https://www.scmp.com/rss/112962/feed The latest news, analysis and opinion on China National Petroleum Corporation (CNPC). In-depth analysis, industry insights and expert opinion. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com China Energy Reserve & Chemicals Group Co. said it hasn’t paid a US$350 million bond that matured earlier this month, in the latest example of China’s deleveraging campaign choking off financing for some companies. The oil and gas producer, which has US$1.8 billion of offshore notes outstanding, cited “tightening in credit conditions” for the default. The company plans to suspend this year’s interest payments on bonds due in 2021 and 2022 while it considers asset sales and seeks to restructure... https://www.scmp.com/business/companies/article/2148108/china-energy-reserve-would-be-real-estate-magnate-misses-payment?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148108/china-energy-reserve-would-be-real-estate-magnate-misses-payment?utm_source=rss_feed Mon, 28 May 2018 06:19:35 +0000 A company called C.H.M.T Peaceful Development Asia Property yesterday agreed to pay Hong Kong’s tycoon Li Ka-shing a record HK$40.2 billion (US$5.15 billion) for the city’s fifth-tallest tower, in what agents say is the world’s most expensive transaction for a single building. Just who exactly is the buyer? According to several people familiar with the deal, a consortium that’s 55 per cent owned by a unit of China’s state oil behemoth is behind the purchase, and 45 per cent of it is shared by a... https://www.scmp.com/property/hong-kong-china/article/2118175/chinas-state-oil-behemoth-gets-marquee-hong-kong-address?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2118175/chinas-state-oil-behemoth-gets-marquee-hong-kong-address?utm_source=rss_feed Thu, 02 Nov 2017 11:00:10 +0000 China National Petroleum Corp (CNPC) will install its domestic fuel sales chief to head the state-owned oil giant’s trading arm, succeeding Wang Lihua who is retiring after two decades guiding one of the world’s top oil merchants, sources said. Tian Jinghui, a vice president at PetroChina, CNPC’s listed subsidiary, and a veteran of its fuel marketing business, will be appointed chairman of CNPC’s trading unit China National United Oil Corp, or Chinaoil, three sources briefed on the matter said.... https://www.scmp.com/business/commodities/article/2089117/china-national-petroleum-appointing-new-head-trading-arm-wang?utm_source=rss_feed https://www.scmp.com/business/commodities/article/2089117/china-national-petroleum-appointing-new-head-trading-arm-wang?utm_source=rss_feed Wed, 19 Apr 2017 23:29:37 +0000 While dim sum bond issuance – yuan-denominated bonds issued in offshore yuan markets – has been shrinking for a few months, China’s’s top central bank officials say they remain hopeful about the market’s future. Central bank governor Zhou Xiaochuan and his deputy, Yi Gang, both believe the market is not at all doomed. The dim sum bond market had been an ideal place for mainland companies to get cheaper debt since its debut in 2007. But doubts have been raised over the past six months as the... https://www.scmp.com/news/china/policies-politics/article/1924010/chinas-central-bank-officials-remain-hopeful-about?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/1924010/chinas-central-bank-officials-remain-hopeful-about?utm_source=rss_feed Sat, 12 Mar 2016 15:15:45 +0000 China National Petroleum Corp (CNPC), the country’s biggest oil and gas producer, plans to spin off its oilfield-services business, chairman Wang Yilin said in Houston on Tuesday. CNPC was considering an initial public offering of the oilfield services business as part of its efforts to streamline and become more efficient, Wang said in a speech at the IHS CERAWeek conference. He did not provide details on timing or how large a stake would be spun off. The move comes amid President Xi Jinping’s... https://www.scmp.com/business/companies/article/1916184/chinas-cnpc-considering-oilfield-services-ipo-amid-reform-drive?utm_source=rss_feed https://www.scmp.com/business/companies/article/1916184/chinas-cnpc-considering-oilfield-services-ipo-amid-reform-drive?utm_source=rss_feed Wed, 24 Feb 2016 09:10:19 +0000 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. While it will no doubt continue to build refineries, the pace is likely to slow over the next few years, and new units will have to compete with other projects... https://www.scmp.com/business/commodities/article/1419912/chinese-oil-refiners-will-have-throttle-back-expansion-capacity?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1419912/chinese-oil-refiners-will-have-throttle-back-expansion-capacity?utm_source=rss_feed Mon, 03 Feb 2014 07:37:02 +0000 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. Repayment of the 25-year loan will start in eight years’ time “thanks to resources from the sale of oil being produced” by China National Petroleum Corporation in the east of the country, Amadou Boubacar Cisse announced. The agreement, the conditions of which Cisse said were “very favourable”,... https://www.scmp.com/business/china-business/article/1343686/niger-repay-us1-billion-china-exim-bank-loan-sales-oil?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1343686/niger-repay-us1-billion-china-exim-bank-loan-sales-oil?utm_source=rss_feed Wed, 30 Oct 2013 07:45:00 +0000 A senior executive of a major supplier to the scandal-plagued China National Petroleum Corporation (CNPC) has died, with one mainland media report saying she fell from a building in Chengdu . Sichuan Star Cable said in a statement that it had learnt of the death of its director and deputy general manager, He Yuying , "in recent days". The statement praised He's contribution to the company, but provided no information about the circumstances of her death. Caixin, a financial magazine, reported... https://www.scmp.com/news/china/article/1317814/executive-supplier-scandal-plagued-cnpc-dies-fall?utm_source=rss_feed https://www.scmp.com/news/china/article/1317814/executive-supplier-scandal-plagued-cnpc-dies-fall?utm_source=rss_feed Wed, 25 Sep 2013 16:00:00 +0000 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.   General Manager Shen Ludong and Chief Financial Officer Yang Ping have disappeared and neither the company nor their families have been able to contact them, company spokesman Feng Tao said in a telephone interview from the company’s headquarters in... https://www.scmp.com/news/china-insider/article/1302560/sichuan-based-cnpc-supplier-executives-disappear-amid-widening?utm_source=rss_feed https://www.scmp.com/news/china-insider/article/1302560/sichuan-based-cnpc-supplier-executives-disappear-amid-widening?utm_source=rss_feed Tue, 03 Sep 2013 07:27:16 +0000 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.  A report by China Petroleum Daily, a China National Petroleum Corporation company publication, on Friday shows how deeply the investigations... https://www.scmp.com/news/china-insider/article/1300584/cnpc-urges-calm-during-corruption-probe-four-senior-executives?utm_source=rss_feed https://www.scmp.com/news/china-insider/article/1300584/cnpc-urges-calm-during-corruption-probe-four-senior-executives?utm_source=rss_feed Fri, 30 Aug 2013 05:40:23 +0000 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. CNPC, the mainland's largest oil producer, has made more than US$9 billion of purchases this year - and has considered a further US$4 billion, according to people familiar with the matter - as part of a plan to double overseas output by 2015. Spending was likely to accelerate under Zhou... https://www.scmp.com/business/commodities/article/1294813/chinese-oil-giant-cnpc-seen-buying-more-overseas-energy-assets?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1294813/chinese-oil-giant-cnpc-seen-buying-more-overseas-energy-assets?utm_source=rss_feed Tue, 06 Aug 2013 16:00:00 +0000 China National Petroleum Corp (CNPC), the country's largest oil producer, is considering buying Petroleo Brasileiro (Petrobras) assets in South America, three people with knowledge of the matter said. 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. Brazilian state-owned Petrobras, the most indebted publicly traded oil company, has been shedding assets to help finance deep-water projects... https://www.scmp.com/business/commodities/article/1285703/cnpc-looks-over-petrobras-assets-worth-us2b?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1285703/cnpc-looks-over-petrobras-assets-worth-us2b?utm_source=rss_feed Thu, 18 Jul 2013 16:00:00 +0000 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. Lyazzat Kiinov, chief executive of Kazmunaigaz, confirmed the deal structure on the fringes of a summit of gas exporting nations in Moscow, telling Reuters that CNPC would pay more than US$5 billion for the stake. Conoco, which is in the process of whittling down its worldwide portfolio, has an... https://www.scmp.com/business/companies/article/1273708/cnpc-pay-over-us5b-kashagan-oil-stake?utm_source=rss_feed https://www.scmp.com/business/companies/article/1273708/cnpc-pay-over-us5b-kashagan-oil-stake?utm_source=rss_feed Tue, 02 Jul 2013 02:42:22 +0000 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. The agency yesterday said it had cut its long-term local-currency debt rating of China Guangdong Nuclear Power Holding, China National Petroleum Corp (CNPC) and China Petroleum & Chemical (Sinopec) to A-plus from AA-minus, that of China Yangtze Power to A-minus from A and Aluminum... https://www.scmp.com/business/companies/article/1211815/agency-cuts-ratings-power-resources-firms?utm_source=rss_feed https://www.scmp.com/business/companies/article/1211815/agency-cuts-ratings-power-resources-firms?utm_source=rss_feed Wed, 10 Apr 2013 16:00:00 +0000 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. Jiang, the chairman of China National Petroleum Corp, replaces Wang Yong as head of the State-owned Assets Supervision and Administration Commission, NetEase reported yesterday. Wang was promoted to become a state councillor. Sasac and CNPC spokesmen were unable to confirm the report last... https://www.scmp.com/business/china-business/article/1194014/cnpc-chief-jiang-jiemin-take-top-job-sasac-state-shuffle?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1194014/cnpc-chief-jiang-jiemin-take-top-job-sasac-state-shuffle?utm_source=rss_feed Mon, 18 Mar 2013 16:00:00 +0000 China National Petroleum Corp, the country's biggest oil company, is in talks with Eni for a stake in a gas project in Mozambique valued at as much as US$4 billion, according to two people with knowledge of the matter. 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. The companies had been in talks for at least six months and final terms had yet... https://www.scmp.com/business/commodities/article/1185710/cnpc-talks-eni-us4b-gas-assets-mozambique?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1185710/cnpc-talks-eni-us4b-gas-assets-mozambique?utm_source=rss_feed Thu, 07 Mar 2013 16:00:00 +0000 Oil giant plans 15b yuan fuel refining upgrade 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. CNPC would upgrade the standard of its fuel to China IV from China III, Zhou said. The country's largest oil companies announced the upgrade plans after air pollution in Beijing hit hazardous levels on 20 days in January. Bloomberg   Index signals slowing in service sector growth Mainland... https://www.scmp.com/business/china-business/article/1173868/business-digest-march-4-2013?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1173868/business-digest-march-4-2013?utm_source=rss_feed Sun, 03 Mar 2013 16:00:00 +0000 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. But the 58-year-old actor, famous in the West for “Rush Hour” and “Police Story”, faces a backlash in his hometown where the mainland is viewed with increasing suspicion. According to professor Sonny Ho, co-director at the Centre for Greater China Studies, Chan was selected to... https://www.scmp.com/news/hong-kong/article/1169587/jackie-chans-china-appointment-draws-hong-kong-ire?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1169587/jackie-chans-china-appointment-draws-hong-kong-ire?utm_source=rss_feed Sat, 02 Mar 2013 06:24:01 +0000 Record natural gas costs are doing nothing to dissuade China from boosting imports of the cleaner-burning fuel as the world's biggest emitter of greenhouse gases approaches its government-set limit for oil purchases. 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... https://www.scmp.com/business/commodities/article/1145564/china-pays-top-dollar-gas-imports?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1145564/china-pays-top-dollar-gas-imports?utm_source=rss_feed Thu, 07 Feb 2013 16:00:00 +0000 The search for culprits behind the rancid haze enveloping China’s capital has turned a spotlight on the country’s two largest oil companies and their resistance to tougher fuel standards. Bureaucratic fighting between the environment ministry on the one hand and China National Petroleum Corp (CNPC) 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. To be sure, many sources contribute... https://www.scmp.com/news/china/article/1142432/state-oil-and-pollution-politics-blamed-bad-air-china?utm_source=rss_feed https://www.scmp.com/news/china/article/1142432/state-oil-and-pollution-politics-blamed-bad-air-china?utm_source=rss_feed Sun, 03 Feb 2013 05:00:05 +0000 The Chinese economy's state-owned giants - dubbed "the elder sons of the republic" for always getting the best share of everything - have gone from strength to strength in the past decade. Seventy-three mainland companies - 68 of them state-owned - made it onto Fortune magazine's Global 500 list of the world's biggest corporations last year, up from just 11 in 2003 and outnumbering Japanese companies for the first time. State-owned China Petrochemical (Sinopec), China National Petroleum Oil... https://www.scmp.com/news/china/article/1034452/beijing-has-reform-its-loss-making-state-owned-firms-say-analysts?utm_source=rss_feed https://www.scmp.com/news/china/article/1034452/beijing-has-reform-its-loss-making-state-owned-firms-say-analysts?utm_source=rss_feed Tue, 11 Sep 2012 16:00:00 +0000 Antiwar.com -- How America Sees China If this is how our policies are viewed, how do we expect Chinese policymakers to react? Washington has been building new military bases and refurbishing old ones in the region in order to lay the ground-work for an “air-sea battle” with China. East Asia Forum -- The changing face of Chinese investment Chinese outward direct investment is a relatively new phenomenon. In 2002, the first year after China’s accession to the World Trade Organization, China’s... https://www.scmp.com/comment/blogs/article/1029147/morning-clicks-vietnam-claims-south-china-sea-oil-block-demands?utm_source=rss_feed https://www.scmp.com/comment/blogs/article/1029147/morning-clicks-vietnam-claims-south-china-sea-oil-block-demands?utm_source=rss_feed Mon, 03 Sep 2012 22:17:20 +0000 Beijing yesterday reacted furiously to new Washington sanctions imposed on a Chinese bank owned and run by China National Petroleum Corporation (CNPC) over transactions with Iran. The Foreign Ministry said it would lodge an official protest and warned that America's move would damage Sino-US relations. It also urged the White House to revoke the sanction. 'The US sanctions against Chinese financial institutions badly violate rules governing international relations and hurt China's interests,'... https://www.scmp.com/article/1008288/china-protests-us-bank-sanctions?utm_source=rss_feed https://www.scmp.com/article/1008288/china-protests-us-bank-sanctions?utm_source=rss_feed Wed, 01 Aug 2012 16:00:00 +0000 Two mainland companies unveiled plans to go public in Hong Kong, targeting a total of HK$2 billion after earlier delaying their announcements due to poor market conditions. SPT Energy, a Beijing-based drilling and well-services provider, aims to raise up to HK$546 million by selling 335 million shares at HK$1.23 to HK$1.63 each. It is pitching its shares at 7.6 to 10 times this year's forecast earnings. Rival Anton Oilfield Services last traded at 10.2 times this year's estimated earnings.... https://www.scmp.com/article/987749/energy-cement-firms-eye-total-hk2b-ipos?utm_source=rss_feed https://www.scmp.com/article/987749/energy-cement-firms-eye-total-hk2b-ipos?utm_source=rss_feed Tue, 13 Dec 2011 16:00:00 +0000 CNPC (Hong Kong), a unit of the country's largest oil company, said high exploration costs helped contribute to a 20 per cent fall in profit last year to HK$1.37 billion on sales of HK$3.84 billion, down 1.3 per cent. The company plans a 12 HK cents dividend in June, subject to approval. The company said exploration activity was raised to benefit from high global oil prices, but had yet to realise earnings gains. Stripping out oilfield exploration expenses during 2007, profit after tax... https://www.scmp.com/article/633670/exploration-expenses-eat-earnings?utm_source=rss_feed https://www.scmp.com/article/633670/exploration-expenses-eat-earnings?utm_source=rss_feed Sun, 13 Apr 2008 16:00:00 +0000 China's largest oil and gas producer will raise spending 25pc to 250b yuan as production from mature oil fields dwindles China National Petroleum Corp (CNPC), the nation's largest oil and gas producer, will raise investment in production and distribution capacity by 25 per cent to 250 billion yuan this year, as it strives to offset dwindling output from mature oil fields and lift gas production. CNPC, the parent company of Hong Kong and New York-listed PetroChina, aims to raise its natural gas... https://www.scmp.com/article/578009/cnpc-boosts-investment-lift-output?utm_source=rss_feed https://www.scmp.com/article/578009/cnpc-boosts-investment-lift-output?utm_source=rss_feed Tue, 09 Jan 2007 16:00:00 +0000 CNPC (Hong Kong) has signed a letter of intent to buy a 70 per cent stake in an oil and gas firm operating in Indonesia, and provide US$60 million of loans to fund its exploration and development expenditure. The deal may further diversify the company's mixture of projects that spans from Xinjiang Autonomous Region and Liaoning province on the mainland, to Azerbaijan, Myanmar, Oman, Peru and Thailand. CNPC (Hong Kong), a local investment arm of China's largest oil and gas producer, China... https://www.scmp.com/article/556257/cnpc-buy-70pc-oil-and-gas-firm-indonesia?utm_source=rss_feed https://www.scmp.com/article/556257/cnpc-buy-70pc-oil-and-gas-firm-indonesia?utm_source=rss_feed Tue, 11 Jul 2006 16:00:00 +0000 Today 1st Qtr/Int: Shandong Molong Petroleum Machinery Quarter: Convenience Retail Asia Interim: BALtrans Holdings Final: Asia TeleMedia, Asia Tele-Net, Brilliance China Automotive, Capital Prosper, CCT Tech, CCT Telecom, China Southern Airlines, CNPC (Hong Kong), Everbest Century, Forefront International, Fortuna Internationa, Global Green Tech, Golden 21 Investment, Grande Holdings, Hans Energy, Incutech Investments, Landune International, Luoyang Glass, Maanshan Iron & Steel, MAXX... https://www.scmp.com/article/498021/results-diary?utm_source=rss_feed https://www.scmp.com/article/498021/results-diary?utm_source=rss_feed Sun, 24 Apr 2005 16:00:00 +0000 China is entering a new cycle of accelerated economic growth underpinned by booming demand from industrialisation and a growing middle class, says JP Morgan. In a report, the brokerage spelled out its bullish outlook founded on the belief these forces of demand would lead to an expansion cycle of 18 to 24 months. It gave the thumbs up to oil and gas, real estate, motor vehicles, petrochemicals, commodities and machinery. On the downside, JP Morgan advised steering clear of power generators,... https://www.scmp.com/article/445449/twin-demand-will-drive-china-says-jp-morgan?utm_source=rss_feed https://www.scmp.com/article/445449/twin-demand-will-drive-china-says-jp-morgan?utm_source=rss_feed Sat, 21 Feb 2004 16:00:00 +0000 HOLD TravelSky Technology Closing price: $7.60 Target price: $8 Share price performance (%) 1wk: 9.52 3mths:21.89 1mth:14.38 1yr: 74.86 Analyst Belinda Chan has lowered her recommendation from a 'buy' to 'hold', saying the present valuation has priced in the rapid future growth profile of the mainland air travel market despite the company providing excellent long-term proxy to air travel in China. Rather, Ms Chan believes Asia-Pacific aviation equities such as China Southern Airlines... https://www.scmp.com/article/435423/upgrades-and-downgrades?utm_source=rss_feed https://www.scmp.com/article/435423/upgrades-and-downgrades?utm_source=rss_feed Thu, 20 Nov 2003 16:00:00 +0000 A lawyer says the firm has legal recourse despite a deal made during a UN ban China National Petroleum Corp (CNPC) should argue its oil concession in Iraq is valid even though the signing of the agreement contravened United Nation sanctions, according to a lawyer. Peter Roberts, partner and head of the Asia energy practice of international law firm Jones Day, said that given the oil giant would probably be excluded from the first wave of investment to be allowed by the new Iraqi government, it... https://www.scmp.com/article/415174/cnpc-urged-defend-iraq-oil-claim?utm_source=rss_feed https://www.scmp.com/article/415174/cnpc-urged-defend-iraq-oil-claim?utm_source=rss_feed Sun, 11 May 2003 16:00:00 +0000 China National Petroleum Corp (CNPC), the mainland's largest oil company, has lifted crude oil output by 0.4 per cent to 80.5 million tonnes in the first nine months of this year as it took advantage of higher oil prices. CNPC's natural-gas production rose 10.4 per cent to 11.9 billion cubic feet. It produced more oil and natural gas because of higher prices and improved demand. https://www.scmp.com/article/296677/cnpc-lifts-output-good-times?utm_source=rss_feed https://www.scmp.com/article/296677/cnpc-lifts-output-good-times?utm_source=rss_feed Thu, 14 Oct 1999 16:00:00 +0000 CNPC (Hong Kong) might invest in the development of oil transmission pipelines within mainland cities, according to executive chairman Zhang Ruchun. After the company's annual general meeting yesterday he said it had completed a study of the potential of the business and was now in discussions with mainland parties about a possible investment. He declined to reveal the size of the project or whether it would be among the new investments the company hoped to make this year. Fund-raising... https://www.scmp.com/article/285394/mainland-pipelines-lure-cnpc-invest?utm_source=rss_feed https://www.scmp.com/article/285394/mainland-pipelines-lure-cnpc-invest?utm_source=rss_feed Wed, 16 Jun 1999 16:00:00 +0000 CNPC (Hong Kong), the listed arm of mainland oil giant China National Petroleum Corp, saw net profit more than double to $134.21 million last year. The result was bolstered by contributions from a new project, the Leng Jiapu oil field, which more than offset a drop in the price of crude oil. The company earned $63.10 million in 1997. It reported a 140.34 per cent jump in turnover to $776.85 million and an 111.34 per cent increase in operating profit to $180.76 million. Diluted earnings... https://www.scmp.com/article/281838/gains-oil-field-help-fire-cnpc-profits-134m?utm_source=rss_feed https://www.scmp.com/article/281838/gains-oil-field-help-fire-cnpc-profits-134m?utm_source=rss_feed Wed, 12 May 1999 16:00:00 +0000 State-owned China National Petroleum (CNPC) has met its four billion yuan profit target in 1998, the China News Service said yesterday. However, the Asian financial crisis, rampant domestic oil smuggling and low international oil prices had forced the group to cut output by 1.39 million tonnes. CNPC's sales were 201 billion yuan, and pre-tax profits reached 29.75 billion yuan, it said without giving comparative figures. CNPC's oil fields produced 107.35 million tonnes of crude oil and 14.89... https://www.scmp.com/article/267653/cnpc-hits-target-despite-cuts?utm_source=rss_feed https://www.scmp.com/article/267653/cnpc-hits-target-despite-cuts?utm_source=rss_feed Thu, 31 Dec 1998 16:00:00 +0000 CNPC (Hong Kong) will raise $231.9 million from the issue of 206.3 million new shares to its parent to partly finance the purchase of a 70 per cent production sharing interest in a northeastern Leng Jiapu oilfield from its ultimate parent. Secretary Lau Hak-woon said CNPC demanded Sun World subscribe for the new shares at $1.124 under a conditional agreement signed in February. On completion of the deal, Sun World's interest in the red chip will rise to 54.7 per cent from 52.9 per cent. https://www.scmp.com/article/265194/parent-subscribes-cnpc-shares?utm_source=rss_feed https://www.scmp.com/article/265194/parent-subscribes-cnpc-shares?utm_source=rss_feed Tue, 08 Dec 1998 16:00:00 +0000 CNPC (Hong Kong) - 50.51 per cent owned by China National Petroleum Corp - said Great Wall Drilling, an indirect subsidiary, would rent to its other subsidiary, Sino-US Petroleum, cementing equipment for 18 months. https://www.scmp.com/article/243107/cnpc-signs-rent-deal?utm_source=rss_feed https://www.scmp.com/article/243107/cnpc-signs-rent-deal?utm_source=rss_feed Tue, 02 Jun 1998 16:00:00 +0000 CNPC (Hong Kong) should not be affected by its mainland parent's move to cut crude oil production by about 5 per cent, Guo Zeguang, the vice-president of its Hong Kong parent CNPC Hong Kong (Holdings), said. Mr Guo said the listed company's projects in Liaohe and Karamay, which were included in its plans to cut production, were relatively independent from the remainder of its parent's oilfields. Mr Guo also said the Hong Kong-listed arm might move into downstream operations following the... https://www.scmp.com/article/235853/cnpc-arm-shrugs-oil-curbs?utm_source=rss_feed https://www.scmp.com/article/235853/cnpc-arm-shrugs-oil-curbs?utm_source=rss_feed Fri, 03 Apr 1998 16:00:00 +0000 CNPC (Hong Kong) says shareholder Sun World has completed the first subscription of new CNPC shares. CNPC said 260 million new shares were issued to Sun World under the first subscription, raising about $596 million. Following completion of the share issue, Sun World and associated parties will hold a 50.61 per cent interest in CNPC. The deal values CNPC shares at $2.35 each. CNPC shares last traded at $1.69 on Friday. https://www.scmp.com/article/230839/cnpc-issue-complete?utm_source=rss_feed https://www.scmp.com/article/230839/cnpc-issue-complete?utm_source=rss_feed Sun, 22 Feb 1998 16:00:00 +0000 Mainland oil monopoly China National Petroleum Corp (CNPC) is preparing to allow five more subsidiaries to tap stock markets as part of a move to diversify shareholding structure. The five enterprises ready to be floated include two B share candidates, Qinghai Oilfield Natural Gas and Jilin Hongyuan Oil Development. Liaohe Jinma Oilfield, Hanjiang drill plant and Zhongyuan Oil and Gas would attempt flotations on the domestic investor-only A share market. Later this year, CNPC's listed arm... https://www.scmp.com/article/229480/mainland-listing-cnpc-arms?utm_source=rss_feed https://www.scmp.com/article/229480/mainland-listing-cnpc-arms?utm_source=rss_feed Wed, 11 Feb 1998 16:00:00 +0000 Red chip CNPC (Hong Kong) has announced it will sell $386.5 million worth of new shares to 47.87 per cent shareholder Sun World. The sale will enlarge Sun World's direct stake to 50.61 per cent of CNPC's enlarged issued share capital, although Sun World will effectively control 53.96 per cent of CNPC shares through related parties. The sale values CNPC shares at about $1.08 per share. CNPC closed trading yesterday at $1.74 per share. The company said proceeds from the deal would be used to fund... https://www.scmp.com/article/228654/sun-world-control-cnpc?utm_source=rss_feed https://www.scmp.com/article/228654/sun-world-control-cnpc?utm_source=rss_feed Wed, 04 Feb 1998 16:00:00 +0000 Mainland petroleum giant CNPC (Hong Kong) says it is not aware of the reasons behind its recent share price increase and trading volume. It said it is not involved in any negotiations over acquisitions or realisations other than those already disclosed. https://www.scmp.com/article/228541/price-rise-baffles-cnpc?utm_source=rss_feed https://www.scmp.com/article/228541/price-rise-baffles-cnpc?utm_source=rss_feed Tue, 03 Feb 1998 16:00:00 +0000 Red chip CNPC (Hong Kong) has applied to the stock exchange to extend the deadline for the despatch of a circular on its proposed purchase of an oilfield in northeastern China. The original deadline falls today but the oil company said it intended to send out the circular by next month. https://www.scmp.com/article/227251/cnpc-seeks-extension?utm_source=rss_feed https://www.scmp.com/article/227251/cnpc-seeks-extension?utm_source=rss_feed Tue, 20 Jan 1998 16:00:00 +0000 Red chip CNPC (Hong Kong) has extended the completion date for its new share subscription to January 23 because it needs time to collect information to prove the independence of a placee of the new shares. Last month, it said shareholder Sun World was placing 260 million existing shares to independent investors and CNPC would place 260 million new shares to Sun World. The company also said it had acquired a 70 per cent interest in the Leng Jia Pu oilfield in Liaoning province. https://www.scmp.com/article/226489/cnpc-share-placement-delayed?utm_source=rss_feed https://www.scmp.com/article/226489/cnpc-share-placement-delayed?utm_source=rss_feed Wed, 14 Jan 1998 16:00:00 +0000 China National Petroleum Corp (CNPC) has set production targets of 143 million tonnes of crude oil and 16.5 billion cubic metres of natural gas for this year, the Xinhua news agency says. Last year, CNPC produced 143.2 million tonnes of oil and 17.17 billion cubic metres of natural gas. It did not say why oil and gas output was forecast to fall. State-owned CNPC said it planned to verify 600 million tonnes of oil reserves and 50 billion cubic metres of gas reserves this year. https://www.scmp.com/article/226490/oil-gas-production-slide?utm_source=rss_feed https://www.scmp.com/article/226490/oil-gas-production-slide?utm_source=rss_feed Wed, 14 Jan 1998 16:00:00 +0000 Mainland petroleum H-share CNPC (Hong Kong) said yesterday it was unaware of any reasons for the sharp decline in its share price. In December, the company announced that shareholder Sun World was placing 260 million existing shares to independent investors and that CNPC would place 260 million new shares to Sun World. It also announced the acquisition of a 70 per cent interest in the Leng Jiapu oilfield in Liaoning. Since December 31, CNPC shares have dropped from $2.18 to $1.02 yesterday. https://www.scmp.com/article/226357/cnpc-says-price-drop-mystery?utm_source=rss_feed https://www.scmp.com/article/226357/cnpc-says-price-drop-mystery?utm_source=rss_feed Tue, 13 Jan 1998 16:00:00 +0000 CNPC (Hong Kong) is to pay more than one billion yuan (about HK$930.9 million) to its parent for a 70 per cent production sharing interest in an oilfield in the northeast province of Liaoning. The announcement of the deal came about a year after the listed arm of the China National Petroleum Corp revealed it was in discussion to jointly develop and produce crude oil in the Leng Jiapu Oilfield in Liaohe. The firm will finance the project by net proceeds of about $596 million from a share... https://www.scmp.com/article/224917/cnpc-arm-buy-oilfield-stake?utm_source=rss_feed https://www.scmp.com/article/224917/cnpc-arm-buy-oilfield-stake?utm_source=rss_feed Wed, 31 Dec 1997 16:00:00 +0000 China National Petroleum Co (CNPC) and Global Oil Co of Australia have signed two contracts to develop oil reserves in Jilin, a CNPC spokesman said yesterday. The Da'an oilfield, covering 253 square kilometres, and the Miao-3 oilfield, covering 81 sq km, boast good oil-bearing conditions. https://www.scmp.com/article/223550/oil-contracts-signed?utm_source=rss_feed https://www.scmp.com/article/223550/oil-contracts-signed?utm_source=rss_feed Wed, 17 Dec 1997 16:00:00 +0000 CNPC (Hong Kong) yesterday launched its long-awaited share placement, raising $611 million to help finance its purchase of the Leng Jiapu oilfield project. The size of the sale, managed by ABN-AMRO Rothschild, was increased to 260 million shares after the original offer of 200 million was more than three times subscribed. The shares were sold at $2.35 each, representing a 11.3 per cent discount to yesterday's close of $2.65 - down 7.5 cents from a day earlier. An ABN-AMRO Rothschild... https://www.scmp.com/article/223232/placement-cnpc-raises-611m-oil-acquisition?utm_source=rss_feed https://www.scmp.com/article/223232/placement-cnpc-raises-611m-oil-acquisition?utm_source=rss_feed Mon, 15 Dec 1997 16:00:00 +0000 Red chip CNPC (Hong Kong) has still not had a valuation report on a possible joint development at the Leng Jiapu Oilfield on the mainland. It said reports that the project had been given the go-ahead by the relevant mainland authorities were not true and the company was still in the process of seeking approval. The company said negotiations with the Liaohe Petroleum Exploration Bureau were still in progress and no binding commitment had been entered into. CNPC (Hong Kong) is the locally listed... https://www.scmp.com/article/216670/cnpc-awaits-word-oil-field?utm_source=rss_feed https://www.scmp.com/article/216670/cnpc-awaits-word-oil-field?utm_source=rss_feed Sun, 26 Oct 1997 16:00:00 +0000