinch long-term supply deals with Chinese buyers, four industry sources said. Cheniere, which held extensive talks with China earlier this year, will be the first operator of a U.S. liquefied natural gas (LNG) export facility to establish a presence in the country. The move follows an agreement…
Vitol Bets on Retail Model as it Hopes to Grow
Vitol invests in gas stations from Turkey to Pakistan; increases presence in growing consumer markets. From Pakistan to Turkey, the world's largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell. With the sharp drop in global oil prices…
Philippines' Offshore Oil Still in Doubt
The Philippines, eager to resume development of vital oil and gas reserves off its coast, will likely need to reach an accord with a Chinese government infuriated by last week's ruling that granted Manila a big victory in the South China Sea. The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out…
Brent off 7-month High, Momentum Continues
Brent oil prices inched lower on Tuesday after hitting a seven-month high a day earlier, but the market momentum looked strong on a weak dollar, attacks on Nigerian oil infrastructure and falling U.S. crude inventories, analysts said. London Brent crude for August delivery was down 13 cents at $50.42 a barrel by 0148 GMT, after settling up 91 cents on Monday. Brent touched a high of $50.83 in the previous session, its highest since Nov.