https://www.scmp.com/rss/34103/feed China Petroleum & Chemical Corporation, or Sinopec Ltd, is a Beijing-based oil and gas company which is listed in Hong Kong, Shanghai and New York (NYSE: SNP). It is one of the world’s biggest companies by revenue. Sinopec Ltd’s parent, Sinopec Group is one of China’s biggest petroleum groups. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Dulue Mbachu Dulue Mbachu As the energy shock unleashed by tensions in the Middle East rippled through Africa, a massive oil refinery in Nigeria’s biggest city of Lagos, owned by Africa’s wealthiest man, came to the rescue. Running at its full capacity of 650,000 barrels per day, the world’s biggest single-train refinery supplied fuel to many African countries that usually relied on imports through the Strait of Hormuz, from Senegal in the west to Mozambique in the southeast. Built at a cost of about US$20 billion,... https://www.scmp.com/news/china/diplomacy/article/3352256/fuelling-continent-how-chinas-engineering-prowess-built-africas-biggest-oil-refinery?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3352256/fuelling-continent-how-chinas-engineering-prowess-built-africas-biggest-oil-refinery?utm_source=rss_feed Sun, 03 May 2026 08:00:14 +0000 Zhang Shidong Zhang Shidong Chinese oil producers have seen market gains after two of the country’s major players reported stronger first-quarter earnings, buoyed by a surge in crude prices. Shares of China Petroleum and Chemical Corp, also known as Sinopec, rose 2.4 per cent to HK$4.70 in Hong Kong, while its Shanghai-listed stock gained 1.3 per cent to 5.42 yuan. China National Overseas Oil Corporation (CNOOC) climbed 1.4 per cent to HK$29.38 and PetroChina rallied 2.7 per cent to HK$11.98. Oil stocks have been in focus... https://www.scmp.com/business/china-business/article/3351788/china-oil-stocks-rise-crude-rally-lifts-sinopec-cnooc-earnings?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3351788/china-oil-stocks-rise-crude-rally-lifts-sinopec-cnooc-earnings?utm_source=rss_feed Wed, 29 Apr 2026 04:28:37 +0000 Victoria Bela Victoria Bela China is doubling down on mega chemical plants to secure the “industrial gold” needed for its green technology and to scale the coal-based production of chemicals whose global supply is stalled by conflict in the Middle East. On March 20, construction began on the world’s largest coal-to-ethylene glycol project in Xinjiang’s Turpan prefecture, which is expected to produce 2.4 million tonnes per year, according to state news agency Xinhua. China’s first 100,000-tonne/year solution process-based... https://www.scmp.com/news/china/science/article/3348522/china-doubles-down-chemical-plant-expansion-tech-breakthrough-amid-iran-war?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3348522/china-doubles-down-chemical-plant-expansion-tech-breakthrough-amid-iran-war?utm_source=rss_feed Wed, 01 Apr 2026 04:00:09 +0000 Matthew Cheng Matthew Cheng Hong Kong authorities are facing mounting pressure from lawmakers to roll out more measures to rein in surging fuel prices, including a requirement for firms to disclose pricing formulas when bidding for petrol stations – an idea the environment minister said could be considered. Secretary for Environment and Ecology Tse Chin-wan told the Legislative Council on Wednesday the government was open to reviewing the current tender policy for petrol station sites to bring down fuel prices, a proposal... https://www.scmp.com/news/hong-kong/transport/article/3347850/hong-kong-weighs-petrol-pricing-disclosure-rule-tenders-fuel-costs-surge?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3347850/hong-kong-weighs-petrol-pricing-disclosure-rule-tenders-fuel-costs-surge?utm_source=rss_feed Wed, 25 Mar 2026 08:28:25 +0000 Harvey Kong,Theodora Yu,Oscar Liu Harvey Kong,Theodora Yu,Oscar Liu Hong Kong customs officers have intercepted more cross-border vehicles suspected of smuggling petrol into the city as fuel prices surge amid the war in the Middle East. Commissioner of Customs and Excise Chan Tsz-tat said some vehicles had even increased the capacity of their fuel tanks to carry more petrol for supplying illegal filling stations. “In the past few weeks, we have uncovered many such cases including private cars that had enlarged their fuel tank capacity and made other... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3346170/hong-kong-customs-seizes-more-fuel-smuggling-trucks-iran-war-lifts-prices?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3346170/hong-kong-customs-seizes-more-fuel-smuggling-trucks-iran-war-lifts-prices?utm_source=rss_feed Wed, 11 Mar 2026 03:28:47 +0000 Connor Mycroft,Leopold Chen Connor Mycroft,Leopold Chen Some Hong Kong industries have warned that surging fuel prices due to the war in the Middle East could hinder their recovery and be passed on to consumers, even as authorities are communicating with local oil companies to monitor the effects locally. But economists suggested the city was well positioned to manage the oil shock in the near term as the US-Israel war on Iran entered its 11th day on Tuesday. Oil markets have been volatile since the United States and Israel jointly attacked Iran at... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3346060/hong-kong-monitors-fuel-prices-iran-war-sparks-premature-and-unfair-hikes?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3346060/hong-kong-monitors-fuel-prices-iran-war-sparks-premature-and-unfair-hikes?utm_source=rss_feed Tue, 10 Mar 2026 05:13:19 +0000 Leopold Chen,Kevin Li Leopold Chen,Kevin Li Hong Kong’s transport sector is considering a temporary fuel surcharge for deliveries as pump prices are expected to climb further this week, industry representatives have said, with the war in the Middle East – now in its 10th day – showing no signs of easing. Ringo Lee Yiu-pui, governor and honorary life president of the Hong Kong, China Automobile Association, said on Monday that fuel prices in the city had been climbing even though petrol retailers were still selling inventories bought... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345934/surcharges-eyed-hong-kong-fuel-prices-set-rise-amid-iran-war?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345934/surcharges-eyed-hong-kong-fuel-prices-set-rise-amid-iran-war?utm_source=rss_feed Mon, 09 Mar 2026 05:39:27 +0000 Cao Li Cao Li While oil dominates headlines amid the escalating US-Iran conflict, Chinese retail investors are zeroing in on a different concern: peppering listed companies with questions about how the turmoil could disrupt supplies of everything from fertilisers to pharmaceutical products that contain the prized spice saffron. “Given that Iran accounts for more than 90 per cent of global saffron exports, which have now been suspended, will your company continue producing saffron-containing footbath packs and... https://www.scmp.com/business/article/3345805/oil-saffron-how-us-iran-conflict-rattling-chinese-investors?utm_source=rss_feed https://www.scmp.com/business/article/3345805/oil-saffron-how-us-iran-conflict-rattling-chinese-investors?utm_source=rss_feed Sun, 08 Mar 2026 03:30:10 +0000 Daniel Ren Daniel Ren Beijing has given the green light to an asset-restructuring deal involving the country’s largest oil refiner and a leading distributor of jet fuel, continuing efforts to streamline operations of major state-owned juggernauts. China Petroleum and Chemical Corp, better known as Sinopec, and China National Aviation Fuel Group (CNAF) will conduct a revamp of their assets after receiving the nod from the State Council, the State-owned Assets Supervision and Administration Commission (SASAC) said in a... https://www.scmp.com/business/banking-finance/article/3339225/chinas-oil-giants-sinopec-cnaf-undergo-consolidation-creating-energy-powerhouse?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339225/chinas-oil-giants-sinopec-cnaf-undergo-consolidation-creating-energy-powerhouse?utm_source=rss_feed Thu, 08 Jan 2026 13:34:35 +0000 Ji Siqi Ji Siqi With their domestic profits narrowing and production capacity expanding, China’s firms are continuing to widen their overseas footprints in search of new, more lucrative markets. In this series, we examine China Inc.’s next phase of “going global” and the complex, challenging international environment its companies have chosen to enter. In early November, the chairman of one of China’s top construction machinery makers was spotted touring potential factory sites in Piracicaba, a city in... https://www.scmp.com/economy/china-economy/article/3335198/blue-ocean-market-why-brazil-becoming-magnet-chinese-investment?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3335198/blue-ocean-market-why-brazil-becoming-magnet-chinese-investment?utm_source=rss_feed Thu, 04 Dec 2025 22:00:15 +0000 Igor Patrick Igor Patrick Mexico has slapped a permanent duty on Chinese imports of specialised synthetic rubber, saying a surge of low-priced shipments of the material used in a wide array of products weakened its only producer at a time when the government is stepping up trade defences to protect local industries and manage rising friction with Beijing. The Economy Ministry said that imports of styrene butadiene styrene, known as SBS, will face a specific charge of US$0.8324 per kilogram. SBS is a thermoplastic rubber... https://www.scmp.com/news/china/article/3332710/mexico-finds-chinese-rubber-dumping-moves-impose-permanent-duty?utm_source=rss_feed https://www.scmp.com/news/china/article/3332710/mexico-finds-chinese-rubber-dumping-moves-impose-permanent-duty?utm_source=rss_feed Thu, 13 Nov 2025 20:48:58 +0000 Victoria Bela Victoria Bela Recycling sand and gravel aggregates from construction and demolition waste could meet half of China’s demand for the materials essential for building skyscrapers, roads and railways by 2050, a Chinese-led study has found. By embracing a circular economy strategy, some provinces could achieve aggregate recycling rates as high as 65 per cent, the team led by researchers from Tsinghua University found. This could significantly ease China’s annual aggregate demand, which is projected to halve by... https://www.scmp.com/news/china/science/article/3331705/half-chinas-raw-building-materials-could-be-recycled-mid-century-study?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3331705/half-chinas-raw-building-materials-could-be-recycled-mid-century-study?utm_source=rss_feed Sat, 08 Nov 2025 02:00:10 +0000 Bloomberg Bloomberg US President Donald Trump said he may discuss a decline in Chinese purchases of Russian oil with Xi Jinping following US sanctions on two major oil companies and expressed disappointment with Vladimir Putin over his conduct of the war in Ukraine. Trump, speaking to reporters en route to Asia to meet world leaders, including Xi, said he hopes his talks on Thursday with the Chinese president would yield “a complete deal”. An increasingly acrimonious stand-off between the US and China over trade,... https://www.scmp.com/news/world/united-states-canada/article/3330339/trump-targets-complete-deal-china-when-he-meets-xi?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3330339/trump-targets-complete-deal-china-when-he-meets-xi?utm_source=rss_feed Sat, 25 Oct 2025 22:06:05 +0000 Carol Yang Carol Yang China has discovered deep shale gas reserves in two major gas fields in the southwest, each holding more than 100 billion cubic metres (bcm) of proven reserves, as the country continues its push for greater energy security. The state-owned China Petroleum and Chemical Corp (Sinopec) said late Thursday that the government had certified 165 bcm of natural gas reserves at the Hongxing field, which spans Hubei province and Chongqing municipality. “It proves the Hongxing region’s strong resource... https://www.scmp.com/economy/china-economy/article/3322759/china-discovers-2-major-shale-gas-fields-boost-energy-security?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3322759/china-discovers-2-major-shale-gas-fields-boost-energy-security?utm_source=rss_feed Fri, 22 Aug 2025 05:20:55 +0000 Luna Sun Luna Sun While its home-grown airliners bring China the most attention in the complex, lucrative field of aviation, the country is also making strides in an equally important realm: the many components necessary to ensure the safe, smooth operation of jets and other aircraft. Recent developments in a number of areas show Beijing is continuing to reduce its reliance on foreign parts, close long-standing technological gaps and assert itself as a major player in civil aviation at all levels of the supply... https://www.scmp.com/economy/china-economy/article/3320682/nose-tail-how-china-reshaping-aviation-supply-chain?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3320682/nose-tail-how-china-reshaping-aviation-supply-chain?utm_source=rss_feed Mon, 04 Aug 2025 09:00:35 +0000 Zhang Shidong Zhang Shidong Concerns about the durability of China’s growth and corporate earnings reports sent Hong Kong stocks to their steepest weekly decline in nearly four months, as investors moved beyond their optimism about the outcomes of tariff talks. The Hang Seng Index retreated 1.1 per cent to 24,507.81 at the close on Friday. For the week, the gauge was down 3.5 per cent, its biggest such loss since April 11. The Hang Seng Tech Index lost 1 per cent. On the mainland, the CSI 300 Index climbed 0.1 per cent and... https://www.scmp.com/business/china-business/article/3320359/hong-kong-stocks-course-first-weekly-loss-month-china-growth-earnings-jitters?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3320359/hong-kong-stocks-course-first-weekly-loss-month-china-growth-earnings-jitters?utm_source=rss_feed Fri, 01 Aug 2025 02:37:35 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks kicked off the week’s trading on a strong note on Monday, with the benchmark extending the gain from a three-year high as optimism about the resilience of China’s growth and the risk-on mood in global equities buoyed sentiment. The Hang Seng Index rose 0.7 per cent to 24,994.14 at the close, a level not seen since November 19, 2021. The Hang Seng Tech Index gained 0.8 per cent. The city’s financial markets opened for trading despite the aftermath of Typhoon Wipha on Sunday,... https://www.scmp.com/business/china-business/article/3318944/hong-kong-stocks-extend-3-year-high-china-growth-optimism?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3318944/hong-kong-stocks-extend-3-year-high-china-growth-optimism?utm_source=rss_feed Mon, 21 Jul 2025 02:21:59 +0000 June Xia June Xia China has launched a fully seawater-based solar energy system – the first of its kind suitable for industrial use and large-scale power production – as part of broader efforts to expand renewables in coastal regions, boost the maritime economy and drive industrial innovation. Located in Qingdao, Shandong province, the floating solar station builds upon another offshore photovoltaic power generation project launched in late May. Together, they form the largest initiative of its kind by Sinopec,... https://www.scmp.com/economy/china-economy/article/3316987/solar-energy-milestone-china-taps-ocean-breakthrough-industry?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3316987/solar-energy-milestone-china-taps-ocean-breakthrough-industry?utm_source=rss_feed Sat, 05 Jul 2025 08:00:13 +0000 Lo Hoi-ying,Jiang Chuqin,Leopold Chen Lo Hoi-ying,Jiang Chuqin,Leopold Chen From free museum visits and tram rides to discounted meals and fun runs, residents and tourists took full advantage of offers by thousands of businesses, braving the frequent showers to revel in the celebrations to mark the 28th anniversary of Hong Kong’s return to Chinese sovereignty. Rows of bright red national and Hong Kong flags adorned the streets and tourist attractions on Tuesday, as around 3,800 restaurants offered special discounts, hoping to attract diners and boost spending. A parade... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3316491/hong-kong-residents-and-tourists-revel-handover-anniversary-festivities?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3316491/hong-kong-residents-and-tourists-revel-handover-anniversary-festivities?utm_source=rss_feed Tue, 01 Jul 2025 06:56:31 +0000 Carol Yang Carol Yang Trade upheaval resulting from the tariff war ignited by US President Donald Trump last month appears to have cast a long-lasting impact on the mindset of Chinese policy influencers, with thoughts of “preparing for the worst” spreading at a forum in Beijing on Thursday. With exporters rushing to secure US-bound shipments during the 90-day truce period, many ex-official and policy advisers have urged the government to guard against any future barrage of American punches, and to also rally the... https://www.scmp.com/economy/global-economy/article/3311526/prepare-worst-china-minds-guard-against-us-punches-stress-need-talks?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3311526/prepare-worst-china-minds-guard-against-us-punches-stress-need-talks?utm_source=rss_feed Fri, 23 May 2025 08:00:13 +0000 Aileen Chuang Aileen Chuang Contemporary Amperex Technology (CATL) is expected to price its initial public offering (IPO) in Hong Kong at the top end of a range and increase the offer size to raise about HK$35.7 billion (US$4.6 billion), defying naysayers about its ability to raise capital amid a tariff war and uncertainties. The world’s largest maker of electric-vehicle batteries planned to sell 117.9 million new shares at HK$263 a share under its base offering, according to a person familiar with the matter. The firm was... https://www.scmp.com/business/china-business/article/3310349/catl-set-price-hong-kong-ipo-top-end-range-retail-investors-pile?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3310349/catl-set-price-hong-kong-ipo-top-end-range-retail-investors-pile?utm_source=rss_feed Wed, 14 May 2025 12:02:07 +0000 Cao Li Cao Li Three mainland Chinese and Hong Kong companies on Wednesday unveiled plans to raise funds in Hong Kong, amid a surge of activity in the city’s capital markets. State-owned China Petrochemical Corp, also known as Sinopec, said it would sell HK$7.75 billion (US$990 million) worth of exchangeable bonds, according to a stock exchange filing. The net proceeds would be used to refinance the group’s medium and long-term offshore debt, it added. The seven-year bonds, which pay 0.75 per cent interest... https://www.scmp.com/business/article/3310271/hong-kong-market-rebound-rolls-3-companies-unveil-plans-raise-funds-city?utm_source=rss_feed https://www.scmp.com/business/article/3310271/hong-kong-market-rebound-rolls-3-companies-unveil-plans-raise-funds-city?utm_source=rss_feed Wed, 14 May 2025 06:10:49 +0000 Aileen Chuang Aileen Chuang Contemporary Amperex Technology (CATL), the world’s largest maker of electric-vehicle batteries, aims to raise as much as HK$41 billion (US$5.3 billion) via a Hong Kong initial public offering (IPO), launched on Monday at a tight discount to its domestic share price. The company started taking investor orders for a base of 117.9 million shares at a maximum offer price of HK$263, according to a stock exchange filing on Monday. About 7.5 per cent of the shares is reserved for local retail... https://www.scmp.com/business/china-business/article/3309942/chinese-ev-battery-giant-catl-launches-hong-kong-ipo-seeking-us53-billion?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3309942/chinese-ev-battery-giant-catl-launches-hong-kong-ipo-seeking-us53-billion?utm_source=rss_feed Mon, 12 May 2025 02:08:47 +0000 Eric Ng Eric Ng Chinese state-backed energy firms and privately controlled gas distributors may have to renegotiate long-term liquefied natural gas (LNG) procurement contracts they signed with US providers if the trade war drags on, according to analysts. Trade flows of US LNG to China have stopped since February 10 when Beijing retaliated against a 10 per cent US tariff on Chinese goods by slapping a 15 per cent duty on the fuel, S&P Global Commodity Insights principal research analyst Li Lunjia said on... https://www.scmp.com/news/us/economy-trade-business/article/3307496/trade-war-could-upend-chinese-firms-us-gas-contracts-plans-sp-global?utm_source=rss_feed https://www.scmp.com/news/us/economy-trade-business/article/3307496/trade-war-could-upend-chinese-firms-us-gas-contracts-plans-sp-global?utm_source=rss_feed Wed, 23 Apr 2025 02:00:28 +0000 Daniel Ren Daniel Ren Chinese electric vehicle (EV) maker Nio plans to build its first right-hand-drive cars to tap markets including the UK and Southeast Asia as it seeks profitability. The Shanghai-based carmaker would begin building a right-hand-drive version of its Firefly minicar in October, with the EV serving as a new growth engine for Nio’s brands and technologies around the globe, president Qin Lihong said at a media briefing in Shanghai on Tuesday. “Right-hand drive is a sizeable market, and we will be... https://www.scmp.com/business/china-business/article/3307469/chinese-ev-maker-nio-join-fray-right-hand-drive-car-markets?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3307469/chinese-ev-maker-nio-join-fray-right-hand-drive-car-markets?utm_source=rss_feed Tue, 22 Apr 2025 10:30:08 +0000 Daniel Ren Daniel Ren Contemporary Amperex Technology (CATL), the world’s largest electric vehicle (EV) battery producer, plans to ramp up construction of battery-swapping stations across mainland China after it reported a 33 per cent profit jump. The company, based in Ningde, in east China’s Fujian province, will partner with oil giant Sinopec Group and smart EV assembler Nio to create a charging network covering the mainland, it said in a filing with the Shenzhen Stock Exchange on Monday. In addition, the company... https://www.scmp.com/business/china-business/article/3306563/chinas-ev-battery-king-catl-joins-sinopec-build-swapping-station-network?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3306563/chinas-ev-battery-king-catl-joins-sinopec-build-swapping-station-network?utm_source=rss_feed Tue, 15 Apr 2025 06:39:59 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong stocks rose for the first time in three days on Monday, clawing back some of last week’s losses even as caution prevailed ahead of US President Donald Trump’s next round of tariffs. The Hang Seng Index closed 0.9 per cent higher at 23,905.56, following lacklustre trading for most of the day, which saw the gauge swing between an intraday high of 23,960.27 and a low of 23,533.64. The Hang Seng Tech Index climbed 1.7 per cent. On the mainland, the CSI 300 Index gained 0.5 per cent and the... https://www.scmp.com/business/banking-finance/article/3303567/hong-kong-stocks-trade-sideways-trump-tariffs-loom-meituan-sinopec-top-losers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3303567/hong-kong-stocks-trade-sideways-trump-tariffs-loom-meituan-sinopec-top-losers?utm_source=rss_feed Mon, 24 Mar 2025 02:48:15 +0000 East Timor would prefer to work with Australia and partners Woodside Energy and Japan’s Osaka Gas over Chinese firms that have expressed interest in developing the stalled Greater Sunrise natural gas field, its president said. The comments by President Jose Ramos-Horta mark the first time he has publicly expressed a preference to develop the field with Australia and existing partners since he suggested doing so with new ones such as China and Kuwait last year. The prospect of developing Greater... https://www.scmp.com/news/asia/australasia/article/3297412/southeast-asias-poorest-nation-says-holding-chinese-interest-huge-gas-field?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3297412/southeast-asias-poorest-nation-says-holding-chinese-interest-huge-gas-field?utm_source=rss_feed Wed, 05 Feb 2025 04:49:03 +0000 It has been more than a decade since China started its shale gas trajectory. Now all of that hard work is paying off. Shale gas made up an estimated 12 per cent of China’s natural gas output last year, according to the US Energy Information Administration (EIA). This is no mean feat. Back in 2013, when China was bent on emulating the US shale oil and natural gas success story, it had so many hurdles to surmount that many analysts thought the government should discontinue its support for the... https://www.scmp.com/opinion/china-opinion/article/3283539/china-choosing-green-hydrogen-over-shale-gas-should-be-no-brainer?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3283539/china-choosing-green-hydrogen-over-shale-gas-should-be-no-brainer?utm_source=rss_feed Sun, 27 Oct 2024 08:30:07 +0000 Zhang Shidong Zhang Shidong China Petroleum and Chemical Corp (Sinopec) and 22 other mainland-listed companies will pour a combined 11 billion yuan (US$1.55 billion) into stock buy-backs and stake increases after becoming the first companies to receive funds through a central bank relending programme aimed at shoring up equities. Answering the government’s call to use the tool, which is part of a broad package to bolster stocks and the economy, the 23 companies have signed agreements on credit lines with commercial lenders... https://www.scmp.com/business/china-business/article/3283204/sinopec-leads-23-firms-chinas-us155-billion-stock-buy-back-rush?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3283204/sinopec-leads-23-firms-chinas-us155-billion-stock-buy-back-rush?utm_source=rss_feed Mon, 21 Oct 2024 08:15:09 +0000 East Timor has talked with Chinese firms including state-owned Sinopec about developing the stalled Greater Sunrise gas field, President Jose Ramos-Horta said on Wednesday, after disagreements with Australia over the shared field’s future. The field, whose revenues were estimated at US$65 billion in 2018, is vital to the economy of the poor Southeast Asian country but has been stalled for decades due to disagreements with Australia, which shares the field, and operator Woodside Energy, which is... https://www.scmp.com/news/asia/australasia/article/3281670/east-timor-approaches-chinas-sinopec-over-us65-billion-gas-project?utm_source=rss_feed https://www.scmp.com/news/asia/australasia/article/3281670/east-timor-approaches-chinas-sinopec-over-us65-billion-gas-project?utm_source=rss_feed Wed, 09 Oct 2024 07:03:13 +0000 China has been making noteworthy offshore oil discoveries recently. Earlier this month, state-run China National Offshore Oil Corporation (CNOOC), the country’s largest offshore driller, announced a breakthrough in its exploration of the Mesozoic volcanic rocks in Bohai Bay. The discovery well produced about 210 cubic metres (55,476 gallons) of crude oil and nearly 1 million cubic metres (35 million cubic feet) of natural gas a day, a record for a gas productivity test in Bohai Bay, CNOOC... https://www.scmp.com/opinion/china-opinion/article/3271586/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3271586/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed Sat, 27 Jul 2024 21:30:11 +0000 China has been making noteworthy offshore oil discoveries recently. Earlier this month, state-run China National Offshore Oil Corporation (CNOOC), the country’s largest offshore driller, announced a breakthrough in its exploration of the Mesozoic volcanic rocks in Bohai Bay. The discovery well produced about 210 cubic metres (55,476 gallons) of crude oil and nearly 1 million cubic metres (35 million cubic feet) of natural gas a day, a record for a gas productivity test in Bohai Bay, CNOOC... https://www.scmp.com/plus/article/3271795/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed https://www.scmp.com/plus/article/3271795/no-easy-answers-chinas-raging-thirst-oil?utm_source=rss_feed Thu, 25 Jul 2024 05:00:08 +0000 Hong Kong authorities have released a strategy report designed to boost development of the city’s hydrogen infrastructure, with the aim of formulating certification standards for the fuel in line with international practices. As the world seeks ways to reduce the use of fossil fuels and speed up energy transition to combat climate change, hydrogen has emerged as a promising alternative to help achieve decarbonisation goals. Here the Post looks at how the hydrogen development strategy, released... https://www.scmp.com/news/hong-kong/health-environment/article/3267119/will-hydrogen-fuel-hong-kongs-drive-towards-net-zero-2050-post-looks-developments?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3267119/will-hydrogen-fuel-hong-kongs-drive-towards-net-zero-2050-post-looks-developments?utm_source=rss_feed Tue, 18 Jun 2024 11:39:52 +0000 Bloomberg Bloomberg China’s decades-long boom in oil processing could falter this year in a blow to global demand and the aspirations of Opec producers seeking to return supply to the market. Oil refining in the world’s top crude importer is expected to be flat or fall for the first time in data that extends back to 2004 – excluding a Covid-hit 2022 – according to most market watchers surveyed by Bloomberg. The IEA this week also reduced its processing forecast, but still sees a gain. A prolonged property crisis... https://www.scmp.com/business/commodities/article/3266562/chinas-oil-refiners-are-slowing-down-after-decades-growth-blow-global-supply?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3266562/chinas-oil-refiners-are-slowing-down-after-decades-growth-blow-global-supply?utm_source=rss_feed Fri, 14 Jun 2024 03:45:58 +0000 When Sri Lanka announced in July 2017 that the underperforming Chinese-built Hambantota port was to be leased for 99 years to a Chinese government-linked company, Western and Indian media outlets went into overdrive by labelling the deal a classic example of Beijing’s “debt trap”. Washington was quick to spread the narrative, with members of the Trump administration pointing to Hambantota as a warning against China’s strategic use of debt. In 2018, then US vice-president Mike Pence called it... https://www.scmp.com/week-asia/economics/article/3261398/chinese-debt-trap-sri-lankas-hambantota-port-set-debunk-narrative-its-success?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3261398/chinese-debt-trap-sri-lankas-hambantota-port-set-debunk-narrative-its-success?utm_source=rss_feed Fri, 03 May 2024 13:45:16 +0000 China Petroleum & Chemical Corporation, better known as Sinopec, has reached an initial agreement with BP to extend their strategic partnership and explore opportunities in China’s new energy sector. The Chinese state-owned oil giant and the British multinational oil and gas company signed a memorandum of understanding at the World Economic Forum in Davos, Switzerland, on Thursday, according to separate statements from both companies. The pair will further strengthen cooperation in areas... https://www.scmp.com/business/china-business/article/3248936/energy-giants-sinopec-and-bp-strengthen-ties-china-explore-potential-cooperation-ev-charging?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3248936/energy-giants-sinopec-and-bp-strengthen-ties-china-explore-potential-cooperation-ev-charging?utm_source=rss_feed Thu, 18 Jan 2024 11:15:17 +0000 China is expected to be the top consumer of oil and account for more than a quarter of new oil demand globally in 2024 to feed a growing economy, even as the deadline for peaking its fossil fuel use to accomplish its climate goals fast approaches, according to energy experts. China’s oil demand is expected to rise by around 530,000 barrels a day in 2024, according to a report by Wood Mackenzie on Thursday. Meanwhile, global oil demand is expected to increase by 2 million barrels a day to 103.5... https://www.scmp.com/business/article/3248236/china-lead-global-oil-demand-growth-2024-fuel-economic-revival-consumption-heads-predicted-2027-peak?utm_source=rss_feed https://www.scmp.com/business/article/3248236/china-lead-global-oil-demand-growth-2024-fuel-economic-revival-consumption-heads-predicted-2027-peak?utm_source=rss_feed Fri, 12 Jan 2024 10:00:27 +0000 The world’s largest green hydrogen project will take nearly two years longer to reach full capacity as its Chinese operator struggles with the technology seen as important to cutting emissions from heavy industry. China Petroleum & Chemical said last week that its Kuqa project in Xinjiang province would only reach its full annual capacity of 20,000 tonnes in the fourth quarter of 2025, after previously saying it expected to hit that rate upon completion. At full capacity, the facility’s hydrogen... https://www.scmp.com/business/article/3247148/chinas-sinopec-says-world-leading-green-hydrogen-project-will-take-longer-expected-ramp?utm_source=rss_feed https://www.scmp.com/business/article/3247148/chinas-sinopec-says-world-leading-green-hydrogen-project-will-take-longer-expected-ramp?utm_source=rss_feed Wed, 03 Jan 2024 09:24:40 +0000 Qatar has agreed to supply Sinopec with natural gas for 27 years, the Gulf emirate’s state-owned energy company said Saturday, its second such deal with the Chinese firm as China seeks to enhance its energy security. Doha will supply 3 million tonnes of gas a year under the deal, QatarEnergy said, announcing another agreement, which grants the Chinese oil giant a further share of Qatar’s North Field gas expansion project. The expansion, which broke ground last month, contains the world’s biggest... https://www.scmp.com/business/china-business/article/3240403/chinas-sinopec-signs-second-27-year-natural-gas-supply-deal-qatar-it-seeks-shore-energy-security?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3240403/chinas-sinopec-signs-second-27-year-natural-gas-supply-deal-qatar-it-seeks-shore-energy-security?utm_source=rss_feed Sun, 05 Nov 2023 09:20:21 +0000 Ukraine has added the three biggest Chinese oil and gas producers – all state-owned companies – to its “international sponsors of war” list, spotlighting joint projects with Russia that Kyiv says help fund Moscow’s war effort. The National Agency on Corruption Prevention (NACP), a Ukrainian government body, put China National Offshore Oil Corporation (CNOOC Group), China Petrochemical Corporation (Sinopec Group), and China National Petroleum Corporation (CNPC) on the register on Tuesday, a move... https://www.scmp.com/news/china/diplomacy/article/3236695/ukraine-designates-chinas-biggest-oil-firms-sponsors-war-russian-joint-ventures?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3236695/ukraine-designates-chinas-biggest-oil-firms-sponsors-war-russian-joint-ventures?utm_source=rss_feed Tue, 03 Oct 2023 17:52:48 +0000 Chinese state oil companies China Petroleum & Chemical Corporation (Sinopec), PetroChina and CNOOC rank near the bottom on a gauge of climate pledges made by the world’s largest oil and gas companies, just above Saudi Aramco, according to a report by Carbon Tracker. The London-based independent think tank’s Absolute Impact 2023 report, released on Thursday, assessed and ranked the emissions-reduction commitments of 25 of the world’s largest listed oil and gas companies. The report warned that... https://www.scmp.com/business/commodities/article/3233889/paris-agreement-chinese-state-oil-companies-sinopec-petrochina-and-cnooc-rank-near-bottom-climate?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3233889/paris-agreement-chinese-state-oil-companies-sinopec-petrochina-and-cnooc-rank-near-bottom-climate?utm_source=rss_feed Sun, 10 Sep 2023 06:00:39 +0000 China’s Sinopec is setting up a new entity to invest in refinery and petrochemical assets overseas in a bid to leverage its expertise and deep pockets to expand globally as local Chinese oil demand nears a plateau. After a quiet launch in late June of Sinopec Overseas Investment Holding as its sole platform for investing, building and operating refineries abroad, Sinopec is building up the team and setting the budget for the new entity, two company officials told Reuters. The global push by... https://www.scmp.com/business/china-business/article/3232942/oil-giant-sinopec-sets-entity-invest-overseas-refineries-it-eyes-global-expansion-face-waning?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3232942/oil-giant-sinopec-sets-entity-invest-overseas-refineries-it-eyes-global-expansion-face-waning?utm_source=rss_feed Thu, 31 Aug 2023 07:57:10 +0000 Sinopec’s first-half profits shrank amid lower oil prices and fuel demand being weighed down by China’s sluggish economic recovery. China Petroleum & Chemical Corporation, as it’s officially known, posted net income of 36.12 billion yuan (US$4.96 billion), according to international financial reporting standards. That compared with a revised 44.8 billion yuan a year earlier. Domestic sales of refined oil products at Sinopec, China’s largest fuel-maker, rose 18 per cent in the first six months... https://www.scmp.com/business/companies/article/3232467/sinopecs-first-half-profit-plunges-one-fifth-chinas-slowing-economy-crimps-fuel-demand?utm_source=rss_feed https://www.scmp.com/business/companies/article/3232467/sinopecs-first-half-profit-plunges-one-fifth-chinas-slowing-economy-crimps-fuel-demand?utm_source=rss_feed Sun, 27 Aug 2023 10:44:38 +0000 Chinese oil refiners and petrochemical companies are investing tens of billions of dollars to produce high-end chemicals for solar panels and lithium-ion batteries to profit from growing demand for energy transition technologies. The investments illustrate China’s drive to reduce its import dependence and further cement its dominance of renewable energy and electric vehicle supply chains. The move pits the Chinese companies against Dow Chemical, ExxonMobil and BASF in making key... https://www.scmp.com/business/china-business/article/3228705/chinese-petrochem-firms-invest-billions-make-high-end-chemicals-used-solar-panels-lithium-ion?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3228705/chinese-petrochem-firms-invest-billions-make-high-end-chemicals-used-solar-panels-lithium-ion?utm_source=rss_feed Mon, 24 Jul 2023 07:17:10 +0000 Two giants in China’s oil and refining sector have taken the biggest opposing positions in Middle East crude trading in years, transforming global cargo flows and puzzling oil traders the world over. Throughout this month, Dubai crude has fluctuated heavily, largely due to aggressive bidding and offering from the trading units of Chinese oil refiners, PetroChina and Sinopec. They are respectively the nation’s biggest oil company and its top refiner. This has only intensified with time. Public... https://www.scmp.com/business/commodities/article/3225486/how-public-clashes-between-petrochina-and-sinopec-middle-east-oil-market-have-left-traders-confused?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3225486/how-public-clashes-between-petrochina-and-sinopec-middle-east-oil-market-have-left-traders-confused?utm_source=rss_feed Tue, 27 Jun 2023 02:31:32 +0000 China Petrochemical Corp, the nation’s largest oil refiner and fuel supplier, unveiled a plan to build the country’s first long-distance hydrogen pipeline to accelerate green energy development. The “west-to-east” demonstration pipeline – part of the national fuel transmission network development blueprint – will bolster the country’s energy transition effort, said the Beijing-based parent of Shanghai and Hong Kong-listed oil and gas giant China Petroleum & Chemical (Sinopec). “When completed,... https://www.scmp.com/business/china-business/article/3216580/climate-change-sinopecs-parent-build-chinas-first-long-distance-hydrogen-pipeline-boost-green-fuel?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3216580/climate-change-sinopecs-parent-build-chinas-first-long-distance-hydrogen-pipeline-boost-green-fuel?utm_source=rss_feed Mon, 10 Apr 2023 11:30:11 +0000 China and Saudi Arabia appear to be building a “more meaningful” relationship with their landmark US$10 billion deal to construct a state-of-the-art refining complex in northeastern Liaoning province, analysts say, as the interests of the world’s largest energy consumer and its biggest oil exporter converge. Riyadh’s investment in the integrated refinery and petrochemicals complex in Panjin, unveiled on Sunday, “is another way of saying: I’m committed to what you are doing, I will help you out... https://www.scmp.com/week-asia/economics/article/3215078/china-saudi-arabia-consolidate-energy-ties-amid-uncertainty-over-russian-supplies?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3215078/china-saudi-arabia-consolidate-energy-ties-amid-uncertainty-over-russian-supplies?utm_source=rss_feed Tue, 28 Mar 2023 05:36:13 +0000 As president of the UN COP15 biodiversity summit and a driving force behind its historic agreement, China has made a clear commitment to protect biodiversity. In his speech to fellow world leaders at the meeting, President Xi Jinping stressed the importance of protecting biodiversity as part of “green development”. I can’t help but wonder if President Xi is aware of how Chinese investment is fuelling a biodiversity crisis in my community right now – and a “brown transition” from the green... https://www.scmp.com/comment/opinion/article/3204268/how-does-drilling-oil-ugandas-national-park-live-chinas-cop15-biodiversity-pledge?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3204268/how-does-drilling-oil-ugandas-national-park-live-chinas-cop15-biodiversity-pledge?utm_source=rss_feed Sun, 25 Dec 2022 09:00:11 +0000 China Petroleum & Chemical Corp (Sinopec) said on Monday that it plans to delist from London Stock Exchange, with market observers saying that other mainland Chinese companies could exit overseas markets amid rising political and economic risks. The move comes just a month after Sinopec filed an application to delist from the New York Stock Exchange. The world’s largest oil refiner said in an exchange filing that the delisting of its American depositary shares (ADS) will take effect on November... https://www.scmp.com/business/banking-finance/article/3194648/chinas-sinopec-set-delist-london-stock-exchange-just-month?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3194648/chinas-sinopec-set-delist-london-stock-exchange-just-month?utm_source=rss_feed Mon, 03 Oct 2022 07:30:10 +0000