An oil spill was spreading Monday off the coast of Shenzhen but no explanation was available about how it started or where exactly it came from. The spill started Sunday near a dock at the Yantian Port Area but authorities did not seem to know how much diesel fuel leaked. By Monday, the oil had […]
Category: Energy & Environment
China Petroleum & Chemical Corp posted an 8.9% rise in first-half profits to US$2.69 billion on Monday, the Wall Street Journal reported. High crude-oil prices more than offset losses in refining caused by government caps on oil-product prices and a profit tax on crude sales. The company known as Sinopec, Asia's largest refiner by capacity, […]
China will invest US$5 billion in Venezuela by 2012 to help boost Venezuela's oil output, the Wall Street Journal reported. Oil Minister Rafael Ramirez made the announcement following a visit to China by President Hugo Chavez. The president said last week he wants to see the Latin American country become China's top oil supplier by […]
Venezuela plans to increase oil sales to China by 500,000 barrels a day in 2009 to become the country's top oil supplier. During an interview broadcast on a state-owned television channel, President Hugo Chavez said his country will double the supply to China next year from 150,000 barrels a day to 300,000 and "reach 500,000 […]
PetroChina posted first half net profit growth of 29.4%, attributing it to surging crude prices and growing demand. The South China Morning Post reported net earnings at mainland China's largest oil and gas producer hit US$10.13 billion, up from US$7.83 billion. The new figures make PetroChina the most profitable Asian company and are in line […]