【ECF News】China oil giants signed over 80 billion USD during import EXPO

The 2nd China International Import Expo was held in Shanghai during Nov 5-10.More than 3,000 companies from more than 150 countries and regions participated in the exhibition.On November 6, the China Petroleum International Cooperation Forum and signing ceremony on the theme of “cooperative innovation and value creation” was held by CNPC in Shanghai. CNPC signed strategic cooperation agreements with SNAM and Schlumberger, and signed 21 procurement contracts with over 20 overseas suppliers including Kazakhstan Gas Transport, Saudi Aramco, Kuwait Petroleum, ABB, Schlumberger, Caterpillar, Honeyw

2019-11-12

Chinese Oil Majors Backtrack On Pledge To Buy Iranian Oil

It was a question that just as recently as last week was still undecided. Would Beijing kowtow to Washington’s demand that it stop importing Iranian oil at the start of May after the 180-day import waiver period ended? The answer, at least for now, is that Beijing will comply.Oil majors Sinopec Group and CNPC, China’s two top oil refiners, are reportedly skipping purchases of Iranian oil for loading in May, Reuters reported on Friday, citing people familiar with the deal. On April 22, President Trump surprised oil markets when said he would end 180-day Iranian oil import waivers put in place i

China Oil Import 2019-05-13

What Explains China’s Thirst For Saudi Oil

China stepped up purchases of Saudi oil in the first four months of this year as a private refiner is raising crude intake from the Kingdom that has secured term deals to grab more market share in the world’s top oil importing market.Hengli Petrochemical, a privately held refiner, has stepped up purchases of Saudi crude oil for April and May and is close to ramping up its new 400,000-bpd refinery to full capacity later this month, Reuters reported on Monday, citing ship-tracking data and officials at Hengli Petrochemical.The new Chinese refinery, which started trial runs at the end of last yea

China Oil Import 2019-05-08

In a sleepy Louisiana town, two Chinese chemicals firms are being hit on multiple fronts by the trade war

US President Donald Trump’s trade war with China has thrown a spanner in the works of two Chinese chemicals companies spending billions of dollars building factories in the United States.Yuhuang Chemical was started in 1994 by a village branch of the Chinese Communist Party in Shandong Province, but in 2014, it raised some eyebrows when it announced plans to build a US$1.85 billion methanol plant in St James Parish, Louisiana.Last year, Wanhua Chemical, a listed company also from Shandong, followed suit with plans to build a US$1.25 billion plant in the same town in Louisiana, which has a popu

2019-03-12

Saudi Arabia strikes $10 bln China deal, talks de-radicalisation with Xi

Saudi Crown Prince Mohammed bin Salman cemented a $10 billion deal for a refining and petrochemical complex in China on Friday, meeting Chinese President Xi Jinping who urged joint efforts to counter extremism and terror.The Saudi delegation, including top executives from state-owned oil company Saudi Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry.Saudi Arabia signed 35 economic cooperation agreements with China worth a total of $28 billion at a joint

China Oil 2019-02-26

Guangdong's natural gas consumption to reach 28 bln cubic meters by 2020

South China's Guangdong Province will continue to promote green development, and it plans to raise its natural gas consumption to 28 billion cubic meters by 2020, according to a local government plan.The provincial government recently released a scheme for 2018 to 2020 for winning the war against air pollution and making the skies blue. The scheme said that the energy structure of the province needs to be optimized and that green clean energy systems should be built up.It said that the expansion of the natural gas consumption market and the increase of natural gas consumption have been major g

China Natural Gas 2019-01-16

Gazprom, Sinopec to be top spenders across oil and gas value chain by 2025

Gazprom and China Petrochemical Corp (Sinopec) are the top spenders among global oil and gas companies, in terms of new build capital expenditure (capex) to be spent on planned and announced projects across the oil and gas value chain during 2018–2025, according to leading data and analytics company

Sinopec 2018-11-13

China’s Hengli Signs $11 Billion in Oil-Linked Deals at Expo

Hengli Group Co. signed deals at the China International Import Expo in Shanghai to import $11 billion worth of commodities and equipment, including a $3.6 billion crude-oil agreement with Saudi Aramco, it said in a statement.

China Oil Import 2018-11-12

Chinese pipeline gas and LNG imports hit 7.29 mt in October

China imported 7.29 mt of pipeline gas and LNG in October, according to preliminary figures released by the General Administration of Customs on Thursday.

China starts exporting petroleum to Laos

With over 64 ton diesel, handed over from PetroChina to a Lao company at Laos-China border, the first export of Chinese refined oil to Lao market was made on Wednesday.PetroChina International (Yunnan) Co. Ltd, a subsidiary of PetroChina group, has been studying and preparing for two years to reach the Lao fuel market since 2016.With the aims to expand its petroleum products sales in southeastern Asia and to seek new routes to market, the PetroChina company with its Lao partner undertook thorough researches in demands, market access, custom clearance and transportation, etc.Finally, the first

China Petrochemical 2018-11-01

Germany's BASF, China's Sinopec sign MOU for steam cracker feasibility study

Germany's BASF and China's state-owned Sinopec are jointly conducting a feasibility study to build a second steam cracker in Nanjing, China, with 1 million mt/year of ethylene capacity, a BASF spokesman said Monday.

Sinopec 2018-10-30

China’s Quotas For Refined Oil Exports Surge 130% In 2018

China has issued the third batch of quotas for this year’s general-trade refined oil exports and has boosted the total quotas for 2018 by 131 percent, the Ministry of Commerce announced.

China Petrochemical 2018-10-29

CNOOC, Shell evaluate petrochemical expansions at Nanhai complex

China National Offshore Oil Corp. and Shell International Petroleum Co. Ltd. have signed a memorandum of understanding to explore their existing collaboration and the development of petrochemical manufacturing installations

Exxon Inks LNG, Petrochem Deal In China

Exxon will build a multibillion-dollar petrochemical complex in China and invest in an LNG import terminal, both in the Guangdong province, the company said. The news comes amid growing trade tensions between Beijing and Washington that have sparked concern about the future of U.S. oil and LNG expor

China petchems players calm on new tariffs, seek alternative suppliers

SINGAPORE (ICIS)--Chinese petrochemicals players appear calm ahead of the tariffs to be implemented on several US goods this week while speeding up the search for alternative suppliers.However, some players conceded they will face losses on contractual volumes signed months ago which will be subject to tariffs.On Thursday (23 August), a 25% tariff on $16bn worth of US-origin goods will come into effect, and petrochemicals players have been busy looking for alternative ways to replace imports from that country, acquire new supply and reduce possible losses.Some buyers of ethylene glycol (EG), f

INSIGHT: China's latest tariffs on chemicals, polymers set to distort regional trade

LONDON (ICIS)--It is not necessarily a calm before the storm but traders and others have to deal with the world as it is. The bottom line impact can be gauged later.Petrochemical sources in China do not hold out much hope for the working-level China-US trade talks in Washington which begin on Wednesday.They have to deal with reality, which is the implementation of a new raft of tariffs on imported US chemicals from Thursday (23 August).A 25% tariff comes into effect on $16bn of goods of US origin. In the tit-for-tat of this dispute, US customs will begin collecting 25% duties on 279 goods of C

Chinese petrochemical plants shun US-origin naphtha as tariffs loom

Singapore — Chinese petrochemical plants are avoiding US-origin naphtha cargos, with at least one joint venture company explicitly barring them in purchase tenders issued in July, according to market sources and recipients of tender documents.Naphtha buyers in China are not taking any chances with US-origin cargoes, in line with buyers of US crude oil, propane and LNG, especially with the next round of tariffs due for implementation on August 23. Uncertainty has prevailed since Beijing threatened 25% retaliatory tariffs on US oil products in June.The impact on the overall naphtha market is sma

China Slaps 25% Tariff On U.S. Oil Products

China’s latest round of tariffs in response to U.S. tariffs on US$16 billion worth of Chinese goods entered into force today despite talks this week between U.S. and Chinese officials seeking to put an end to the trade dispute.

China supports natural gas, ethanol to promote clean energy

China Wednesday announced new policy support for clean energy with efforts to improve natural gas supplies and moderately promote the use of ethanol as a renewable biofuel.

China cuts retail fuel prices - Aug 20

China will reduce the retail prices of gasoline and diesel from Tuesday, the country's top economic planner announced Monday.

China Petrochemical 2018-08-22
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