Gabon makes rare challenge to China over oil practices

Gabon’s President, Ali Bongo Ondimba, has said that the state-run oil chain should “have have mastery over the whole chain in the oil industry, from prospection to production, even to marketing.” Photo: AFP

Gabon has taken the exceptional step of withdrawing the right of Addax Petroleum, a subsidiary of Chinese oil giant Sinopec, to exploit an oilfield, raising concerns over possible repercussions on the business climate.

Tuesday, 9 July, 2013, 12:27pm

Beijing 'to increase reliance on Middle East oil'

A Chinese-operated oil rig in Sudan: China's imports from the Middle East, mainly fuel, hit US$160 billion in 2012. Photo: Bloomberg

China's dependence on Middle Eastern oil will increase in the coming years, while American dependence will decline, said speakers at the United States-China Economic and Security Review Commission hearing in Washington last week.

10 Jun 2013 - 4:52am

US exports crude oil to China

Men work the oilfields in California. US crude oil production will soon surpass oil imports. Photo: MCT

The US has started exporting crude oil to China for the first time since 2005, which analysts say gives Washington additional leverage in Sino-US relations and has major implications for the global oil market.

18 Apr 2013 - 5:54am

Oil and gas M&A set to take off

There has been flat demand for oil due to the weak global economy.

Flat to lower oil price expectations and rising production costs will drive oil and gas companies to seek growth from mergers and acquisitions in the next few years, according to analysts.

30 Mar 2013 - 4:37am

Impoverished Afghans look to exploit wealth below their feet

Wahidullah Shahrani, Afghanistan's Minister of Mines, is overseeing new laws. Photo: Paul Yeung

Afghanistan plans to put four or five oil and gas extraction and minerals mining projects out to tender for development this year, as the strife-ridden country reaches out to investors to help develop its vast resources.

27 Mar 2013 - 5:33am

Nexen deal shows how Chinese firms can do business in US

The CNOOC-Nexen deal shows foreign acquisitions needn't be a minefield for Chinese firms. Photo: Reuters

The fact that China National Offshore Oil Corporation's US$15.1 billion acquisition of Calgary-based Nexen went through successfully, with the required US approval, shows that direct investment capital flows from China are not always subject to political hijacking, as many on the mainland claim.

18 Mar 2013 - 1:41am 1 comment

Chavez was a clown whose policies cost a ruinous price

Venezuelan President Hugo Chavez. Photo: Xinhua

From a distance of 10,000 miles, it was easy to see Hugo Chavez as nothing but a clown.

It was pretty easy from up close, too. When the newly installed Venezuelan president visited Hong Kong in October 1999, his staff presented reporters with portraits of El Presidente dressed in gilded military uniform, complete with scarlet sash of office.

7 Mar 2013 - 6:25am 3 comments

Gwadar seaport holds key in China's energy search

A Pakistani soldier at the newly built Gwadar port. Photo: AP

China is expected to take operational control of the strategically located Gwadar port on Pakistan's southwestern coast this month. The state-run Chinese Overseas Port Holdings has bought the shares of Singapore's PSA International, the concession holder and operator of the port, under a deal approved by the Pakistan government.

12 Feb 2013 - 2:45am

Top Venezuela diplomat in Beijing to boost 'strategic alliance'

Party leader Yu Zhengsheng (right), meets with Venezuelan Foreign Minister Elias Jaua Milano, in Beijing. Photo: Xinhua

Vice President Nicolas Maduro said on Saturday that Foreign Minister Elias Jaua met in China with a senior Communist Party leader, Yu Zhengsheng.

3 Feb 2013 - 10:38am

CNOOC expects little change in output

CNOOC expects little change in output. Photo: Reuters

The five-year target excludes new acquisitions, such as its US$15.1 billion purchase of Canadian oil and gas firm Nexen, which is pending approval by United States regulators.

31 Jan 2013 - 5:20am

Rush to remove oil from grounded USS Guardian

A Philippine coastguard officer wades towards the grounded US minesweeper Guardian. Photo: AFP

The US Navy said yesterday it needed to remove thousands of litres of oil from a minesweeper stuck on World Heritage-listed coral in the Philippines, warning it was too badly damaged to be towed away.

25 Jan 2013 - 2:59am

Brightoil slumps 11pc after loss warning

Brightoil slumps 11pc after loss warning

Brightoil Petroleum, which once attributed its previously above-industry profit margin to its "buy low, sell high" trading strategy, plunged 11.2 per cent yesterday after it warned it expected to post an interim loss and had broken a loan covenant.

18 Jan 2013 - 5:27am

Sudan, South Sudan leaders agree to implement oil deal

Ethiopian Prime Minister Hailemariam Desalegn (left) greets the President of South Sudan Salva Kiir in Addis Ababa, Ethiopia on Saturday, ahead of a Presidential summit between Kiir and his Sudanese counterpart. Photo: AFP

The presidents of Sudan and South Sudan have agreed on Saturday, to demilitarise their shared borders and revive a stalled oil exportation deal that has lagged for months over disputes on the setup of security arrangements in the border regions.

6 Jan 2013 - 11:13am

Asian markets mixed after China, Japan data

A Chinese investor looks at a stock price monitor in Shanghai. Strong economic figures from China showing solid export growth have been largely cancelled out by economic growth data from Japan pointing to a possible contraction in the world’s third largest economy. Photo: AP

Asian markets were mixed Monday as another round of healthy Chinese data was offset by figures showing Japan’s economy shrinking, while fears over the US “fiscal cliff” also hurt sentiment.

The euro edged up slightly after Greek lawmakers said they had approved a 2013 budget that would secure the latest batch of bailout cash that will help it avoid bankruptcy.

12 Nov 2012 - 11:37am

Oil producer Sunshine Oilsands seeks C$300m to fund projects

A mountain of sulphur forms next to a mine in Fort McMurray.

Canada's Sunshine Oilsands, 29 per cent owned by Chinese state-backed firms, plans to raise between C$300 million (HK$2.33 billion) and C$350 million by seeking more bank loans to fund the development of its second oil sands production project in northern Alberta.

1 Nov 2012 - 4:48am