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china

Oil & Gas

Global oil market gets new Chinese traders hungry to taste crude

They long stood in the shadows of state- owned Chinese energy giants, small in size and clustered in an eastern province along the coast. Now, independent refiners are wielding growing clout in the global oil market. Shandong Dongming Petrochemical Group, the biggest of dozens of privately owned refiners known as “teapots,” illustrates how such processors may be coming into their own after for years depending on state-owned companies for oil. It began importing supply on its own this year after hiring two crude traders in Singapore, according to Shen Fan, a deputy general manager at Pacific Commerce Holdings Pte, its trading unit. China is widening access for teapots as part of its drive to encourage private investment in its energy industry. That may boost imports into the world’s second-biggest oil user, helping counter a glut that’s cut benchmark prices by half in the past year. The small plants account for almost a third of the nation’s processing capacity, and if Shandong Dongming is a guide, may attract cargoes from Latin America to West Africa and Australia.

Other News

Amec Foster Wheeler wins Louisiana methanol contract

Amec Foster Wheeler has won a contract from Yuhang Chemical Inc (YCI) for its first major project in the US. The subsidiary of Shandong Yuhuang company has planned a 1.7million tons per year world-scale methanol on the Mississippi River in Louisiana. The contract will see Amec Foster Wheeler provide engineering, project management, procurement and early construction services.

Oil & Gas

Pursuit of China’s oil prize is race for second-place spoils

In the race to supply crude to the world’s biggest energy user, it’s the tussle for second place that’s too close to call. Russia, Angola and Iran are vying to be runner-up to Saudi Arabia as the top seller to China. The contest is set to intensify as Iran seeks to recover market share lost because of sanctions and the US Congress debates a nuclear deal that’ll allow the Persian Gulf state to boost shipments. China overtook the US as the biggest importer of crude most recently in June, taking advantage of a 50 percent slump in benchmark prices over the past year to boost strategic reserves. With the Asian nation forecast to account for more than a quarter of global demand growth in 2016, the prize of becoming a top supplier will bolster the economic health of national producers that depend on energy exports for most of their budget revenue.

Oil & Gas

IEA chief calls for greater partnership with China

The new head of the International Energy Agency (IEA) said there needed to be greater partnership between the organisation and China. Fatih Birol made the comments on his first visit to the world's largest energy consumer. Birol, who took up his new post earlier this month, told an audience of Chinese officials and foreign diplomats in Beijing that one of his top priorities in the role will be to strengthen ties with the company.

Markets

China’s slowing auto market to put further pressure on oil

China's falling auto sales have been at the forefront of concerns that its economy is slowing much faster than expected, weighing on oil prices. Yet moves to cut the cost of car-financing as part of economic stimulus efforts this week may not be enough to drive up auto sales or boost demand for oil, analysts said. Domestic car sales have fallen since April, dropping by 7 percent, or more than 100,000 cars, in July from a year ago and likely putting out of reach even a revised 2015 vehicle growth target of 3 percent, down from 7 percent previously.

Oil & Gas

PetroChina profit dives 63 pct in first half

PetroChina, China's biggest oil and gas producer, reported a 63 percent drop in its first-half profit, with earnings upstream and in the marketing segment both taking a hit from lower prices.

Markets

Chinese stocks take tumble as oil stocks rebound

Chinese stocks have tumbled again after their biggest decline in eight years while most other Asian markets rebounded from a day of heavy losses. The mixed picture comes after a tumultuous day on Wall Street, where the Dow Jones industrial average ended down 3.6% after trimming much bigger losses. European markets were also hit badly. Analysts said it was unclear whether this was a sign the worst was over, or a reprieve in a longer-term bear market.

Oil & Gas

Ship disruptions persist at Tianjin as some oil cargoes barred

Shipping and logistics companies reported delays and disruptions after the deadly blast at the Chinese port of Tianjin as some oil cargoes were still barred from one of its wharves. Freight companies including Auckland, New Zealand-based Mainfreight Ltd. and Japan’s Sankyu Inc. said the blast will cause delays or impact their businesses. Ships at Tianjin Port’s North wharf other than those carrying crude and hazardous products can enter and exit normally, according to a post from the official microblog of the Tianjin Maritime Safety Administration at 10:44 a.m. local time Friday. Tianjin is the 10th-busiest container port globally and has become a northern gateway for ore, coal, automobiles and oil into China, the world’s biggest user of energy, metals and grains. About 17 percent of the nation’s ethylene imports, 15 percent of its wheat deliveries and 30 percent of steel exports in the first half of 2015 were transported via the Tianjin customs area, government data show.

Other News

Firefighter pulled from wreckage of China explosion after 32-hour ordeal

Rescuers have pulled out a firefighter trapped for 32 hours after responding to the massive explosions in Tianjin. Meanwhile authorities moved forward gingerly in dealing with a fire still smouldering amid potentially dangerous chemicals. The two explosions late on Wednesday at the Chinese port city - one of them the equivalent of 21 tons of TNT - killed at least 50 people and injured more than 700.

Other News

Video: Explosion hits Chinese port leaving at least 17 dead

Huge explosions in an industrial area have sent up massive fireballs that killed at least 17 people and injured hundreds in the Chinese port city of Tianjin. China’s state broadcaster CCTV said 32 people among the 300-400 taken to hospital were in a critical condition. The Beijing News newspaper said on its website that nine firefighters were among the dead. The blasts, originating at a warehouse for hazardous material, blew doors off buildings in the area and shattered windows up to several miles away.

Oil & Gas

China crude oil imports rise to record high

China’s crude oil imports rose to record on a monthly basis driven by imports by small, private refineries amid low oil prices. Overseas purchases by China increased to 30.71 million metric tons in July, equivalent to about 7.3 million barrels a day, according to preliminary data released by the Beijing-based General Administration of Customs on Saturday. It was higher than December’s level at 30.4 million tons, a previous monthly record. The world’s second-largest oil consumer imported a record 7.4 million barrels a day in April and 7.2 million in June.

Oil & Gas

China oil imports rise to record as private plants boost buying

China’s crude oil imports rose to record on a monthly basis driven by imports by small, private refineries amid low oil prices. Overseas purchases by China increased to 30.71 million metric tons in July, equivalent to about 7.3 million barrels a day, according to preliminary data released by the Beijing-based General Administration of Customs on Saturday. It was higher than December’s level at 30.4 million tons, a previous monthly record. The world’s second-largest oil consumer imported a record 7.4 million barrels a day in April and 7.2 million in June.

Oil & Gas

Shell to sell stake in Chinese lubricant supplier Tongyi

Royal Dutch Shell has agreed to sell its controlling stake in Tongyi Lubricants in China, in the energy company's latest step to restructure its global refining business. Shell said it expects to complete its exit from Tongyi, in which it bought a 75 percent stake in 2006, by late 2015 or early 2016. The value of the sale to Huo's Group, its partner in Tongyi, and private equity firm Carlyle International, was not disclosed. The Anglo-Dutch oil and gas company will remain present in China's growing lubricant industry, which produces liquids such as engine oils and greases.

Markets

Oil slumps to six-month low on Iran supply plan, China slowdown

Oil fell to a six-month low in London as Iran vowed to boost production immediately after sanctions are lifted and manufacturing in China slowed. Brent futures declined as much as 2.6 percent, extending an 18 percent drop in July that was the biggest in seven months. Iran can raise output by 500,000 barrels a day within a week of sanctions ending, the state-run Islamic Republic News Agency reported. A Chinese private factory gauge released on Monday fell to a two-year low in July, while an official index on Saturday slipped to the lowest in five months.

Oil & Gas

China state firms to start pumping new oil in Iran

China's state oil giants are set to start pumping a combined 160,000 barrels a day at two projects in southwestern Iran from around October, company sources said, contributing to Tehran's plan to boost output ahead of sanctions being lifted. Chinese energy firms had earlier put on hold or slowed work on energy projects in Iran from late 2010, worried about penalties that might be imposed by Washington as it led world powers to press Tehran to curb its nuclear ambitions. Iran and six world powers, including China and the United States, clinched a landmark deal on July 14 that limits the Islamic nation's nuclear activities in return for lifting sanctions that have more than halved its oil exports since 2012.

Other News

Sturgeon hails new Hong Kong low carbon centre

Nicola Sturgeon has attended the official opening of a new carbon innovation centre in Hong Kong. The centre is managed by a group based at Edinburgh University and will work on projects promoting sustainable construction, energy efficiency and air quality. The launch took place at the Hong Kong Science and Technology Park as part of the First Minister’s trade mission to east Asia.