Advisers to China’s Sinopec have offered its oil assets in Argentina to about a dozen potential suitors, three sources familiar with the matter told Reuters, as losses and labor headaches prompt Asia’s largest refiner to pull out. The Argentine oil and gas assets, mainly in the southern province of Santa Cruz, could be worth $750 […]
Category: Commodities
China resumed North Korean coal imports in August after a nearly half-year hiatus, just before a total United Nations ban on Pyongyang’s coal trade took effect. China had suspended purchases of North Korean coal in February, in response to a UN-set cap on Pyongyang’s coal trade set last November, part of sanctions to curb North Korea’s nuclear ambitions. Chinese […]
Despite talk of a “zombie economy,” China’s state-owned enterprises have enjoyed a sharp rebound in profits this year, driven by resurgent commodity prices amid government-enforced capacity cuts. But economists worry that the revival of groups that once relied on state-directed loans and subsidies for life-support despite persistent operating losses may be unsustainable, and threatens to […]
PetroChina, China’s biggest oil and gas producer, Thursday reported a better-than-expected first half profit, thanks to a rebound in crude oil prices, Caixin reports. Net profit for the first half reached 12.7 billion yuan ($1.91 billion), a surge from 528 million yuan in the similar period last year, the state oil giant reported. It was the highest […]
Copper jumped to its highest level in two years on reports that China could ban imports of scrap metal by the end of next year – a move that would probably boost demand for refined metals in the world’s top importer. Copper for delivery in three months on the London Metal Exchange rose as high […]