https://www.scmp.com/rss/35834/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhang Shidong Zhang Shidong Mainland Chinese investors extended their buying spree of Hong Kong stocks in March, looking past the turmoil triggered by the US-Israel war on Iran and betting that Chinese assets would be able to withstand the oil shock. Onshore traders bought HK$61.4 billion (US$7.8 billion) of the city’s stocks through the cross-border exchange link programme last month, marking a third consecutive month of net inflows, data from the Hong Kong stock exchange and Bloomberg showed. The buying came even as the... https://www.scmp.com/business/china-business/article/3348758/chinese-traders-shrug-volatility-buy-hong-kong-stocks-third-straight-month?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3348758/chinese-traders-shrug-volatility-buy-hong-kong-stocks-third-straight-month?utm_source=rss_feed Thu, 02 Apr 2026 06:00:12 +0000 Mandy Zuo,Carol Yang Mandy Zuo,Carol Yang As global energy supplies are put under strain by Iranian disruption to shipping through the Strait of Hormuz, state-owned Chinese oil giant PetroChina has said its overall operations remain stable because most of its imports do not pass through the strait. However, the company’s investment operations in the Middle East had been “impacted to varying degrees”, as crude oil and natural gas imported through the strait accounted for about 10 per cent of its total operating volume, PetroChina... https://www.scmp.com/economy/china-economy/article/3348534/3-chinese-ships-exit-strait-hormuz-petrochina-stresses-operations-stable?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348534/3-chinese-ships-exit-strait-hormuz-petrochina-stresses-operations-stable?utm_source=rss_feed Tue, 31 Mar 2026 11:00:12 +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 Cao Li,Zhang Shidong Cao Li,Zhang Shidong Slumping oil prices acted as a catalyst for Hong Kong stocks, with the benchmark posting its biggest rebound in two weeks, after US President Donald Trump signalled a possible end to the Iran war and China’s exports grew at the fastest pace in four years. The Hang Seng Index rallied 2.2 per cent to close at 25,959.90, its best single-day performance since February 23. The Hang Seng Tech Index surged 2.4 per cent. On the mainland, the CSI 300 Index rose 1.3 per cent and the Shanghai Composite... https://www.scmp.com/business/commodities/article/3346031/hong-kong-stocks-rebound-after-oil-falls-trump-says-iran-war-could-end-soon?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3346031/hong-kong-stocks-rebound-after-oil-falls-trump-says-iran-war-could-end-soon?utm_source=rss_feed Tue, 10 Mar 2026 02:27:46 +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 Zhang Shidong,Cao Li Zhang Shidong,Cao Li Hong Kong stocks fell on Monday, briefly slumping to a six-month low, as a rout spread across major Asia-Pacific markets after crude oil surged above US$100 a barrel, fuelling fears of global stagflation. The Hang Seng Index closed 1.4 per cent lower at 25,408.46. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the CSI 300 Index fell 1 per cent and the Shanghai Composite Index lost 0.7 per cent. Both Brent and West Texas Intermediate (WTI) oil contracts traded close to US$110 a... https://www.scmp.com/business/markets/article/3345915/hong-kong-stocks-sink-alongside-asian-markets-after-oil-crosses-us100?utm_source=rss_feed https://www.scmp.com/business/markets/article/3345915/hong-kong-stocks-sink-alongside-asian-markets-after-oil-crosses-us100?utm_source=rss_feed Mon, 09 Mar 2026 02:16:01 +0000 Connor Mycroft Connor Mycroft Hong Kong authorities have been urged to review the pricing mechanism for local fuel supplies after petrol retailers were accused of swiftly raising prices as conflict erupted in the Middle East, even though the city had not yet exhausted its weeks-long stockpile. Global fuel prices have soared since the US-Israel war with Iran broke out, disrupting traffic along the Strait of Hormuz – the key waterway that handles about 20 per cent of the world’s oil shipments. The price of Brent crude, the... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345826/hong-kong-urged-review-fuel-prices-amid-unfair-cost-increase-accusations?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3345826/hong-kong-urged-review-fuel-prices-amid-unfair-cost-increase-accusations?utm_source=rss_feed Sat, 07 Mar 2026 12:28:52 +0000 Zhang Shidong Zhang Shidong The fallout from surging oil prices has rippled across global asset classes, from stocks to bonds, as escalating military tensions in the Middle East reset investors’ expectations for inflation and the path of central bank policy. As US military strikes against Iran intensified, Brent crude traded near a two-year high of US$82.98 a barrel, while futures in New York touched US$75.75, a level not seen since January 2025. The spike in energy costs has revived fears of a renewed bout of inflation,... https://www.scmp.com/business/china-business/article/3345390/middle-east-flashpoint-rattles-markets-oil-surge-stokes-inflation-fears?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345390/middle-east-flashpoint-rattles-markets-oil-surge-stokes-inflation-fears?utm_source=rss_feed Wed, 04 Mar 2026 07:50:37 +0000 Zhang Shidong Zhang Shidong Panic swept markets in Hong Kong and elsewhere in Asia, while oil and gold jumped on Monday, as a flare-up in geopolitical tensions put investors on edge after the US strikes on Iran. The risk-averse mood adds to the uncertainty and volatility surrounding global equities, which have recently been rattled by fears of displacement by artificial intelligence after trading at elevated levels. Iran virtually shut the Strait of Hormuz, through which about a fifth of the world’s shipments of oil and... https://www.scmp.com/business/china-business/article/3345062/hong-kong-stocks-fall-alongside-asian-equities-gold-oil-jump-iran-war?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345062/hong-kong-stocks-fall-alongside-asian-equities-gold-oil-jump-iran-war?utm_source=rss_feed Mon, 02 Mar 2026 01:56:52 +0000 Yulu Ao Yulu Ao Hong Kong stocks fell on Tuesday, tracking Wall Street’s losses, as renewed concerns about the artificial intelligence race weighed on sentiment, while mainland markets rallied on the first trading day in the Year of the Horse. The Hang Seng Index dropped 1.8 per cent to 26,590.32 at the close of trading, paring some of the 2.5 per cent gain recorded on Monday. The Hang Seng Tech Index fell 2.1 per cent. On the mainland, the CSI 300 Index rose 1 per cent while the Shanghai Composite Index jumped... https://www.scmp.com/business/china-business/article/3344393/hong-kong-stocks-retreat-ai-worries-china-markets-rally-year-horse?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3344393/hong-kong-stocks-retreat-ai-worries-china-markets-rally-year-horse?utm_source=rss_feed Tue, 24 Feb 2026 01:58:23 +0000 Yulu Ao Yulu Ao Hong Kong stocks retreated on Friday, ending a seven-day rally, as investors locked in profits on the final trading day in January after a sharp month-long surge. Investors were also cautious ahead of an announcement on the US Federal Reserve’s next chair. The Hang Seng Index fell 2.1 per cent to 27,387.11 at the close, pulling back from a multi-year high on Thursday. The benchmark climbed 6.8 per cent this month, its strongest performance since September 2025, when it finished 7.1 per cent... https://www.scmp.com/business/china-business/article/3341753/hong-kong-stocks-end-7-day-rally-investors-resort-profit-taking?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3341753/hong-kong-stocks-end-7-day-rally-investors-resort-profit-taking?utm_source=rss_feed Fri, 30 Jan 2026 02:18:48 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks’ solid start to 2026 stumbled on Wednesday, with the benchmark gauge retreating from a seven-week high as geopolitical tensions intensified after China imposed new sanctions against Japan. The Hang Seng Index fell 0.9 per cent to 26,458.95 at the close, while the Hang Seng Tech Index dropped 1.5 per cent. On the mainland, the CSI 300 Index dropped 0.3 per cent and the Shanghai Composite Index added 0.1 per cent. Alibaba Group Holding slumped 3.3 per cent to HK$145.90 and Tencent... https://www.scmp.com/business/china-business/article/3338982/hong-kong-stocks-strong-2026-start-loses-steam-rising-china-japan-tensions?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3338982/hong-kong-stocks-strong-2026-start-loses-steam-rising-china-japan-tensions?utm_source=rss_feed Wed, 07 Jan 2026 02:36:17 +0000 Eunice Xu Eunice Xu DP Technology – the developer of a suite of AI tools used by researchers for work spanning drug design to battery development – has raised more than 800 million yuan (US$114 million) in Series C financing to expand research and development (R&D) and hire talent. The Beijing-based AI-for-Science (AI4S) start-up said on Wednesday that the round drew backing from a mix of state-linked and venture investors, including Fortune Venture Capital, Beijing Jingguorui Equity Investment Fund, Beijing... https://www.scmp.com/business/companies/article/3337648/ai-science-start-dp-technology-raises-us114-million-series-c-round?utm_source=rss_feed https://www.scmp.com/business/companies/article/3337648/ai-science-start-dp-technology-raises-us114-million-series-c-round?utm_source=rss_feed Wed, 24 Dec 2025 13:00:15 +0000 Yulu Ao Yulu Ao Hong Kong stocks rose on Monday as US-China trade tensions were soothed after Beijing said it would suspend new export controls on rare earth metals and terminate investigations into US firms in the semiconductor supply chain. The Hang Seng Index closed 1 per cent higher at 26,158.36. The Hang Seng Tech Index added 0.2 per cent. On the mainland, the CSI 300 Index strengthened 0.3 per cent and the Shanghai Composite Index added 0.5 per cent. Leading the gainers, online travel-booking agency... https://www.scmp.com/business/china-business/article/3331270/hong-kong-stocks-rise-trade-agreement-soothes-fears-rare-earths-chips?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3331270/hong-kong-stocks-rise-trade-agreement-soothes-fears-rare-earths-chips?utm_source=rss_feed Mon, 03 Nov 2025 02:21:15 +0000 Aileen Chuang Aileen Chuang Foreign buying of Chinese stocks continued for a third month in August, albeit at a slower pace, as long-only funds increased their exposure to the mainland’s US$12.3 trillion stock market following a key benchmark’s rise to a 10-year high. Inflows from US and European funds into Chinese equities eased to US$900 million in August from US$2.7 billion in July, according to a Morgan Stanley report on Thursday. Passive funds logged inflows of US$1.4 billion. Meanwhile, active funds recorded outflows... https://www.scmp.com/business/markets/article/3324471/foreign-fund-flows-chinese-equities-lose-steam-even-stocks-hit-10-year-high?utm_source=rss_feed https://www.scmp.com/business/markets/article/3324471/foreign-fund-flows-chinese-equities-lose-steam-even-stocks-hit-10-year-high?utm_source=rss_feed Fri, 05 Sep 2025 08:30:14 +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 Zhang Shidong Zhang Shidong Hong Kong stocks rose by the most in six weeks amid a slide in global oil prices after US President Donald Trump claimed a tentative ceasefire between Iran and Israel, fuelling risk appetite and easing concerns about the disruption of global oil supply. The Hang Seng Index advanced 2.1 per cent to 24,177.07 on Tuesday for the biggest gain since May 14. The Hang Seng Tech Index also rallied 2.1 per cent. The CSI 300 Index of leading onshore stocks added 2.1 per cent, as did the Shanghai Composite... https://www.scmp.com/business/china-business/article/3315570/hong-kong-stocks-jump-most-2-weeks-iran-israel-truce-oil-slides?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3315570/hong-kong-stocks-jump-most-2-weeks-iran-israel-truce-oil-slides?utm_source=rss_feed Tue, 24 Jun 2025 03:16:08 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks dropped on Tuesday amid concerns that military conflicts in the Middle East could increase the global inflationary risk by straining oil supply. The Hang Seng Index fell 0.3 per cent to 23,980.30 at the close. The Hang Seng Tech Index slipped 0.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index were both little changed. Chow Tai Fook Jewellery Group tumbled 7.3 per cent to HK$12.72 on a plan to raise HK$7.85 billion (US$1 billion) in one of the... https://www.scmp.com/business/china-business/article/3314677/hong-kong-stocks-waver-investors-assess-china-growth-prospects-middle-east-tensions?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3314677/hong-kong-stocks-waver-investors-assess-china-growth-prospects-middle-east-tensions?utm_source=rss_feed Tue, 17 Jun 2025 02:23:11 +0000 Aileen Chuang Aileen Chuang Hong Kong stocks dropped on Friday as rising geopolitical tensions dimmed investor appetite for risk assets. The Hang Seng Index fell 0.6 per cent to 23,892.56, though it notched a small gain of 0.4 per cent for the week following a temporary de-escalation of US-China trade tensions. The Hang Seng Tech Index fell 1.7 per cent. On the mainland, the CSI 300 Index dropped 0.7 per cent and the Shanghai Composite Index retreated 0.8 per cent. Sino Biopharmaceutical pared its Thursday gains by falling... https://www.scmp.com/business/markets/article/3314243/hong-kong-stocks-fall-slightly-rising-geopolitical-tensions?utm_source=rss_feed https://www.scmp.com/business/markets/article/3314243/hong-kong-stocks-fall-slightly-rising-geopolitical-tensions?utm_source=rss_feed Fri, 13 Jun 2025 02:29:00 +0000 Zhang Shidong Zhang Shidong China’s publicly listed companies have unveiled at least 20 billion yuan (US$2.73 billion) in buy-backs this week, as they set aside resources to prop up their own stock during a global meltdown in equity markets triggered by US President Donald Trump’s tariff war. More than 100 companies have announced buy-backs, including China’s state oil company PetroChina and the world’s largest appliance maker Midea Group. Electric vehicle battery producer Contemporary Amperex Technology or CATL, which is... https://www.scmp.com/business/china-business/article/3305967/chinese-firms-set-aside-us27-billion-stock-buy-backs-trumps-tariffs-roil-markets?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3305967/chinese-firms-set-aside-us27-billion-stock-buy-backs-trumps-tariffs-roil-markets?utm_source=rss_feed Thu, 10 Apr 2025 23:30:07 +0000 China is producing oil and gas from a 10,910-metre well – the second-deepest hole ever drilled on Earth – China National Petroleum Corporation has announced. The Shenditake 1 well, in the Tarim oilfield in western China’s Xinjiang Uygur autonomous region, is the first “ultra-deep” well in Asia, Xinhua reported on Thursday. “We took 270 days to drill down to around 10,000 metres, but then it took more than 300 days to open up the last 900 metres,” well manager Wang Chunsheng told the state news... https://www.scmp.com/economy/china-economy/article/3299663/china-drills-ultra-deep-oil-well-help-shore-energy-needs?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3299663/china-drills-ultra-deep-oil-well-help-shore-energy-needs?utm_source=rss_feed Sat, 22 Feb 2025 04:30:09 +0000 Bloomberg Bloomberg From Tesla chargers in the ancient alleys that surround the Forbidden City in Beijing to lonely highway rest stops with charging posts in the Western deserts, signs of the electrification of China’s transport fleet – and the demise of petrol – are everywhere. Chinese sales of electric vehicles and hybrids reached a tipping point this year in their tug of war with internal combustion engines. They have accounted for more than half of retail passenger vehicle sales in the four months from July,... https://www.scmp.com/business/china-business/article/3288448/chinas-ev-boom-threatens-push-petrol-demand-cliff?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3288448/chinas-ev-boom-threatens-push-petrol-demand-cliff?utm_source=rss_feed Thu, 28 Nov 2024 03:57:44 +0000 Reuters Reuters PetroChina is set to shut its largest refinery in north China’s Dalian around mid-2025, marking the first major closure at a state-run oil plant, part of a long-mooted project to replace it with a smaller facility at a new site, sources said. The planned shutdown of the entire 410,000 barrels per day (bpd) Dalian Petrochemical plant, representing 3 per cent of the country’s total refinery output, comes as Chinese refiners struggle with overcapacity and weakened fuel demand from slowing economic... https://www.scmp.com/business/commodities/article/3284115/petrochina-downsize-northern-china-shut-its-dalian-refinery-2025-sources-say?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3284115/petrochina-downsize-northern-china-shut-its-dalian-refinery-2025-sources-say?utm_source=rss_feed Mon, 28 Oct 2024 04:50:39 +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 Yujie Xue Yujie Xue PetroChina said its purchase of an electricity producer can help it move faster towards clean energy and become an integrated energy company, adding electricity, thermal energy and hydrogen to its core offering of oil and gas. The state-owned company said on Monday that it would pay 5.979 billion yuan (US$839 million) to its parent China National Petroleum Corporation (CNPC) to buy 100 per cent of CNPC Electric Energy, which is engaged in power generation, supply and sales, heat supply, and the... https://www.scmp.com/business/china-business/article/3276344/petrochina-pays-us839-million-buy-parents-electric-unit-shift-towards-green-energy?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3276344/petrochina-pays-us839-million-buy-parents-electric-unit-shift-towards-green-energy?utm_source=rss_feed Thu, 29 Aug 2024 03:50:43 +0000 Yujie Xue Yujie Xue PetroChina has become the latest company to join the Oil & Gas Decarbonisation Charter (OGDC), a landmark pledge launched at the UN climate summit last year to reduce the industry’s emissions. China’s largest oil and gas producer joins more than 50 other fossil fuel companies that signed the pledge last December, committing to net-zero operations by 2050. They plan to end routine flaring by 2030 and reach near-zero upstream methane emissions, to keep global warming in check to prevent adverse... https://www.scmp.com/business/companies/article/3271552/petrochina-joins-global-pledge-eliminate-oil-and-gas-industry-emissions?utm_source=rss_feed https://www.scmp.com/business/companies/article/3271552/petrochina-joins-global-pledge-eliminate-oil-and-gas-industry-emissions?utm_source=rss_feed Tue, 23 Jul 2024 09:02:55 +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 Singapore is offering refiners and petrochemical companies rebates of up to 76 per cent for its planned carbon tax for 2024 and 2025 to help them ease cost stress and remain competitive versus rivals elsewhere, four sources familiar with the matter said. The tax concessions will provide a significant buffer for refiners’ profit margins amid growing competition with newer plants in China and the Middle East. Carbon tax costs are estimated at between 80 cents and US$1 per barrel of crude input... https://www.scmp.com/news/asia/southeast-asia/article/3266498/singapore-offer-carbon-tax-rebates-76-refiners-petrochemical-firms-sources-say?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3266498/singapore-offer-carbon-tax-rebates-76-refiners-petrochemical-firms-sources-say?utm_source=rss_feed Thu, 13 Jun 2024 22:00:16 +0000 Oil consumption in China’s transport sector will peak next year “at the latest” as rapid adoption of electric vehicles (EVs) by mainland drivers pulls the plug on petrol consumption, according to PetroChina, the nation’s largest oil and gas producer. Overall domestic demand for oil will rise only 1 per cent year on year in 2024 to 764 million tonnes, compared with 11 per cent year-on-year growth in 2023, according to the state-owned company. Although oil consumption will continue to grow in... https://www.scmp.com/business/china-business/article/3260353/petrochina-rapid-ev-uptake-means-oil-consumption-transport-peak-next-year-latest-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3260353/petrochina-rapid-ev-uptake-means-oil-consumption-transport-peak-next-year-latest-china?utm_source=rss_feed Thu, 25 Apr 2024 10:30:24 +0000 Huawei Technologies founder and chief executive Ren Zhengfei, in a rare public appearance, recently met senior executives from PetroChina amid efforts by the nation’s largest oil and gas producer to step up its low-carbon energy initiatives. Ren on Thursday met Dai Houliang, chairman of both the state-owned China National Petroleum Corp (CNPC) and its listed arm PetroChina, in Shenzhen where they discussed “improving corporate governance, digital transformation and intelligent development, as... https://www.scmp.com/tech/big-tech/article/3257308/huawei-founder-ren-zhengfei-focuses-digital-transformation-tech-innovation-meeting-petrochina?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3257308/huawei-founder-ren-zhengfei-focuses-digital-transformation-tech-innovation-meeting-petrochina?utm_source=rss_feed Sat, 30 Mar 2024 06:49:24 +0000 PetroChina, the nation’s largest oil and gas producer, is on track to reach its goal to peak carbon emissions next year and is confident it can double the contribution of low-carbon energy to total output capacity over two years, its top leaders said. As it reported its annual results on Monday, the Beijing-based energy titan unveiled a new target of having low-carbon energy account for 7 per cent of total energy production capacity by next year, up from 3.6 per cent last year. Previously, the... https://www.scmp.com/business/article/3256971/petrochina-track-peak-carbon-emissions-double-output-powered-low-carbon-energy-top-executives?utm_source=rss_feed https://www.scmp.com/business/article/3256971/petrochina-track-peak-carbon-emissions-double-output-powered-low-carbon-energy-top-executives?utm_source=rss_feed Wed, 27 Mar 2024 13:00:17 +0000 China’s demand for liquefied natural gas imports may double over the next decade, an official from America’s largest exporter of the commodity said on Tuesday, as the Asian country faces pressure to lower greenhouse gas emissions. “Everything is in place and heading towards a 130-to-140 million-tonnes market in China alone, as we get towards the mid-30s-to-2040 time frame. Then we actually think it plateaus,” said Anatol Feygin, Cheniere Energy’s executive vice-president and chief commercial... https://www.scmp.com/news/china/article/3249541/chinas-demand-lng-imports-may-double-over-next-decade-largest-us-exporter-cheniere-energy?utm_source=rss_feed https://www.scmp.com/news/china/article/3249541/chinas-demand-lng-imports-may-double-over-next-decade-largest-us-exporter-cheniere-energy?utm_source=rss_feed Tue, 23 Jan 2024 20:00:26 +0000 Big oil and gas companies in China and elsewhere are using low-quality carbon offsets to “greenwash” their imports of natural gas while failing to make strong emissions cutting commitments, environment group Greenpeace said on Monday. Firms like PetroChina and CNOOC Gas and Power have signed long-term contracts with Shell to buy “carbon neutral” liquefied natural gas (LNG), which uses “forest offsets” to balance out carbon emissions. Greenpeace, which has long opposed fossil fuel producers... https://www.scmp.com/business/companies/article/3242907/greenpeace-accuses-chinese-oil-and-gas-firms-petrochina-and-cnooc-greenwashing-lng-purchases?utm_source=rss_feed https://www.scmp.com/business/companies/article/3242907/greenpeace-accuses-chinese-oil-and-gas-firms-petrochina-and-cnooc-greenwashing-lng-purchases?utm_source=rss_feed Mon, 27 Nov 2023 03:29:25 +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 has begun drilling another hole more than 10,000 metres deep in the southwestern province of Sichuan – arguably the most difficult drilling project in the world – in the hope of finding a large natural gas reserve. PetroChina Southwest Oil and Gasfield Company began drilling the Shendi Chuanke-1 Well in the Sichuan Basin, with a designed depth of 10,520 metres (34,500 feet), on Thursday, state news agency Xinhua reported. Ultra-deep wells are more than 9,000 metres deep, and these drilling... https://www.scmp.com/news/china/science/article/3228443/china-starts-drilling-another-10000-metre-hole-search-natural-gas-reserve-and-future-energy-security?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3228443/china-starts-drilling-another-10000-metre-hole-search-natural-gas-reserve-and-future-energy-security?utm_source=rss_feed Fri, 21 Jul 2023 05:59:26 +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 The former chairman of one of China’s biggest state banks is under investigation following his dismissal earlier this year, the nation’s top anti-corruption bodies announced on Friday. Liu Liange, who was removed as the Bank of China’s Communist Party chief in February without further explanation, is the most senior banker to become implicated in a crackdown on the financial sector that started in 2021. Graft-busters give rare details about case in Chinese digital hub The 62-year-old is... https://www.scmp.com/news/china/politics/article/3215624/former-bank-china-chief-liu-lange-facing-corruption-investigation?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3215624/former-bank-china-chief-liu-lange-facing-corruption-investigation?utm_source=rss_feed Fri, 31 Mar 2023 14:08:43 +0000 PetroChina has made great strides in developing low carbon, non-fossil energy and will raise its production capacity several more times by 2035 to meet its energy-transition goals, according to top managers. China’s largest oil and gas producer installed 1,200 megawatts (MW) of wind and solar farms last year, lifting its cumulative installed capacity to 1,400MW, president Huang Yongzhang said on Thursday. It also has 10,200MW of government-approved projects in its pipeline. The company completed... https://www.scmp.com/business/article/3215452/petrochina-reports-progress-green-energy-development-amid-multi-decade-overhaul-product-mix-meet?utm_source=rss_feed https://www.scmp.com/business/article/3215452/petrochina-reports-progress-green-energy-development-amid-multi-decade-overhaul-product-mix-meet?utm_source=rss_feed Thu, 30 Mar 2023 12:30:38 +0000 Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing debt relief worth some US$1.4 billion until 2025. Ecuador’s President Guillermo Lasso announced in February that he was looking to restructure the country’s debt and improve the conditions of long-term oil sales contracts with Beijing. China has become Ecuador’s main financial partner in the past decade. China’s 5 Latin America trade deals offer ‘new factor’,... https://www.scmp.com/news/china/diplomacy/article/3193107/ecuador-reaches-deal-chinese-banks-restructure-debt-providing?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3193107/ecuador-reaches-deal-chinese-banks-restructure-debt-providing?utm_source=rss_feed Tue, 20 Sep 2022 05:17:42 +0000 PetroChina, which has made better-than-expected progress on renewable energy development, has raised its installation target to meet its energy transition goal, chairman Dai Houliang said after unveiling a record first-half profit. The nation’s largest oil and gas producer won permits to install 5.36 gigawatts of wind and solar farms and 11.2 million square metres of geothermal projects during the first six months of the year, Dai said after the company posted a 55.3 per cent year-on-year jump... https://www.scmp.com/business/china-business/article/3190195/petrochina-picks-renewable-energy-development-pace-meet?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3190195/petrochina-picks-renewable-energy-development-pace-meet?utm_source=rss_feed Thu, 25 Aug 2022 13:30:21 +0000 Hong Kong stocks surged by the most in four months from a five-month low after Beijing unveiled further stimulus to boost the economy amid Covid-19 and power crises. Alibaba Group and JD.com powered tech gains on speculation about progress to tackle US delisting risk. The Hang Seng Index surged 3.6 per cent to 19,968.38 at the close of Thursday trading, the most since a 4 per cent jump on April 29, after a typhoon warning shuttered the morning trading session. The Tech Index jumped 6 per cent,... https://www.scmp.com/business/article/3190086/hong-kong-markets-halted-morning-session-typhoon-warning-china-tourism?utm_source=rss_feed https://www.scmp.com/business/article/3190086/hong-kong-markets-halted-morning-session-typhoon-warning-china-tourism?utm_source=rss_feed Thu, 25 Aug 2022 01:32:37 +0000 More state-owned enterprises (SOEs) are expected to delist from the US capital markets, deepening an exodus arising from a regulatory impasse between Beijing and Washington. The voluntary delisting of five SOEs – the oil giants Sinopec, its entity Sinopec Shanghai Petrochemical and PetroChina, China Life Insurance and Aluminum Corporation of China – from the New York Stock Exchange could pave the way for further exits, according to analysts. Their decision to apply for delisting at the same time... https://www.scmp.com/business/banking-finance/article/3188991/more-chinese-state-owned-companies-expected-delist-us?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188991/more-chinese-state-owned-companies-expected-delist-us?utm_source=rss_feed Mon, 15 Aug 2022 23:30:29 +0000 Five Chinese state-owned companies are seeking to delist from the US amid an unresolved auditing dispute that could see dozens of mainland Chinese firms ejected from American exchanges, as ties between the two nations continue to worsen. China Life Insurance, PetroChina and China Petroleum and Chemical Corporation (Sinopec) said they would apply for the “voluntary delisting” of their American depositary shares (ADS) from the New York Stock Exchange, according to their filings on Friday to the... https://www.scmp.com/business/china-business/article/3188740/china-life-insurance-petrochina-and-sinopec-delist-nyse?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3188740/china-life-insurance-petrochina-and-sinopec-delist-nyse?utm_source=rss_feed Fri, 12 Aug 2022 12:10:02 +0000 PetroChina, the nation’s biggest oil and gas producer, said first-half profit increased by 50 per cent to 60 per cent on the back of rising oil prices following Russia’s invasion of Ukraine. The state-backed energy giant, with upstream and downstream operations, estimated that net profit rose between 26.5 billion yuan (US$3.9 billion) and 32 billion yuan for the six months to June 30, according to a filing to the Shanghai exchange on Friday. This means it could report an interim profit of... https://www.scmp.com/business/china-business/article/3185468/petrochina-expects-50-60-cent-jump-first-half-profit-higher?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3185468/petrochina-expects-50-60-cent-jump-first-half-profit-higher?utm_source=rss_feed Fri, 15 Jul 2022 11:35:35 +0000 Hong Kong stocks approached a two-week low as a resurgence in Covid-19 cases in mainland China led to a mass testing process and undermined bets for a swift economic recovery. Alibaba Group advanced as analysts raised their price targets. The Hang Seng Index fell 1.2 per cent to 21,586.66 at the close, the lowest level since June 23. The Hang Seng Tech Index retreated 1.2 per cent, while the Shanghai Composite Index lost 1.4 per cent. Shanghai has started mass Covid-19 screening in nine of the... https://www.scmp.com/business/china-business/article/3184263/hong-kong-stocks-head-two-week-low-mass-covid-19-testing?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3184263/hong-kong-stocks-head-two-week-low-mass-covid-19-testing?utm_source=rss_feed Wed, 06 Jul 2022 02:20:00 +0000 China’s largest oil and gas producer, PetroChina, said it plans to have renewable energy account for half of its total output by 2050 as the state-backed company reported its biggest profit in seven years. PetroChina will tap into the wind, solar and geothermal resources of its main production and exploration regions as it steps up efforts to help the country achieve net-zero emissions by 2060, chief financial officer Chai Shouping said at an annual results media briefing on Thursday. “By 2035,... https://www.scmp.com/business/investor-relations/article/3172727/state-backed-petrochina-wants-renewable-energy-account?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3172727/state-backed-petrochina-wants-renewable-energy-account?utm_source=rss_feed Fri, 01 Apr 2022 06:40:10 +0000 Russia’s invasion of Ukraine and the ensuing sanctions are pushing commodities to their best rally in at least four years because of supply-chain disruptions. Gold and Treasuries are also benefiting from global risk aversion. “The Russia-Ukraine crisis could disrupt commodity supply and push up inflation,” said Ye Bingnan, analyst at CMB International, in a report last week. “Russia is an important supplier of oil, gas, wheat, nickel, palladium and chemical fertiliser.” The Bloomberg Commodities... https://www.scmp.com/business/markets/article/3169519/ukraine-conflict-commodity-rally-creates-winners-among-chinese-oil?utm_source=rss_feed https://www.scmp.com/business/markets/article/3169519/ukraine-conflict-commodity-rally-creates-winners-among-chinese-oil?utm_source=rss_feed Mon, 07 Mar 2022 05:31:46 +0000 China’s state-owned oil and gas company PetroChina said on Thursday it was working with regulators investigating one of its units for “irregular trading” of imported crude oil. The subsidiary PetroChina Fuel Oil “has always been actively cooperating with the investigation”, PetroChina said in a filing with the Hong Kong stock exchange. The company was checking internal controls, improving policies for crude oil trading and rectifying “relevant issues”, the filing said, adding production had not... https://www.scmp.com/economy/china-economy/article/3164078/chinas-state-owned-oil-giant-cooperating-investigation-unit?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3164078/chinas-state-owned-oil-giant-cooperating-investigation-unit?utm_source=rss_feed Thu, 20 Jan 2022 09:15:10 +0000