China Petroleum & Chemical Corp (Sinopec)<600028><386>, Asia’s largest oil refiner, is likely to beat India’s Oil & Natural Gas Corp (ONGC) in a US$1 billion-plus bid for Canada’s Tanganyika Oil, as ONGC has indicated it has no intention to raise its offer, the South China Morning Post reported on Monday, citing market sources as saying.
Tanganyika [...]
Foreign financial agencies are eager to play a role in China’s coal industry, as the world’s No.1 coal producer looks to diversified sources to finance the fast-expanding industry.
As the world’s No.1 producer and consumer of coal, China needs more energy, especially coal, to fuel its booming economy.
“The central bank would continue to encourage coal companies [...]
China National Coal Group, the nation’s second-biggest coal producer, purchased stock in its Shanghai-listed unit as the government encourages share buybacks to boost the country’s stock market.
China National Coal bought 4.05 million shares in China Coal Energy Co., taking its stake to 57.55 percent from 57.52 percent, the listed unit said in a statement to [...]
China National Petroleum Corp (CNPC) announced Monday it had purchased 60 million A-shares of its Shanghai-listed subsidiary, PetroChina Co Ltd.
After the purchase, CNPC now holds 86.32 percent of the total share capital of PetroChina, 0.03 percentage points up from 86.29 before the stock buy-back.
Tags: CNPC, investment, PetroChina
PetroChina Co., the nation’s second-largest oil refiner, started construction of an 8.2 billion-yuan ($1.2 billion) oil refinery in western China’s Ningxia province to tap rising demand.
The refinery will process 5 million metric tons of crude a year into products including 1.7 million tons of gasoline, 2.38 million tons of diesel and 210,000 tons of liquefied [...]
THE recent sharp tumble in international crude oil prices is set to give an earnings boost to China’s mainland money-losing refiners, but the fate of Sinopec Corp and PetroChina Co is still at the mercy of state policies.
Some experts said the sharp fall in crude had provided China’s policy makers with a golden chance to [...]
