China’s largest oil and gas producer says it is on track for non-fossil energy to account for 7 per cent of its total capacity in 2025. Greenhouse-gas emissions from its own operations rose slightly in 2022.

President Guillermo Lasso previously announced he sought to restructure debt and improve conditions of long-term oil sales contracts with Beijing.

PetroChina has adjusted its renewable energy development target higher after bagging approvals to install 5.36 gigawatts of wind and solar farms and 11.2 million square metres of geothermal projects.

Hong Kong stocks surged by the most in four months after China unveiled new stimulus to shore up the economy. Fresh speculation on US delisting matters emerged, lifting tech firms.

The voluntary delisting of five SOEs including Sinopec and PetroChina from the New York Stock Exchange could pave the way for further exits, according to analysts.

The companies cited low trading volumes, high costs and regulatory issues for their decision to voluntarily delist from the NYSE. Chinese regulator says it is normal for companies to list or delist from any market.

China’s biggest oil company estimates net profit rose between 26.5 billion yuan (US$3.9 billion) and 32 billion yuan in the January to June period.

New infections prompt mass screening in nine of Shanghai’s 16 districts, stoking lockdown fears. Recession concerns also undermine crude oil prices, hitting producers like CNOOC.

PetroChina, which reported its highest profit for seven years, will tap wind, solar and geothermal resources as it steps up efforts to help the country achieve net-zero emissions by 2060.

Notwithstanding the unfortunate casualties, the Russia-Ukraine war is threatening to disrupt supply chains. Chinese oil and mining groups are some of the early stock market winners.

Authorities say the subsidiary of PetroChina was involved in irregular reselling of crude totalling 179.5 million tonnes to 115 local refineries, ‘severely’ disrupting markets.

China’s second release from its state oil reserves could again amount to around 7.38 million barrels following a 50 million barrel commitment from US President Joe Biden.

The rising price of diesel has come at a critical time for China’s logistics industry, ahead of the peak Singles’ Day shopping and delivery season.

PetroChina says investments on low-carbon energy projects are likely to reach one-third of overall spending by 2035, as it helps the country fight climate change.

Hong Kong stocks tumbled as technology stocks suffered from lingering regulatory angst with Baidu reaching a new post-IPO low. Markets were also unnerved by rising Covid-19 cases in the region.

Hong Kong stocks ended a two-day losing streak following an official report indicating the city’s economy grew last quarter by more than economists predicted, buoying risk appetite.

PetroChina, the country’s largest oil and gas producer, expects crude oil demand to peak and then fall within the next 10 years, as China pursues a goal for carbon dioxide to peak by 2030.

Hang Seng Index rises 1.9 per cent to its highest level since June 2018, with most benchmark constituents enjoying gains.

China’s big telcos slumped in Hong Kong before a late buying support helped limit losses triggered by the New York Stock Exchange’s decision to delist their American depositary receipts.

Kunlun Energy, a PetroChina subsidiary, will sell a 60 per cent stake in a Beijing gas pipeline and a 75 per cent stake in its Dalian LNG company to PipeChina.

CNOOC shares slumped in Hong Kong on concerns the Trump administration will impose new sanctions on the Chinese oil exploration giant. The act could paralyse its international operations, analyst warns.

Hang Seng Index approached the highest point in March, recouping almost all of the pandemic-induced slump, as more drug makers reported positive results from their experimental Covid-19 vaccine late-stage trials.

PipeChina, formed in December, pays a 43 per cent premium above the net asset value for Sinopec Kantons’ 900km Yulin-Jinan pipeline.

Study conducted by watchdog finds gap between retail and import prices of fuel has doubled over past seven years.

Fuel retailers say there a range of factors for the delay in lower prices to be reflected at the pump, including high inventory levels, government tax, salaries and above all, land costs.

China relies on oil imports for over 70 per cent of its domestic consumption, but a glut of cheap supply in the global market is creating anxiety in the world’s second largest economy.

Stocking up on large quantities of oil costing little more than zero is not feasible due to limited storage capacity, analysts said, after Monday saw WTI contracts for May delivery fall into negative pricing

The oil and gas industry faces its worst downturn in 20 years as a price war rages between Saudi Arabia and Russia and coronavirus dampens demand

Traders took comfort in signs that the coronavirus outbreak appears to be easing in Asia leading them to believe that the dampening effect on the financial markets and economies would only be temporary.