China Economic ReviewDomestic oil product prices are to increase for the first time in eight months to reduce losses made by refiners who are unable to pass on the full cost of crude oil to consumers. The National Development and Reform Commission said refinery petrol prices would rise by US$37 a tonne and diesel prices by US$31 […]
A Sino-Iranian oil and gas deal worth billions of dollars has been delayed until at least the second half of the year because of a pricing disagreement, Reuters reported. In October 2004, Sinopec Group agreed to purchase 10 million tonnes of liquefied natural gas (LNG) from Iran annually for 25 years in exchange for access […]
Sinopec and PetroChina are to build their first joint refinery in the southwest of the country at a cost of US$1.5 billion, Reuters reported. The state oil firms have shelved plans to run refineries in competition, preferring instead to operate jointly, officials said. The refinery, which will have a capacity of about 200,000 barrels a […]
Russia said it wants to play a greater role in helping China develop its nuclear power industry, the Wall Street Journal reported. Russian Foreign Minister Sergey Lavrov claimed Beijing welcomed Russia’s involvement as it attempts one of the biggest nuclear rollouts in the industry’s history. China said it plans to build at least 30 reactors […]
China and Russia have signed a series of energy deals during Russian President Vladimir Putin’s visit to Beijing. Two pipelines will bring natural gas to China, while China National Petroleum Corp has been given the green light to jointly develop some of Russia’s oil and gas fields with state firms. CNPC announced it was teaming […]