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Sinopec

Asia

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.

Oil & Gas

Sinopec completes expansion at Chinese refinery

Sinopec has completed expansion works at a refinery in China by adding 100,000 barrels per day (bpd) crude unit. The company said it plans to raise throughput in the fourth quarter at the Jiujiang refinery in the Jiangxi province.

Other News

Former Sinopec chairman under investigation

The governor of Fujian province in has been placed under investigation by Chinese authorities on suspicion of “serious disciplinary violations”. The move has been made by China’s anti-graft watchdog against Su Shulin who has been governor since 2011 and was formerly chairman of Sinopec.

Other News

China’s Sinopec sets eyes on Europe with 2nd jet fuel shipment

China's Sinopec Corp 0386.HK is shipping its second ever jet fuel cargo to Europe, once considered a rare trade route, as the refiner looks to expand its global market share with demand lagging output levels at home, industry sources said. The world's No. 2 refiner shipped out 90,000 tonnes of jet fuel to Europe in late June, said two sources, who did not want to be named because of rules on talking to media. Shipping fixtures show a vessel, SKS Donggang, was chartered by trader Noble NOBG.SI and loaded with jet fuel from Yangpu in south China around the same time. SKS is near Madagascar now and moving towards Le Havre, France, according to shiptracking data.

Oil & Gas

Petroceltic awards Algerian contract to Sinopec Petroleum Service

Petroceltic has awarded a contract to drill development wells at the Ain Tsila gas and condensate field in Algeria to Sinopec Petroleum Service. The 1500 horse power rig, which is now built and ready to ship, will drill up to 24 new development wells. The company said the first 12 drilling locations – all in the northern region of the field – have been selected and approved.

Markets

Sinopec profit falls to lowest since Lehman collapse in 2008

China Petroleum & Chemical Corp. shares slumped the most in over three months after Asia’s biggest refiner posted its lowest annual profit since the 2008 collapse of Lehman Brothers Inc. sparked the global financial crisis. Net income in 2014 for the company known as Sinopec dropped to 46.5 billion yuan ($7.5 billion), or 0.397 yuan a share, from 66.1 billion yuan, or 0.53 yuan, a year earlier, according to a statement to the Shanghai stock exchange. That compares with a mean of 53.5 billion yuan from 23 analyst estimates compiled by Bloomberg. Sales were 2.83 trillion yuan, down 1.9%.

Oil & Gas

Lukoil in arbitration proceedings against China’s Sinopec

Lukoil has commenced arbitration proceedings against China’s Sinopec after claims the company refused to complete a sale and purchase agreement. The company said it signed a deal in April last year for the sale of a 50% stake in Caspian Resources for $1.2billion.