Wednesday, February 26, 2020

Sinopec News

Coronavirus Paralyzes Oil, Gas Sales into China

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Short-term sales of crude oil and liquefied natural gas into China almost ground to a halt this week as the coronavirus slows economic activity and cuts demand and buyers ponder legal action to avoid having to honor purchase agreements, trade sources said.Typically, trade would have revived after the Lunar New Year holiday at the end of January…

Oil Falls as Coronavirus Hits Demand

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Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.U.S. West Texas Intermediate (WTI) crude fell 58 cents to $50.98 after hitting a session low of $50.42…

Coronavirus hits Supertanker Rates

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Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the face…

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 beca

China to Launch State Pipeline Group

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China plans to launch its long-awaited national oil and gas pipeline company on Monday, part of a sector-wide reform aimed at providing fair market access to infrastructure and boost investment in oil and gas production.Most of the country's pipeline infrastructure is controlled by energy giant PetroChina, CNPC's listed arm, and small, non state-owned oil and gas producers and distributors often don't have acces

Sinopec Gets Weirong Green Light

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China's Sinopec has received approval from the ministry of natural resources to develop shale gas at the Weirong gas field in the southwestern province of Sichuan, the refiner said on Tuesday.The company plans to build 166 wells at the gas field with total production capacity of 3 billion cubic meters (bcm) each year.The first phase of construction is underway…

China Expects Balanced Energy Supply/Demand

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China's state planner expects this winter's energy supply and demand to be generally balanced amid increasing natural gas output and liquefied natural gas (LNG) imports, state news agency Xinhua reported on Tuesday.Citing unidentified officials from the National Development and Reform Commission (NDRC), Xinhua reported natural gas…

Zhanjiang Refinery Launches Mainstream Gas Pipeline

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Sinopec's Zhanjiang integrated refinery complex in Guangdong has launched its main gas transmission pipeline, the Chinese company said in a statement on Thursday.The refinery, which was set up jointly by Sinopec and Kuwait Petroleum Corp in 2011, is designed to include a 300,000 barrels-per-day (bpd) refinery and a 1 million tonnes-per-year ethylene complex.The 53.5-kilometers main pipeline at Sinopec Zhanjiang

China Aims to Boost Natural Gas Production

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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.

Asian Producers to Boost Winter Gas Supply

(Photo: CNOOC)

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 y

Sinopec Weighs Output Cuts Due to Freight Rate Surge

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Asia's largest refiner, Sinopec, is weighing plans to cut oil imports in December and reduce output at its refineries after a surge in global tanker freight rates hit margins, four sources with knowledge of the matter said.The cost of shipping crude to Asia has surged in the past two weeks after companies stopped using nearly 300 tankers for fear of violating U.S.

Global Energy Takes Over Nigg Oil Terminal

Photo by Global Energy (Group) Limited

Global Energy Group has reached an agreement with Repsol Sinopec Resources UK to take over the long-term operation of the Nigg Oil Terminal jetty under a new lease with Crown Estates Scotland.Since cessation of production from the Beatrice oil field, Repsol Sinopec has been exploring reuse options for the facilities at Nigg Oil Terminal…

Sinopec Resumes Production at Sichuan Gas Processing Unit

China's Sinopec Corp last month resumed production at a key natural gas processing plant in southwestern Sichuan province after a planned maintenance, the parent company of the state oil and gas group said on Tuesday.By August-end, Sinopec had completed maintenance at a desulphurising facility at Puguang gas field - the firm's largest gas-producing asset in China - ahead of the heating season…

CPIH, Equinor Team Up on Offshore Wind

Image: Equinor

Chinese power giant China Power International Holding (CPIH) and Norwegian energy firm Equinor have inked a memorandum of understanding (MoU) to cooperate on offshore wind projects off China and Europe.“China is rapidly increasing its use of renewables and natural gas. The country is set to become the world’s biggest offshore wind market by 2030.

CNOOC Earnings on the Rise

(File photo: CNOOC)

China's national offshore producer CNOOC Ltd reported a near 19% rise in first-half profit on Thursday, as higher sales of oil and gas offset weaker global oil prices.The listed arm of state-owned China National Offshore Oil Corp said that it was able to manage the impact on its business of the China-U.S. trade war and CNOOC President…

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, which hit the weekend before last…

China Fixes First U.S. Crude Cargo Since Latest Tariff Threat

File Image: A VLCC loads alongside in the port of Corpus Christi, Texas (CREDIT: Port of Corpus Christi, Texas)

Chinese oil trader Unipec chartered a supertanker to ship U.S. crude to China in September, trading sources said, the first such cargo since U.S. President Donald Trump announced additional tariffs on Chinese import, ending a monthlong trade truce.Unipec, the trading arm of state refiner Sinopec , has fixed the Very Large Crude Carrier (VLCC) Anne to load U.S.

Sibur and Sinopec Link on Amur JV

Pic: Sibur

Russian petrochemicals giant Sibur has signed several agreements with Chinese state-owned conglomerate China Petroleum & Chemical Corporation (Sinopec).One deal relates to Sinopec’s potential participation in Sibur’s previously announced Amur Gas Chemicals Complex (AGCC) in Russia’s Far East.Sinopec, Chinese oil and gas enterprise based in Beijing…

​​​​BP Plans to Exit China's Shale Gas

European oil major BP plans to exit from two production sharing contracts (PSC) for projects drilling for shale gas in the southwestern Chinese province of Sichuan, three sources with the knowledge of the matter said this week.BP is the last of the international oil majors, including Royal Dutch Shell, Exxon Mobil, ConocoPhillips and ENI, to quit exploring for shale gas in China because of poor drilling results.

Sinopec to Develop Weirong Shale Gas Field

Sinopec Corp, China's biggest shale gas operator, said on Monday it plans to develop a new field this year able to produce 1 billion cubic meters (bcm) of shale gas annually.The state-run company said the field will tap a proven reserve equivalent to 124.7 bcm of gas at Weirong in the southwestern province of Sichuan. This marks its…