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…
Asian Producers to Boost Winter Gas Supply
China Petroleum & Chemical Corp, known as Sinopec, said it has secured 8.81 billion cubic metres (bcm) of natural gas for northern China for the upcoming winter heating season, state-owned Xinhua News Agency reported on Tuesday.That was up 15.5% from 7.63 bcm in the previous heating season.CNOOC Group, China's largest offshore oil and gas producer, plans to supply around 24.5 bcm gas, or 1.5 bcm more than last year, across the country, Xinhua reported.The country's top oil and gas producer, Chin
Oil Traders who know China, with good heads for liquor
Over 40 traders, others hired away from major Chinese firms. Chinese independent oil companies are luring traders, marketers and risk managers away from dominant state behemoths, offering better pay and perks in a hiring spree triggered by the freeing up of China's crude import trade. Global oil firms and commodity houses have also been raiding state giants such as Sinochem and CNPC for staff to help handle up to $50 million a day in new crude flowing into China this year…
China's May Crude Imports Drop
Imports drop as refineries use crude from commercial storage. China's oil imports fell about 11 percent in May from a year ago in the steepest drop since November 2013, likely knocking the country off its perch as the world's top crude buyer - a spot it claimed for the first time in April. Lower imports by China, at a time when markets are expected to be oversupplied following OPEC's decision to keep its output targets unchanged, dragged down global crude prices on Monday.
Banking on US Shale Gas Boom, Asia Petrochemical Firms Switch to LPG
Asia petrochemicals firms are building tanks and retooling plants to store and process liquefied petroleum gas imported from the United States, counting on a flood of supply from the shale boom to replace costlier naphtha as a raw material. Samsung Total Petrochemical, LG Chem and Royal Vopak are among a number of companies in Asia expanding import terminals or retrofitting plants over the next one to two years as they buy more LPG.
CNOOC Hizhou Wants U.S. LPG
A new Chinese petrochemical plant plans to use rising exports of U.S. liquefied petroleum gas (LPG), part of the shale boom, as a cost-saving feedstock, joining other plants on China's east coast. The second phase of Chinese energy giant CNOOC Group's $8 billion petrochemical complex in the southern city of Huizhou intends to use U.S. LPG, a senior executive of the multi-billion dollar project's contractor said on Monday. "The petrochemical project will use U.S.
China Studies Floating Gas Plants for South China Sea
Chinese energy giant CNOOC Group is studying the possibility of building a multibillion-dollar floating liquefied natural gas (FLNG) vessel, as-yet untried technology that would likely be used to produce gas from the deep waters of the South China Sea. While the state-run company has made no public announcement, a pre-feasibility study was well under way, CNOOC and other industry officials said. CNOOC was already talking to global engineering firms about possible joint design of the vessel…
China Sending 4 Rigs To S China Sea Amid Tensions
China is sending four oil rigs into the South China Sea in a sign that Beijing its stepping up its exploration for oil and gas in the tense region, less than two months after it positioned a giant drilling platform in waters claimed by Vietnam. Coordinates posted on the website of China's Maritime Safety Administration showed the Nanhai number 2 and 5 rigs would be deployed roughly between southern China and the Pratas islands, which are occupied by Taiwan.
China Optimistic of Finding Gas Offshore Vietnam
A Chinese oil rig whose deployment to waters claimed by Vietnam early this month triggered a rupture in ties has a good chance of finding enough gas to put the area into production, Chinese industry experts said. That would give China its first viable energy field in the disputed South China Sea, as well as make it a source of friction with Hanoi for years to come. For now, China has said nothing about the potential of the area.
China Optimistic of Finding Gas off Vietnam
A Chinese oil rig whose deployment to waters claimed by Vietnam early this month triggered a rupture in ties has a good chance of finding enough gas to put the area into production, Chinese industry experts said. That would give China its first viable energy field in the disputed South China Sea, as well as make it a source of friction with Hanoi for years to come. For now, China has said nothing about the potential of the area.
