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

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 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

Analysis: China's fuel oil imports may feel the pinch from US trade war

China's fuel oil imports may ease in the coming months amid fears thatbunker fuel demand might fall after US tariffs come into effect next month,curbing shipment of some commodities from China to the United States.

China Petrochemical 2018-07-02

China's Fujian Jinjiang Petrochemical eyes commercial output at new CPL plant in August

China's Fujian Jinjiang Petrochemical is expected to start commercial production at its new 200,000 mt/year caprolactam plant in Putian, in eastern China's Fujian province, by August, after major construction work was completed earlier this week, industry sources with knowledge of the matter said Th

China Petrochemical 2018-06-29

China-US trade spat to hit VLCC demand; Iran purchases to continue: Sinopec

Chinese oil refiners may not be able to import US crude at all if the government goes ahead and levies a 25% tariff on American energy products, and this will directly hurt the demand for VLCC tonnage, a senior Sinopec executive said Tuesday.

China's Sinopec settles June paraxylene contract price at Yuan 7,460/mt, down Yuan 290/mt from May

State-owned China Petroleum and Chemical Corp, or Sinopec, has settled its June paraxylene contract price at Yuan 7,460/mt, equating to about $974.40/mt on an import parity basis, sources close to the matter said Friday.

China Aviation Oil to dispose remaining 39% stake in associate via listing-for-sale

China Aviation Oil (CAO) intends to divest its entire remaining 39% stake in its associated company China Aviation Oil Xinyuan Petrochemicals, a limited liability company in China.

China Petrochemical 2018-06-20

China’s Oil Refinery Throughput Rises 8.2% YoY In May

Chinese refineries processed a daily average of around 12.37 million barrels in May, or 371.34 million barrels (50.66 million tons). This is an 8.2-percent annual increase, according to the country’s National Statistics Bureau, as quoted by Reuters.

China Refining 2018-06-15

China's Private Oil Companies Struggle Against SOEs With New Tax Policy From Beijing

Independent oil refineries import and process almost a fifth of the 9.57 million barrels of crude oil that China brings in daily. But that profitable corner of the world's largest oil importer is now squirming under new tax policies that Beijing hopes will slim down the competition to state-owned re

China's Jingbo Petrochemical starts BTX production after reformer start-up

China's Jingbo Petrochemical has started producing BTX, or aromatics, after starting up a reformer at its plant site in Shandong province in late May, sources close to the company said Wednesday.

China Petrochemical 2018-06-13

China and Nigeria drive global refinery capacity additions and capex

GlobalData’s latest report, ‘Semi-Annual Global Capacity and Capital Expenditure Outlook for Refineries – Developing Countries Drive Global Capacity Additions and Capital Spending’ states that global crude distillation unit (CDU) capacity is expected to register strong growth of 16.7% over the next

China end-April fuel stockpiles drop led by diesel decline

China's April refined oil stocks fell to the lowest level in three months led by a decline in diesel inventories, data from the official Xinhua News agency showed on Monday.

China Petrochemical 2018-06-05

China's SHFE likely to launch tax-free 380 CST fuel oil contract in June

China's Shanghai Futures Exchange is set to launch a bonded 380 CST bunker fuel oil contract in June that will replace the existing 180 CST contract which is for domestic delivery, sources said.

China Crude Futures 2018-05-28

China data: State-owned refiners lower run rates for third consecutive month in May

China's state-owned refiners Sinopec, PetroChina, Sinochem and China National Offshore Oil Corporation plan to lower their average refinery run rate to 76% of nameplate capacity in May from 79% in April, a monthly survey by S&P Global Platts showed Thursday.

China Refining 2018-05-25

China's independent refiners embrace old friend fuel oil as taxes, rising crude, bite margins

China’s independent oil refiners are once again using fuel oil to feed their plants as stricter tax enforcement and rising crude oil prices have squeezed their margins.

China Refining 2018-05-24
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