Brazil’s imports of goods from China jumped 73.1% year-on-year in the first half, according to a statement by Brazilian Ministry of Development, Industry and Commerce.
Goods imported from China accounted for 11.3% of Brazil’s total imports during the Jan-Jun period, which is 1.4 percentage points more than that of the same period of last year.
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China Petroleum & Chemical Corp. may post a loss in the third quarter of this year if the country scraps a 75 percent refund on oil import taxes paid to the company and PetroChina Co., Goldman Sachs Group Inc. said.
The management at Sinopec, as Asia’s largest refiner is known, has indicated the state hasn’t made a final decision on the compensation, Goldman analysts wrote in a report today.
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Qilu, the best-performing of all the refineries run by Sinopec <0386.HK> in the first five months of this year, may lose around 800 yuan for each tonne of crude it processes in July, an industry source said on Thursday.
“Based on June’s crude oil costs, the refinery may lose some 700 million yuan in July,” said the source familiar with the plant’s operations. He said the plant would process 880,000 tonnes of crude in the month.
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Chrysler LLC is accelerating its development in China by beginning a long-term strategic business relationship with China’s Great Wall Motor Co, the company said yesterday.
The United States’ third largest car maker said in a statement that it has signed a memorandum of understanding with its Chinese partner to share a distribution network and work jointly on spare parts and technological capabilities.
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According to reports, from January to May this year, Shanghai approved 1,471 foreign investment projects; among which 1,320 were foreign-owned and occupy 89.7 percent of the total.
According to statistics from the Foreign Investment Working Commission of Shanghai Municipality, from January to May, Shanghai absorbed 6.87 billion U.S. dollars in contracted foreign capital, up 24.2 percent over the same period of last year. Among them, foreign-owned projects absorbed 5.772 billion U.S. dollars in contracted foreign capital, accounting for 84 percent of the total value of contracted foreign capital in the first five months.
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The government may scrap the subsidies to State refiners on crude imports, following the decision to raise the price of refined oil products on June 20.
The subsidies could end from this month itself, Shanghai Securities News reported yesterday, citing sources from the country’s largest refiner Sinopec.
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