Noble Group’s credit rating junked by Standard & Poors
Asian commodities trader Noble Group’s credit-rating has been reduced to junk by Standard & Poor’s and placed on watch for further cuts.
china
FTSE slumps below 6,000 amid China woes and plunging oil
London’s blue chip share index has tumbled deeper into the red amid a global stock market rout sparked off by woes in China and plunging oil prices.
GE Power Convention steps up its renewable presence in China
GE Power Convention is stepping up its presence in the renewables sector in China. The company recently signed a deal which will see it equipping Sewind’s offshore wind turbines with its 4MW fully fed LV3 wind converters.
Rocky start to New Year for FTSE after China trading suspended
The Footsie plunged on the first day of New Year trading, weighed by tumbling markets in China and weak UK manufacturing data.
China halted as shares plunge over weak data and Middle East worries
Shanghai’s stock index plunged nearly 7% on Monday, sparking a halt in trading of Chinese shares, after weak manufacturing data and Middle East tensions weighed on Asian markets.
Green Dragon reports increased gas production in 2015
China-focused gas producer Green Dragon reported a 36% increase in gross production for 2015 compared to the previous year.
Oil finds a silver lining in China’s unsated thirst for crude
China’s insatiable appetite for crude is at least one thing oil bulls can count on this year.
China to cut rates it offers wind and solar power developer
China will cut the preferential rate it offers wind and solar power developers to reflect the decline in construction costs.
Shell, BG deal snaps up Chinese clearance
Shell's multi-billion takeover of BG has been given the go-ahead by Chinese officials, surpassing its final clearance hurdle.
China’s strategic oil reserves double to 190million barrels
China said it more than doubled the size of its strategic crude oil reserves between November 2014 and the middle of this year, building inventories at a rate exceeding analysts' estimates of the country's stockbuilding. The world's largest energy consumer increased its reserves to 26.1 million tonnes, or about 190.5 million barrels, by mid-2015, the National Bureau of Statistics said on Friday. The increase occurred as the country took advantage of steep declines in oil prices to stockpile crude.
Guanghui Energy agrees to import LNG from Petronas
Guanghui Energy has agreed to import LNG from Petronas. The LNG provider said it would start to supply LNG to the company from 2017.
Carbon dioxide emissions ‘could be falling slightly’
Global carbon dioxide emissions may be dropping slightly this year, spurred by a dramatic plunge in Chinese pollution, research suggests. The unexpected dip could either be a temporary blip or true hope that the world is about to turn the corner on carbon pollution as climate talks continue in Paris, said the authors of a study published in the journal Nature Climate Change. “That shouldn’t tell us we don’t need to do anything, but that shows there is action,” Janos Pasztor, the United Nations assistant secretary general for climate change, told The Associated Press at the Paris climate talks. “Things are going in the right direction. All we need is a strong agreement.”
Sinopec former employees jailed over roles in China pipeline explosion
China has sentenced eight ex-Sinopec employees and six government officials with up to five years in jail for their involvement in an oil pipeline explosion in the port city of Qingdao that killed 63 people in 2013.
Behind China’s evolution from climate deal holdout to leader
Back in 2009, China was a reluctant partner during major climate negotiations in Copenhagen that eventually collapsed amid recriminations between rich and poor nations. This time around the world’s biggest polluter is regarded as a driving force behind what could be a comprehensive deal at a world climate summit in Paris.
China offers refineries bonus to export surplus diesel
China's Sinopec is offering its subsidiary refineries big incentives to export their diesel fuel, sources said, in a rare move that reflects the top Asian refiner's deepening concerns about a growing domestic glut.
China cuts wholesale gas prices for second time this year
China will cut wholesale prices of natural gas from Friday, the country's top economic planner said in the year's second price reduction, aimed at boosting flagging growth in demand for the cleaner-burning fuel.
Primeline Energy drill operations underway in China
Primeline Energy said drilling operations are now underway for the LS30-1 well offshore China.
ConocoPhillips ordered to pay out to Chinese farmers after oil leak
ConocoPhillips has been ordered by a Chinese court to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods had been hurt by oil spills off the country’s north eastern coast four years ago. The company was told to pay $266,000 to 21 farmers who had not previously participated in a previous settlement in 2012.
Hong Kong oil tycoon freed after kidnappers ask for £6million in ransom deal
A billionaire oil tycoon has been rescued after he was allegedly held hostage for more than a month in a £6million ransom deal. Wong Yuk-kwan, the chairman of Pearl Oriental Oil Limited, had been found in an avandoned cottage in rural western Taiwan. It’s believed the oil boss, worth an estimated £1.7billion, was abducted in September.
Sinopec’s profit drops 92%
China Petroleum & Chemical Corp.’s third-quarter profit plummeted 92 percent as lower oil prices and production dwarfed an increase in refining revenue. Net income at Asia’s biggest refiner, known as Sinopec, was 1.64 billion yuan ($258 million), or 0.013 yuan a share, compared with 19.3 billion yuan, or 0.165 yuan, a year earlier, the Beijing-based company said in a statement to the Shanghai Stock Exchange on Thursday. That compares with the 4.27 billion yuan average of three analyst estimates compiled by Bloomberg. Higher refining revenue was swamped by a drop in oil prices. Brent, the benchmark for more than half of the world’s crude, averaged about $51 a barrel in the third quarter, compared with more than $103 a year ago.
Opinion: Nuclear deal is poor replacement for ‘ravaged’ renewables industry
The Government has been relentlessly strangling the UK’s green energy sector, arguing that this is all part of their campaign to reduce energy bills for consumers. Now, not only are we risking inflating our energy bills in the future, but we are also at risk of handing control of our future energy security to China.
Call for Commons debate on Chinese involvement in UK nuclear industry
The National Security Council has not “fully considered” the impact of Chinese involvement in the building of new nuclear power stations in the UK, a former shadow defence secretary has said.
Apple to clean up China act with more renewable energy
Apple is cleaning up its manufacturing operations in China to reduce the air pollution caused by the factories that have assembled hundreds of millions of iPhones and iPads during the past eight years. The world’s most valuable company is working with its Chinese suppliers to eventually produce 2.2 gigawatts of solar power and other renewable energy. The commitment represents Apple’s latest attempt to prevent the popularity of its devices and digital services from increasing the carbon emissions that are widely believed to changing the Earth’s climate. Apple estimates 20 million tonnes of greenhouse gas pollution will be avoided as more of its suppliers rely on renewable energy between now and 2020. That is like having four million fewer cars on the road for a year.
Leadsom: Hinkley will create infrastructure ‘fit for 21st century’
An agreement between EDF and its Chinese partner China General Nuclear Corporation (CGN) will create a infrastructure "fit for the 21st century" according to the UK Energy secretary. Conservative politician Amber Rudd said the government was tackling a legacy of under-investment in the UK. The deal was signed amid a landmark visit from Chinese President Xi Jinping where he has met with both politicians and dignitaries.
EMEC and University of Edinburgh sign Chinese marine energy deal
Orkney's European Marine Energy Centre (Emec) and the University of Edinburgh have signed a Memorandum of Understanding with organisations based in Qingdao to support the development of a marine energy test site in China.