A subsidiary of Sunwing Energy of Canada has signed a joint exploration deal with China National Petroleum Corp to tap gas fields in Sichuan province. The subsidiary, Pan-China Resources, will prospect an area of 3,560 sq km in Zitong county in the north of the province. While it will take all exploration risks, CNPC is […]
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China National Offshore Oil Corp and the provincial government of Fujian have signed an agreement for the construction of a liquefied natural gas project in the province. The project will include an LNG terminal to deliver gas to five urban pipeline networks and two gas-fuelled power plants. The terminal will be designed to handle 2.5m […]
Sinopec is to start construction of a 660km pipeline that will pump imported crude oil from Ningbo in Zhejiang province to Shanghai and Nanjing. The pipeline will cost Yn4bn to construct and will have an eventual capacity of 10m tonnes a year. Customers will include Sinopec subsidiaries and its joint venture petrochemical plants with BP […]
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CSCL revamps Europe service
China Shipping Container Lines (CSCL) has revised the European port rotation on its Asia/Europe service, making Antwerp the last outbound call instead of Hamburg. As from the end of this month, it will also make only fortnightly eastbound calls at Valencia and Port Kelang, instead of weekly. The move is in response to market changes […]
Hong Kong-listed China Shipping Development Co (CSDC) is looking to sell its 25 per cent stake in container carrier China Shipping Container Lines (CSCL). CSDC has said it will offload its stake for a nominal price of Yn1, because the container carrier has a negative asset value of Yn200m. CSDC originally paid Yn450m for its […]