The government’s economic stimulus package will have a positive effect on the oil sector, analysts said.
If China succeeds in keeping economic growth above 8 percent in 2009, China’s oil demand could continue to grow. This means the potential for huge profits for domestic refiners, especially since the plunge in international oil prices has made domestic [...]
Sinopec Northwest Oilfield Company, based in Northwest China’s Xinjiang Uygur Autonomous Region, has produced 4.8524 million tons of crude oil so far this year, fulfilling 79.68 percent of its yearly target.
Now, its daily production reaches 17,687 tons, paving the way to actualize an annual oil and gas production of 10 million tons of oil equivalent [...]
The country should take advantage of a record drop in global crude oil prices to build up more reserves of the resource, analysts have said.
“Compared with the highest prices in July, crude oil prices have dropped by 50 percent. We should take advantage of the low prices to build more oil reserves,” said Lin Boqiang, [...]
A 300,000-ton crude oil terminal of China Petroleum and Chemical Corp (Sinopec Group), parent of the country’s largest petrochemical producer Sinopec<600028><386>, has been put into operation in North China’s Tianjin Municipality, sources reported.
As the supporting facility of Sinopec’s 1 million-ton-per-year ethylene project in Tianjin, the crude oil terminal is designed to have the annual throughput [...]
Sinopec’s largest refinery, Zhenhai plans to cut its crude processing rate by nearly 9 percent in November from last month due to repairs, an industry source said on Tuesday.
The plant in the coastal province of Zhejiang would shut a 100,000 barrels-per-day (bpd) crude oil unit from Nov. 20 for regular maintenance that would last for [...]
China Petroleum & Chemical Corp, Asia’s biggest oil refiner, said yesterday that it had asked the government to exempt taxes levied on the imports of crude oil and fuel to help boost profits.
If the exemptions were approved by the government, the changes would be reflected in the next-quarter report, financial officer Dai Houliang said.
Tags: Fuel, [...]
