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PetroChina

As its name suggests, PetroChina Company Ltd is the listed arm of state-owned China National Petroleum Corporation (CNPC). It is China's biggest oil producer, and is listed in Hong Kong, New York, and Shanghai.

Argentine ship seized over fuel bills

PUBLISHED : Tuesday, 31 August, 2010, 12:00am
UPDATED : Tuesday, 31 August, 2010, 12:00am

Chimbusco Pan Nation Petro-Chemical, an offshoot of PetroChina, has had a 64,200 deadweight tonne cargo ship arrested in Hong Kong. Owned by Maruba, Argentina's largest privately owned shipping company, the panamax ship Decurion was held over unpaid fuel bills running into millions of US dollars. In a writ filed by lawyers from Clyde & Co, Chimbusco said it was owed for 20 unpaid fuel contracts. A source at Chimbusco declined to say how much was owed. A panamax ship sailing between South America and Asia would typically consume about US$6 million worth of fuel on a single voyage based on prices this year. Decurion will be sold at auction unless Maruba takes steps to pay the fuel bills.

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