The Ministry of Economic Affairs (MOEA) will “fully respect” the existing floating oil pricing system and allow domestic oil prices to be hiked in a way to fully reflect increased crude oil costs, the newly installed Economics Minister Yiin Chii-ming said at a press conference yesterday.
Yiin said that in calculating the size of the hike [...]
Formosa Petrochemical Corp., Taiwan’s second-biggest fuel supplier, expects its gasoline sales this year to rise 6.2 percent and those of diesel to fall 13 percent.
The company will probably sell 6.98 million kiloliters (43.9 million barrels) of gasoline and 8.31 million kiloliters of diesel this year, the Mailiao-based refiner said in an annual report to shareholders, [...]
China National Petroleum Corp. (CNPC), China’s largest oil producer, and Venezuela’s Petroleos de Venezuela, S.A. (PDVSA) have agreed to establish joint ventures to develop and refine heavy oil from Venezuela, CNPC officials said on Tuesday.
Under agreements signed by both companies during Chinese Vice Premier Hui Liangyu’s visit to Venezuela last week, the companies will establish [...]
Shanghai fuel oil futures yesterday shot to an all-time high since trading began in 2004, following the surge of international crude oil price that hit a record high of $122 per barrel on Tuesday.
The most actively traded fuel oil futures contract for delivery in July soared 1.1 percent on the Shanghai Futures Exchange (SHFE) to [...]
China National Petroleum Corporation (CNPC), the nation’s largest oil producer, said it has started a 680 million yuan crude oil storage project in Jinzhou, Liaoning province.
The project consists of six crude oil storage tanks, each with a capacity of 100,000 cu m, CNPC said on its website.
Tags: CNPC, crude-oil, Petroleum, Sinopec
Asia’s largest refiner Sinopec has said it plans to increase the capacity of its Zhenhai refinery by 15 percent by next September, a move to boost the company’s fuel and chemical production.
Production capacity of the Zhenhai refinery will then reach 23 million tons per year, Sinopec said on its website yesterday.
Tags: crude-oil, oil, output, PetroChina, [...]
