https://www.scmp.com/rss/517964/feed The latest news, analysis and opinion on ExxonMobil. 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 Alex Lo Alex Lo Does the United States suffer from a “resource curse”? Surely, that’s an absurd question. It’s the kind of problem that affects only low-income and underdeveloped countries run by dictators and authoritarian rulers. The US is, reputedly, the most advanced and biggest economy in the world. So how can that be? If standard economics textbooks are anything to go by, authoritarian China should be much more likely to suffer from such a curse, perhaps due to its near monopoly on rare earths supply.... https://www.scmp.com/opinion/article/3353064/path-future-renewables-not-donald-trumps-america?utm_source=rss_feed https://www.scmp.com/opinion/article/3353064/path-future-renewables-not-donald-trumps-america?utm_source=rss_feed Sun, 10 May 2026 14:38:58 +0000 Associated Press Associated Press Stocks slumped and oil prices soared on Thursday after President Donald Trump vowed the US will continue to attack Iran and failed to offer a clear timetable for ending the conflict in the Middle East. The S&P 500 fell 1.1 per cent, with three out of every four stocks in the benchmark index losing ground. The Dow Jones Industrial Average shed 545 points, or 1.2 per cent, as of 9.52am Eastern. The Nasdaq composite fell 1.6 per cent. Major indexes throughout Europe and Asia also fell. The broad... https://www.scmp.com/news/world/united-states-canada/article/3348851/us-crude-tops-us110-wall-street-falls-after-trump-vows-more-iran-attacks?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3348851/us-crude-tops-us110-wall-street-falls-after-trump-vows-more-iran-attacks?utm_source=rss_feed Thu, 02 Apr 2026 14:28:54 +0000 Dulue Mbachu Dulue Mbachu The Iran war has cut off a fifth of global oil and LNG supply, handing African producers “a structural advantage” in supplying global markets, although their capacity is hampered by factors beyond the Middle East conflict, according to analysts. “West and North African exports are largely insulated from the conflict, meaning barrels from Nigeria, Angola, Gabon, Algeria and Libya are viewed as lower-risk alternatives,” said Grace Goodrich and Anne-Laure Klein of Energy, Capital & Power, a Cape... https://www.scmp.com/news/china/diplomacy/article/3347841/african-producers-may-have-energy-edge-during-iran-war-if-they-can-overcome-hurdles?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3347841/african-producers-may-have-energy-edge-during-iran-war-if-they-can-overcome-hurdles?utm_source=rss_feed Wed, 25 Mar 2026 11:00:08 +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 Reuters Reuters The US eased sanctions on Venezuela’s energy sector on Friday, issuing two general licences that allow global energy companies to operate oil and gas projects in the Opec member and for other companies to negotiate contracts to bring in fresh ‌investments. The Treasury Department’s Office of Foreign Assets Control issued a general licence allowing Chevron, BP, Eni, Shell and Repsol to operate oil and gas operations in Venezuela. Those companies still have offices in the country and stakes in... https://www.scmp.com/news/world/americas/article/3343543/us-allows-oil-majors-resume-venezuela-operations?utm_source=rss_feed https://www.scmp.com/news/world/americas/article/3343543/us-allows-oil-majors-resume-venezuela-operations?utm_source=rss_feed Fri, 13 Feb 2026 17:14:33 +0000 Reuters Reuters US President Donald Trump said on Sunday that he might block ‍ExxonMobil from investing in Venezuela after the oil major’s CEO called the country “uninvestable” during a White House meeting last week. Exxon CEO Darren Woods told Trump that Venezuela would need to change its laws before it could be an attractive investment opportunity, during the high-profile meeting on Friday with at least 17 ⁠other oil executives. Trump had urged the group to spend US$100 billion to revitalise Venezuela’s oil... https://www.scmp.com/news/world/americas/article/3339537/trump-says-might-keep-exxon-out-venezuela-after-ceo-called-it-uninvestable?utm_source=rss_feed https://www.scmp.com/news/world/americas/article/3339537/trump-says-might-keep-exxon-out-venezuela-after-ceo-called-it-uninvestable?utm_source=rss_feed Mon, 12 Jan 2026 03:45:29 +0000 Agence France-Presse Agence France-Presse US President Donald Trump has signed an executive order protecting US-held money derived from sales of Venezuelan oil, after the ousting of Nicolas Maduro, the White House said. In an order signed on Friday, Trump – who has made clear that tapping Venezuela’s vast oil reserves was a key goal in the US ousting of Maduro – is acting “to advance US foreign policy objectives”, the White House said in a fact sheet accompanying the order. The action follows a meeting Friday in Washington where Trump... https://www.scmp.com/news/world/united-states-canada/article/3339464/trump-declares-national-emergency-protect-venezuela-oil-money?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3339464/trump-declares-national-emergency-protect-venezuela-oil-money?utm_source=rss_feed Sat, 10 Jan 2026 21:32:42 +0000 Reuters Reuters US Energy Secretary Chris Wright said there was room ‌to balance roles for both the United States ‍and China in Venezuela to allow for commerce but that Washington would not allow Beijing to have major control over the Latin ⁠American country. In an interview on Fox Business Network, Wright also said he expected to see Chevron quickly grow its activities in Venezuela, with ConocoPhillips and ExxonMobil also looking to play ‍a constructive role. “I think you will probably see some ‍long-term... https://www.scmp.com/news/world/united-states-canada/article/3339234/china-and-us-can-strike-balance-venezuela-says-us-energy-chief-chris-wright?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3339234/china-and-us-can-strike-balance-venezuela-says-us-energy-chief-chris-wright?utm_source=rss_feed Thu, 08 Jan 2026 14:48:49 +0000 Mark Magnier Mark Magnier The US captured two oil tankers on the high seas as a senior US official said on Wednesday that Washington expects to take control of future Venezuelan oil sales indefinitely and use the proceeds to help America and rebuild the nation’s beleaguered economy. The seizure of the vessels, including one after a two-week chase, comes as US President Donald Trump’s administration takes an increasingly aggressive approach to foreign energy and security policy. Since Nicolas Maduro and his wife, Cilia... https://www.scmp.com/news/world/united-states-canada/article/3339092/us-forces-seize-russia-flagged-tanker-linked-venezuela-sanctions?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3339092/us-forces-seize-russia-flagged-tanker-linked-venezuela-sanctions?utm_source=rss_feed Wed, 07 Jan 2026 14:23:20 +0000 Bloomberg Bloomberg US President Donald Trump said Venezuela would relinquish as much as 50 million barrels of oil to the United States, worth roughly US$2.8 billion at the current market price, announcing the cargoes would be sold with proceeds benefiting both countries. The announcement on Tuesday marked a significant step up for the US government as it seeks to extend its economic influence in Venezuela and beyond after the US capture of leader Nicolas Maduro on Saturday. After the operation, Trump said that the... https://www.scmp.com/news/world/united-states-canada/article/3338975/trump-meet-oil-bosses-push-venezuela-output-revival?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3338975/trump-meet-oil-bosses-push-venezuela-output-revival?utm_source=rss_feed Tue, 06 Jan 2026 22:35:40 +0000 Mia Nurmamat Mia Nurmamat After US air strikes hit Caracas on Saturday, Venezuelan leader Nicolas Maduro and his wife were detained and transferred to the United States. US President Donald Trump later said his country planned to “run” Venezuela for the time being and take control of its oil reserves. In the wake of the military operation, the Post examines the potential winners and losers in the global oil market. Who are the winners? The US stands to be the biggest beneficiary. One immediate implication could be... https://www.scmp.com/economy/global-economy/article/3338804/if-us-seizes-control-venezuelas-oil-who-wins-and-who-loses?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3338804/if-us-seizes-control-venezuelas-oil-who-wins-and-who-loses?utm_source=rss_feed Mon, 05 Jan 2026 13:30:11 +0000 Reuters Reuters Kazakhstan told Ukraine on Sunday to stop attacking the Black Sea terminal of the Caspian Pipeline Consortium (CPC), which handles more than 1 per cent of global oil, after a major drone attack halted exports and seriously damaged loading infrastructure. The CPC, which includes Russian, Kazakh and US shareholders, said it had halted operations after a mooring at its Russian terminal on the Black Sea was significantly damaged by a Ukrainian naval drone attack. Ukraine this year mounted wave after... https://www.scmp.com/news/world/russia-central-asia/article/3334670/kazakhstan-tells-ukraine-stop-black-sea-oil-terminal-attacks?utm_source=rss_feed https://www.scmp.com/news/world/russia-central-asia/article/3334670/kazakhstan-tells-ukraine-stop-black-sea-oil-terminal-attacks?utm_source=rss_feed Sun, 30 Nov 2025 09:32:48 +0000 Jevans Nyabiage Jevans Nyabiage Battered by declining production and the departure of Western partners, Chad’s oil industry is betting its future on Beijing. In a high-stakes diplomatic pivot, the landlocked central African country has aimed to double its current output of 150,000 barrels per day, relying on China and allies like the United Arab Emirates (UAE) to revive its energy sector. Leading the massive effort is the China National Petroleum Corporation (CNPC), which according to Chadian officials, is set to expand its... https://www.scmp.com/news/china/diplomacy/article/3331887/china-steps-chad-bets-oil-future-beijing-after-western-exit?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3331887/china-steps-chad-bets-oil-future-beijing-after-western-exit?utm_source=rss_feed Mon, 10 Nov 2025 06:00:12 +0000 Coco Feng Coco Feng Guangdong province – China’s manufacturing powerhouse – has unveiled comprehensive plans to integrate artificial intelligence into industrial operations and attract foreign investment, underscoring its commitment to technological upgrading and international cooperation. The provincial government held two press conferences on Wednesday to outline a new three-year action plan – launched a day earlier – that aims to harness AI in manufacturing, as well as to preview an coming investment event... https://www.scmp.com/tech/big-tech/article/3329922/guangdong-pushes-ai-powered-growth-despite-looming-shadow-nexperia-tensions?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3329922/guangdong-pushes-ai-powered-growth-despite-looming-shadow-nexperia-tensions?utm_source=rss_feed Wed, 22 Oct 2025 11:00:08 +0000 Reuters Reuters A lobbying group whose board includes US firms such as Oracle, Amazon and Exxon Mobil is urging the Trump administration to immediately suspend a rule it says halted billions of dollars’ worth of US exports and will prompt China and other countries to drop US firms from their supply chains. In a letter addressed to US President Donald Trump and seen by Reuters, the National Foreign Trade Council takes aim at the so-called Affiliates Rule, which bars American companies from shipping goods and... https://www.scmp.com/news/world/united-states-canada/article/3329720/us-business-lobby-urges-trump-end-new-curbs-exports-china?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3329720/us-business-lobby-urges-trump-end-new-curbs-exports-china?utm_source=rss_feed Mon, 20 Oct 2025 19:58:47 +0000 Associated Press Associated Press The US stock market had its worst day since May on Friday after the government reported a sharp slowdown in hiring and President Donald Trump imposed sweeping tariffs on imports from a number of US trading partners. The S&P 500 fell 1.6 per cent, its biggest decline since May 21 and its fourth straight loss. The index also posted a 2.4 per cent loss for the week, marking a sharp shift from last week’s record-setting streak of gains. The Dow Jones Industrial Average fell 1.2 per cent, while the... https://www.scmp.com/news/world/united-states-canada/article/3320505/wall-street-slumps-trump-tariff-news-and-weak-us-job-data?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3320505/wall-street-slumps-trump-tariff-news-and-weak-us-job-data?utm_source=rss_feed Fri, 01 Aug 2025 16:54:16 +0000 Eric Ng Eric Ng The European Union’s (EU) tariffs on biodiesel and renewable diesel from China present Hong Kong with an opportunity to promote the use of low-carbon fuels, according to a business group, which called for more measures to support its adoption. A dearth of financial incentives and infrastructure has also resulted in limited use by the public and private sector to meet climate goals, according to the Business Environment Council (BEC). “The EU’s anti-dumping tariffs have forced Chinese producers... https://www.scmp.com/business/climate-and-energy/article/3313299/eu-biodiesel-tariffs-offer-hong-kong-chance-boost-adoption-green-fuel?utm_source=rss_feed https://www.scmp.com/business/climate-and-energy/article/3313299/eu-biodiesel-tariffs-offer-hong-kong-chance-boost-adoption-green-fuel?utm_source=rss_feed Sun, 08 Jun 2025 03:00:08 +0000 California and several environmental groups sued ExxonMobil on Monday and accused the oil giant of engaging in a decades-long campaign that helped fuel global plastic waste pollution. Speaking at an event during Climate Week in New York City, California Attorney General Rob Bonta said the state sued Exxon after concluding a nearly two-year investigation that he said showed Exxon was deliberately misleading the public about the limitations of recycling. “Today’s lawsuit shows the fullest picture... https://www.scmp.com/news/world/united-states-canada/article/3279672/california-sues-exxonmobil-says-it-lied-about-plastics-recycling?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3279672/california-sues-exxonmobil-says-it-lied-about-plastics-recycling?utm_source=rss_feed Mon, 23 Sep 2024 20:44:07 +0000 [The content of this article has been produced by our advertising partner.] Five years ago, the the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) Development Plan was unveiled. By leveraging the strengths of nine cities and two special administrative regions in south China, the GBA was widely considered a front runner in the nation opening its economy to the broader world. In 2023, the total economic output of the GBA was estimated to exceed 13.6 trillion yuan, an increase of about 3.8... https://www.scmp.com/presented/special-reports/topics/gba-development-plan-fifth-anniversary/article/3255164/5-years-surging-greater-bay-area-driving-chinas-economic-growth?utm_source=rss_feed https://www.scmp.com/presented/special-reports/topics/gba-development-plan-fifth-anniversary/article/3255164/5-years-surging-greater-bay-area-driving-chinas-economic-growth?utm_source=rss_feed Mon, 18 Mar 2024 10:47:37 +0000 The US military carried out new strikes in Yemen on Tuesday against anti-ship ballistic missiles in a Houthi-controlled part of the country as a missile struck a Greek-owned vessel in the Red Sea. Attacks by the Iran-allied Houthi militia on ships in the region since November have affected companies and alarmed major powers – an escalation of Israel’s more than three-month-old war with Palestinian Hamas militants in Gaza. The Houthis say they are acting in solidarity with Palestinians and have... https://www.scmp.com/news/world/middle-east/article/3248687/us-targets-houthi-anti-ship-missiles-new-strike-yemen?utm_source=rss_feed https://www.scmp.com/news/world/middle-east/article/3248687/us-targets-houthi-anti-ship-missiles-new-strike-yemen?utm_source=rss_feed Tue, 16 Jan 2024 18:09:52 +0000 Bloomberg Bloomberg Deal makers are coming to the end of their worst year for mergers and acquisitions (M&A) in a decade, having seen hopes of any meaningful recovery choked off by reluctant lenders and geopolitical flare-ups. The value of M&A and related transactions has declined by roughly a quarter this year to US$2.7 trillion going into the holiday period, data compiled by Bloomberg shows. That is the lowest annual total since 2013, which was also the last time deal values failed to hit US$3 trillion in a... https://www.scmp.com/business/banking-finance/article/3245604/global-ma-deal-makers-miss-us3-trillion-mark-first-time-10-years?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3245604/global-ma-deal-makers-miss-us3-trillion-mark-first-time-10-years?utm_source=rss_feed Tue, 19 Dec 2023 07:55:28 +0000 Oil giant Saudi Aramco is collaborating with a Chinese partner to build a pilot plant in China to convert ammonia into hydrogen as part of its research into low-carbon energy to tackle climate change, according to its technology and innovation head. Dhahran, Saudi Arabia-based Aramco, the world’s largest oil exporter and third most valuable company, plans to spend nearly US$500 million on sustainability related research and development a year, said Ahmad Al-Khowaiter, executive vice-president of... https://www.scmp.com/business/companies/article/3244849/climate-change-saudi-aramco-and-chinese-partner-soon-fire-hydrogen-conversion-pilot-plant-technology?utm_source=rss_feed https://www.scmp.com/business/companies/article/3244849/climate-change-saudi-aramco-and-chinese-partner-soon-fire-hydrogen-conversion-pilot-plant-technology?utm_source=rss_feed Wed, 13 Dec 2023 00:00:15 +0000 Oil majors operating in Guyana’s waters are “moving ahead aggressively” with production plans despite Venezuela’s threats to take over the region in an escalating border conflict, according to President Irfaan Ali. Speaking from Georgetown, Ali said Guyana’s troops are prepared to defend the nation’s territory after Venezuela’s Nicolas Maduro revived a long-dormant dispute over the Essequibo, a swathe roughly the size of Florida where major oil discoveries have been made in recent... https://www.scmp.com/news/world/americas/article/3244733/guyanas-president-irfaan-ali-says-oil-producers-are-moving-ahead-despite-venezuelas-threats?utm_source=rss_feed https://www.scmp.com/news/world/americas/article/3244733/guyanas-president-irfaan-ali-says-oil-producers-are-moving-ahead-despite-venezuelas-threats?utm_source=rss_feed Mon, 11 Dec 2023 22:05:03 +0000 Calls mounted for calm to prevail as Venezuela said it saw a “provocation” in joint US-Guyana military exercises and vowed to pursue the “recovery” of an oil-rich region both neighbours claim as their own. The UN Security Council called an urgent meeting for Friday on the fast-escalating row that Guyana said “threatens international peace and security”. The United States, through National Security Council spokesman John Kirby, on Thursday urged the sides to find a diplomatic solution to the... https://www.scmp.com/news/world/americas/article/3244339/guyana-venezuela-border-tensions-soar-over-disputed-oil-rich-essequibo-region?utm_source=rss_feed https://www.scmp.com/news/world/americas/article/3244339/guyana-venezuela-border-tensions-soar-over-disputed-oil-rich-essequibo-region?utm_source=rss_feed Fri, 08 Dec 2023 04:48:26 +0000 Venezuelans on Sunday approved a referendum called by the government of President Nicolas Maduro to claim sovereignty over an oil and mineral-rich area of neighbouring Guyana it argues was stolen when the border was drawn more than a century ago. It remains unclear how Maduro will enforce the results of the vote. But Guyana considers the referendum a step toward annexation, and the vote has its residents on edge. The National Electoral Council claimed to have counted more than 10.5 million votes... https://www.scmp.com/news/world/americas/article/3243743/essequibo-dispute-venezuelans-approve-referendum-claim-sovereignty-over-swathe-neighbour-guyana?utm_source=rss_feed https://www.scmp.com/news/world/americas/article/3243743/essequibo-dispute-venezuelans-approve-referendum-claim-sovereignty-over-swathe-neighbour-guyana?utm_source=rss_feed Mon, 04 Dec 2023 05:51:25 +0000 Was Taylor Swift’s recent experience in Brazil a canary-in-the-coal-mine moment for the travel and tourism industry? The American singer has become something of a mobile tourist attraction, with Swifties – as her fans are known – swooping in their thousands from places where she isn’t performing to places where she is. And, “When Taylor Swift comes to town, Swifties go on a spending spree,” as The Wall Street Journal puts it. “It’s simple Taylornomics.” Or Swiftonomics, as other publications dub... https://www.scmp.com/magazines/post-magazine/travel/article/3243240/taylor-swift-needs-speak-out-climate-breakdown-fans-drive-concert-tourism-so-why-isnt-she?utm_source=rss_feed https://www.scmp.com/magazines/post-magazine/travel/article/3243240/taylor-swift-needs-speak-out-climate-breakdown-fans-drive-concert-tourism-so-why-isnt-she?utm_source=rss_feed Wed, 29 Nov 2023 23:45:16 +0000 With China looking to send the message that it remains the go-to choice for manufacturing in a time of “de-risking”, several high-profile foreign firms are slated to participate in its inaugural supply-chain expo next week. And the so-called world’s factory is also expected to use the event to showcase how self-sustained its manufacturing chain has become, particularly as many foreign firms have shifted some of their supply chains away from the country amid geopolitical uncertainties. US tech... https://www.scmp.com/economy/china-economy/article/3242341/china-supply-chain-expo-apple-amazon-and-other-enthusiastic-industry-giants-see-how-self-reliant?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3242341/china-supply-chain-expo-apple-amazon-and-other-enthusiastic-industry-giants-see-how-self-reliant?utm_source=rss_feed Tue, 21 Nov 2023 22:00:09 +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 During a half-century of independence, Singapore has fought to expand its territory, inch by hard-won inch. On the tip of the Malaysian peninsula, the island city state piled up sand to expand its coastline and reclaim land from the sea. In that time, Singapore has grown by one-quarter, adding land mass more than twice the size of Manhattan. At 736 sq km (284 square miles), Singapore is now approaching the size of all five boroughs of New York City. It plans to grow an additional 4 per cent by... https://www.scmp.com/news/asia/southeast-asia/article/3237393/singapore-more-prone-sea-level-rise-virtually-any-country-earth-so-whats-being-done-about-it?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3237393/singapore-more-prone-sea-level-rise-virtually-any-country-earth-so-whats-being-done-about-it?utm_source=rss_feed Tue, 10 Oct 2023 04:14:23 +0000 The state of California filed a lawsuit against some of the world’s largest oil and gas companies, claiming they deceived the public about the risks of fossil fuels now faulted for climate change-related storms and wildfires that caused billions of dollars in damage, officials said. The civil lawsuit filed in state Superior Court in San Francisco also seeks creation of a fund – financed by the companies – to pay for recovery efforts following devastating storms and fires. Democratic Governor... https://www.scmp.com/news/world/united-states-canada/article/3234875/oil-giants-sued-california-lies-and-myths-climate-seeks-compensation-storm-damage?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3234875/oil-giants-sued-california-lies-and-myths-climate-seeks-compensation-storm-damage?utm_source=rss_feed Sun, 17 Sep 2023 18:05:08 +0000 The biggest Chinese companies are far out in front of their US and European peers when it comes to generating income from solar, wind, nuclear and other types of renewable energy. Companies that make up the S&P 500 produce just 3.4 per cent of their revenue from clean-energy sources, which is roughly half of what companies on the Shanghai Composite Index earn, according to BloombergNEF (BNEF). Chinese companies such as solar leaders Longi Green Energy Technology and Tongwei are benefiting from... https://www.scmp.com/business/banking-finance/article/3233292/chinese-companies-leave-world-behind-race-renewables-income-earning-twice-much-clean-energy-us-peers?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3233292/chinese-companies-leave-world-behind-race-renewables-income-earning-twice-much-clean-energy-us-peers?utm_source=rss_feed Mon, 04 Sep 2023 02:40:33 +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 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 China National Offshore Oil Corporation (CNOOC) has commissioned what it called the country’s first offshore carbon capture and storage (CCS) demonstration project, “filling the gap” in China’s offshore carbon storage technology, the company said on Thursday. The CCS project is part of the Enping 15-1 oilfield, Asia’s largest offshore oil production platform located in the Pearl River Mouth Basin, about 190 kilometres southwest of Hong Kong. It achieves zero carbon emissions by capturing and... https://www.scmp.com/business/article/3222634/cnooc-commissions-chinas-first-offshore-ccs-project-filling-gap-and-helping-country-its-emission?utm_source=rss_feed https://www.scmp.com/business/article/3222634/cnooc-commissions-chinas-first-offshore-ccs-project-filling-gap-and-helping-country-its-emission?utm_source=rss_feed Thu, 01 Jun 2023 12:00:22 +0000 Japan is seeking to restore some of its economic and diplomatic glory in Africa, promising to mobilise public and private finance for multibillion-dollar infrastructure projects as part of its vision for a free and open Indo-Pacific. Tokyo also wants a bigger role in brokering peace for the continent’s hotspots, such as the ongoing military battle in Sudan. In addition to US$500 million to “promote peace and stability”, Japan is sending a special envoy to the Horn of Africa. Before China became... https://www.scmp.com/news/china/diplomacy/article/3220153/can-japans-renewed-vows-africa-dent-expanded-china-influence?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3220153/can-japans-renewed-vows-africa-dent-expanded-china-influence?utm_source=rss_feed Sat, 13 May 2023 13:00:11 +0000 Argentine superstar Lionel Messi will play in Saudi Arabia next season under a blockbuster deal, a source said yesterday, potentially joining his arch-rival Cristiano Ronaldo as the kingdom lavishes its oil wealth on sport. Messi will sign a “huge” deal with an as-yet-unnamed club, said the source, who is close to the negotiations that are taking place just months after the 35-year-old lifted the World Cup in Qatar. “Messi is a done deal. He will play in Saudi Arabia next season,” said the... https://www.scmp.com/sport/football/article/3219985/lionel-messi-move-saudi-arabia-done-deal-source-says-revealing-exceptional-huge-contract?utm_source=rss_feed https://www.scmp.com/sport/football/article/3219985/lionel-messi-move-saudi-arabia-done-deal-source-says-revealing-exceptional-huge-contract?utm_source=rss_feed Tue, 09 May 2023 14:00:43 +0000 Many people have lost faith in the ability of governments to fight climate change. Projects involving fossil fuels - coal, oil and gas, the main culprits for the climate crisis - are going ahead in violation of scientific warnings. Big banks continue to pour money into fossil fuels, while reports state that 20 fossil fuel giants, including Shell, BP and ExxonMobil, will invest almost US$1 trillion in new oil and gas deals by 2030. Faith is also fading in the Paris Agreement, the treaty formed in... https://www.scmp.com/lifestyle/arts-culture/article/3218693/how-religious-groups-are-fighting-climate-change-and-one-man-who-helping-direct-their-substantial?utm_source=rss_feed https://www.scmp.com/lifestyle/arts-culture/article/3218693/how-religious-groups-are-fighting-climate-change-and-one-man-who-helping-direct-their-substantial?utm_source=rss_feed Sat, 29 Apr 2023 08:15:09 +0000 Oil giant Saudi Aramco has reported earning US$161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists. The monster profit by the firm, known formally as the Saudi Arabian Oil Co., came off the back of energy prices rising after Russia launched its war on Ukraine in February 2022, with sanctions limiting the sale of Moscow’s oil and natural gas in Western markets. Aramco also hopes to increase its... https://www.scmp.com/news/world/middle-east/article/3213275/oil-giant-saudi-aramco-makes-record-us161-billion-profit-highest-publicly-listed-firm?utm_source=rss_feed https://www.scmp.com/news/world/middle-east/article/3213275/oil-giant-saudi-aramco-makes-record-us161-billion-profit-highest-publicly-listed-firm?utm_source=rss_feed Sun, 12 Mar 2023 13:54:24 +0000 A growing number of energy exploration projects in the disputed waters of the South China Sea will increase the chances of confrontations, particularly with Chinese patrols, according to a new report by a US think tank. Many rival claimants in the resource-rich region have stepped up oil and gas development. China, Vietnam, Malaysia and Indonesia have all either announced or started new offshore projects. AI just predicted the price tag for Beijing’s South China Sea ambitions The South China Sea... https://www.scmp.com/news/china/diplomacy/article/3212987/south-china-sea-risk-china-flashpoints-high-rival-energy-projects-expand-report-says?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3212987/south-china-sea-risk-china-flashpoints-high-rival-energy-projects-expand-report-says?utm_source=rss_feed Thu, 09 Mar 2023 13:13:46 +0000 The Ukraine crisis has changed the world in many ways, one of which is the functionality of the Arctic Council, a forum that Russia currently chairs. The decision by the other seven council members in March last year to stop joining its meetings is a grave impediment to international cooperation in the Arctic. Concerns have also been raised over the role of the observer states, including China, Japan, South Korea, Singapore and India. Climate change has made the Arctic and its potential... https://www.scmp.com/comment/opinion/article/3211298/war-ukraine-freezes-arctic-council-how-will-asia-break-ice?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3211298/war-ukraine-freezes-arctic-council-how-will-asia-break-ice?utm_source=rss_feed Fri, 24 Feb 2023 19:30:13 +0000 Some American comedians and politicians have been asking why their country is sending billions of aid to Ukraine when many of its own cities and infrastructure are crumbling. That’s a good question but there is also a good answer from Washington. The war in Ukraine has not only been terrible for Ukrainians, but also bad for ordinary Russians and Europeans. However, it has been extraordinarily good to US business and geopolitical interests. As the title of a recent study by the Washington-based... https://www.scmp.com/comment/opinion/article/3210875/ukraine-war-has-been-good-us-its-allies-not-so-much?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3210875/ukraine-war-has-been-good-us-its-allies-not-so-much?utm_source=rss_feed Mon, 20 Feb 2023 13:00:08 +0000 The recent Philippine Supreme Court ruling that a 2005 tripartite deal for joint petroleum exploration in the South China Sea is unconstitutional could dash hopes of pursuing practical cooperation and prolong conflict in the disputed region. The ruling stems from the controversial 2005 Joint Marine Seismic Undertaking between the national oil companies of the Philippines, Vietnam, and China, which began as a bilateral arrangement between Manila and Beijing the year before. The deal expired in... https://www.scmp.com/week-asia/opinion/article/3209037/south-china-sea-philippines-ruling-could-shut-door-joint-energy-deals-embolden-beijings-claims?utm_source=rss_feed https://www.scmp.com/week-asia/opinion/article/3209037/south-china-sea-philippines-ruling-could-shut-door-joint-energy-deals-embolden-beijings-claims?utm_source=rss_feed Sat, 04 Feb 2023 01:00:14 +0000 The world is in a “sorry state” because of myriad “interlinked” challenges including climate change and Russia’s war in Ukraine that are “piling up like cars in a chain-reaction crash”, the UN chief said at the World Economic Forum’s meeting on Wednesday. UN Secretary-General Antonio Guterres delivered his gloomy message on the second day of the elite gathering of world leaders and corporate executives in the Swiss ski resort of Davos. Sessions took a grim turn when news broke of a helicopter... https://www.scmp.com/news/world/europe/article/3207286/world-sorry-state-warns-davos-chief-meeting-global-leaders?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3207286/world-sorry-state-warns-davos-chief-meeting-global-leaders?utm_source=rss_feed Wed, 18 Jan 2023 11:37:59 +0000 China’s foreign-exchange regulator is trumpeting the attractiveness of yuan-denominated assets – as well as the country’s economic prospects – in the latest bid to encourage capital inflows and ease overseas concerns. The comments come as foreign investors have been trying to get a read on the policy direction of Beijing’s new economic line-up following last month’s 20th party congress. A strong US dollar, China’s restrictive zero-Covid strategy and a property-sector downturn have left the... https://www.scmp.com/economy/china-economy/article/3200604/china-wants-you-buy-quasi-safe-yuan-bonds-it-aims-unleash-growth-momentum-economy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3200604/china-wants-you-buy-quasi-safe-yuan-bonds-it-aims-unleash-growth-momentum-economy?utm_source=rss_feed Tue, 22 Nov 2022 13:00:20 +0000 Meetings between China’s top economic planning agency and US multinationals show Beijing is prioritising economic growth and is eager to woo foreign investors and restore market confidence following the 20th party congress, an economist says. On Wednesday, the National Development and Reform Commission (NDRC) met with a delegation of US business representatives led by Craig Allen, president of the US-China Business Council. The discussions revolved around economic and trade cooperation between... https://www.scmp.com/economy/china-economy/article/3200133/china-meets-us-firms-including-exxonmobil-boeing-and-cargill-it-seeks-restore-market-confidence?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3200133/china-meets-us-firms-including-exxonmobil-boeing-and-cargill-it-seeks-restore-market-confidence?utm_source=rss_feed Fri, 18 Nov 2022 16:00:13 +0000 The United States will support Indonesia in strengthening its maritime surveillance drone programme to secure its coastlines from illegal fishing, the White House said on Monday following a bilateral meeting between President Joe Biden and his Indonesian counterpart Joko Widodo. Under the newly unveiled cooperation, the US would enable Indonesia’s maritime security agency Bakamla to “procure drones, pilot training, and maintenance that will significantly enhance Bakamla’s capabilities related to... https://www.scmp.com/week-asia/politics/article/3199573/us-pledges-support-indonesias-drone-surveillance-tackling-illegal-fishing?utm_source=rss_feed https://www.scmp.com/week-asia/politics/article/3199573/us-pledges-support-indonesias-drone-surveillance-tackling-illegal-fishing?utm_source=rss_feed Mon, 14 Nov 2022 10:03:57 +0000 Japanese stakeholders in the Sakhalin 1 oil and gas project in eastern Russia will retain their stake in the undertaking by joining a new Russian operator recently established under a decree, the industry minister said on Friday, as the project remains a vital source of energy for resource-poor Japan. Japan’s government and companies, including major trading houses Itochu and Marubeni, have invested in the project through Tokyo-based Sakhalin Oil and Gas Development. If the Russian side approves... https://www.scmp.com/news/asia/east-asia/article/3198499/japan-retain-stake-russias-sakhalin-1-oil-project-despite-sanctions-over-invasion-ukraine?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3198499/japan-retain-stake-russias-sakhalin-1-oil-project-despite-sanctions-over-invasion-ukraine?utm_source=rss_feed Fri, 04 Nov 2022 11:37:40 +0000 Global oil and gas giant Shell has teamed up with China Petroleum & Chemical (Sinopec), China Baowu Steel Group and BASF to study the feasibility of building a large-scale carbon capture and storage (CCS) project in China. If the technical study shows that it can work, it could lead to China’s first large-scale project with a capacity to put away tens of million tonnes of carbon dioxide annually, Shell said in a statement on Friday. It could offer a decarbonisation solution to some of China’s... https://www.scmp.com/business/article/3198481/shell-sinopec-baowu-and-basf-study-feasibility-building-massive-china-carbon-capture-project?utm_source=rss_feed https://www.scmp.com/business/article/3198481/shell-sinopec-baowu-and-basf-study-feasibility-building-massive-china-carbon-capture-project?utm_source=rss_feed Fri, 04 Nov 2022 10:25:34 +0000 US President Joe Biden urged major oil companies to stop “war profiteering” and use record profits to boost domestic production as the White House looks to curb rising fuel prices ahead of the midterm election. Biden accused oil and gas companies of profiting off “a windfall of war” in Ukraine, and rewarding their shareholders instead of helping millions of Americans who continue to face higher prices at the gas pump. The president on Monday called on energy producers to expand output, invest in... https://www.scmp.com/news/world/united-states-canada/article/3197952/joe-biden-accuses-oil-companies-war-profiteering-warns-penalties?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3197952/joe-biden-accuses-oil-companies-war-profiteering-warns-penalties?utm_source=rss_feed Tue, 01 Nov 2022 03:16:59 +0000