South China’s Guangdong Province, the largest oil consumer and importer in the country, is planning an investment totaling 6 billion yuan ($880 million) to build two strategic crude oil and oil product reserve bases, which was listed in the province’s top 10 new projects mapped by Guangdong’s provincial economic planning body, according to the Caijing.
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China’s leading oilfield, Daqing, said on Thursday it will make efforts to maintain high output, to ease oil shortage in domestic market.
Daqing aims to produce around 40 million tonnes of crude oil every year in the next 10 years, said Wang Yupu, the oilfield’s general manager.
Tags: crude-oil, Oilfield
China, the world’s second-largest energy consumer, imported 11 percent more crude oil in the first half of 2008 than in the year-earlier period.
Crude imports stood at 90.53 million tons, the General Administration of Customs said on Thursday. The growth rate was down 0.2 percentage points from last year.
Tags: crude-oil, import
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 [...]
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 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.
Tags: crude-oil, import, PetroChina, Sinopec
