China's oil refining party at an end as capacity is cut

Refining economics will have to improve to justify the expense of building and operating costly plants. Photo: EPA

Mainland refiners, like many before them, now realise that parties don't last forever and eventually everyone has to sober up. The decision by state-controlled giant PetroChina to put off two new refineries and delay expansion of another is the latest, most dramatic signal that the mainland's refined fuels capacity has expanded too fast.

Tuesday, 4 February, 2014, 5:44am

Niger to repay US$1 billion China Exim Bank loan from sales of oil produced by Chinese firm

Resources from the sale of oil produced in Niger by China National Petroleum Corp will be used to pay off the loan. Photo: Reuters

Niger has accepted a controversial US$1 billion loan from the Export-Import Bank of China (China Exim Bank) to finance development projects, the West African country’s planning minister said on Tuesday.

30 Oct 2013 - 3:39pm

Executive of supplier to scandal-plagued CNPC 'dies in fall'

A senior executive of a major supplier to the scandal-plagued CNPC has died amid a widening corruption scandal. Photo: Reuters

A senior executive of a major supplier to China National Petroleum Corporation (CNPC) has died, with one mainland media report saying she fell from a building in Chengdu.

26 Sep 2013 - 4:00pm 1 comment

Sichuan-based CNPC-supplier executives disappear amid widening graft probe

Li Guangyuan, chairman of Sichuan Star Cable Corp., seen at a Leshan party meeting last year. Photo: SCMP Pictures

Sichuan Star Cable, a Leshan, Sichuan province-based supplier of the oil and gas giant China National Petroleum Corporation, has said three of its executives have disappeared as party investigators are expanding their graft probes in the province.  

3 Sep 2013 - 4:24pm

Oil giant urges calm during corruption probe into four senior executives

A Chinese national flag flutters between PetroChina's flags at headquarters in Beijing. Photo: Reuters

The state-owned oil and gas giant once run by former Communist Party leader Zhou Yongkang has pledged to maintain stability despite a government corruption probe into four of its senior executives.

The piece was published on the day the South China Morning Post exclusively confirmed that Zhou Yongkang was himself under investigation over alleged graft. 

30 Aug 2013 - 2:49pm

Chinese oil giant CNPC seen buying more overseas energy assets

CNPC plans to increase overseas production to 200 million tonnes by 2015. Photo: Bloomberg

China National Petroleum Corp has already spent more money this year on energy assets than any other global producer. Oil and gas fields controlled by Exxon Mobil and Russia's Rosneft may be next on the list.

3 Sep 2013 - 1:02pm

CNPC looks over Petrobras assets worth US$2b

CNPC and its Hong Kong-traded PetroChina unit have established a presence in resource-rich South America. Photo: Bloomberg

The assets in Colombia and Peru could be worth about US$2 billion and CNPC may face competition from other South American producers, two of the sources said.

19 Jul 2013 - 5:08am

CNPC to pay over US$5b in Kashagan oil stake

An artificial island at the Kashagan oil project in the Caspian Sea. Photo: Reuters

Chinese state oil firm CNPC will buy a stake in Kazakhstan’s giant Kashagan oil project, through back-to-back deals with Kazmunaigaz through which ConocoPhillips will exit, the Kazakh state oil firm said.

2 Jul 2013 - 10:42am

Agency cuts ratings on power, resources firms

Guangdong Nuclear Power was one of two state firms targeted.

Fitch Ratings has downgraded its local-currency credit rating on two state-backed power generators and three resources firms, a day after the rating agency's downgrade of a Chinese sovereign rating by one notch.

11 Apr 2013 - 5:07am

CNPC chief Jiang Jiemin to take top job at Sasac in state shuffle

Jiang Jiemin led an aggressive expansion at CNPC. Photo: Dickson Lee

Jiang Jiemin, the head of the country's biggest oil and gas producer, has been picked to lead a ministry-level agency that oversees about 70 trillion yuan (HK$87 trillion) of non-financial state assets.

3 Sep 2013 - 1:00pm

CNPC in talks with Eni for US$4b gas assets in Mozambique

Italy's largest oil firm Eni. Photo: Reuters

Italy's largest oil firm might sell a 20 per cent stake in a gas block to CNPC to share the cost of developing the project, the people said, asking not to be identified because the talks are private.

11 Jun 2015 - 4:57pm

Business Digest, March 4, 2013

University of Macau

China National Petroleum Corp (CNPC) would spend 15 billion yuan (HK$18.49 billion) to upgrade the quality of fuel it refines, general manager Zhou Jiping said.

4 Mar 2013 - 4:32am

Jackie Chan’s China appointment draws Hong Kong ire

Jackie Chan arrives at the hotel served as an accommodation for the CPPCC members in Beijing. Photo: Xinhua

Hong Kong action star Jackie Chan this week joins China’s top political advisory body in a move analysts say highlights Beijing’s growing “soft power” efforts to project unity between itself and the former British colony.

2 Mar 2013 - 2:24pm

China pays top dollar for gas imports

China's gas imports are set to increase further this year.

Gas imports by sea and pipeline will rise 24 per cent in 2013, according to China National Petroleum Corp (CNPC), the nation's biggest energy explorer. Crude purchases will climb 7.3 per cent and account for 58 per cent of total consumption, CNPC estimated in its annual research report released on January 30.

8 Feb 2013 - 3:53am

State oil and pollution politics blamed for bad air in China

Severe pollution and haze has left Beijing choking for nearly a month. Photo: Simon Song/SCMP

Bureaucratic fighting between the environment ministry on the one hand and China National Petroleum Corp and Sinopec on the other has thwarted stricter emission standards for diesel trucks and buses – a main cause of air pollution blanketing dozens of China’s cities.

3 Feb 2013 - 2:32pm 1 comment