China National Petroleum Corporation (CNPC) is teaming up with China Petroleum & Chemical Corporation (Sinopec Group) to bid for the Peru-based private-held company, Petro-Tech Peruana, sources reported.
The potential deal is expected to cost between US$1.5 billion and US$2.5 billion, and the two Chinese state-owned companies, cooperating under Beijing’s coordination, expects Petro-Tech to announce the result [...]
Shanghai stocks yesterday climbed over 1 percent, led by energy-related companies after crude oil traded at US$119 a barrel, the lowest since early May.
The benchmark Shanghai Composite Index added 28.62 points, or 1.06 percent, to close at 2,719.37. Gainers outnumbered losers 494 to 338 and 75 remained unchanged. Turnover fell to 41.13 billion yuan (US$6 [...]
Sinopec has made an approach to Imperial Energy, the London-listed oil and gas explorer, which could derail takeover talks between the UK group and India’s ONGC.
The state-owned oil group, made an approach to Imperial last week and is in the process of conducting due diligence on a formal offer.Imperial’s assets are mostly in Russia. Sinopec [...]
Sinopec has reportedly offered to buy London-listed Imperial Energy Corp, a Russia-focused oil and gas company, in a deal that could derail a rival bid from an Indian firm.
British media said yesterday that listed Sinopec Corp made an approach to Imperial last week and has been allowed to conduct due diligence on a formal offer.
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Sinopec, China’s largest oil refiner, has launched a bid for the London-listed Imperial Energy as part of its overseas development.
Imperial Energy’s board has allowed Sinopec to start due diligence, the Sunday Telegraph reported, without revealing the source.
Sinopec is understood to have approached the Russian authorities and been given the approval to carry out a potential [...]
China will import less transport fuel in the month of the Olympics as domestic refiners raise output to ensure stable supply and as stockpiling slows amid a drop in crude oil prices, a Reuters survey showed.
The country will import 530,000 tonnes of diesel for August, almost 40 percent below last month’s 860,000 tonnes, trade estimates [...]
