Tag Archives: China

China’s first domestically-built, semi-submersible deep-water oil production unit has been completed after 21 months of construction. The platform is now ready to set off to the country’s first deep-water gas field in the South China Sea. The gas field, called Lingshui 17-2, is 150 kilometers off the city of Sanya …

The US government on Thursday ramped up sanctions and restrictions on Chinese firms over Beijing’s actions in the disputed South China Sea, and the security threat posed by technology. In a wide ranging series of steps unveiled in the waning days of President Donald Trump’s administration, Washington targeted state oil …

Oil prices fell more than 2% on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package. Brent was down $1.33, or 2.3%, at $55.17 by …

China’s electricity system was already becoming stretched – even before unusually cold weather descended on most of the country in December and January. In common with other fast-developing economies in Asia, China’s reliability problem stems more from rapid growth in electricity consumption than abnormal weather, with generation struggling to keep …

Oil prices slipped on Monday due to worries about global fuel demand as coronavirus restrictions across Europe toughens and China imposes restrictions due to jump in cases. Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, …

Saudi Arabia’s surprise announcement that it would cut 1 million barrels per day (bpd) beyond its share of OPEC+ cuts in February and March has refiners in Asia scrambling to secure supplies from Europe, with record purchases of North Sea cargoes in one day. Saudi Arabia caught the market by …

Hyundai Motor, South Korea’s biggest carmaker, will build its first overseas hydrogen fuel cell systems plant in China as it seeks to enter the local hydrogen market, industry sources said Tuesday. Hyundai Motor aims to build the hydrogen fuel cell systems plant in Guangzhou within this year as it has …

Iraq has agreed a multibillion-dollar oil-supply deal with a Chinese company, according to the Arab nation’s official news agency. SOMO, which oversees Iraq’s petroleum exports, picked a Chinese firm after receiving bids from several traders, INA reported, citing an interview with SOMO General Manager Alaa Al-Yasiri. While INA didn’t name …

China’s natural gas output is expected to surpass crude oil production around 2025, China National Petroleum Corp (CNPC) oil and gas exploration expert Zou Caineng said on Friday. Domestic natural gas output from CNPC, China’s largest producer, topped 130 billion cubic metres (bcm) in 2020, up 11.6 bcm from the …

China’s crude oil imports from the U.S. soared 13 fold in November from a year earlier to the third highest on record, customs data showed on Dec. 25, as companies accelerated energy purchases set out under a trade deal with Washington. China’s U.S. oil imports hit 3.61 million tonnes, about …