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.

China's state-backed oil giants, facing potential steep losses, are likely to slash spending on projects and pay smaller dividends after oil prices plunged to the lowest level in four years, according to Sanford C. Bernstein.

There is little chance of a recession in 2020 and oil prices would need to spike for a long period to cut into GDP forecasts, according to BNP Paribas Wealth Management.

China manufacturing slumps for sixth straight month; Shanghai declines for third straight day.

In a first, more Chinese companies have made it to Fortune magazine’s list of the world’s top 500 firms this year, than from the US. A total of 129 companies, including 10 from Taiwan, were ranked among the world’s biggest firms by operating revenue, according to a list released on Monday.

Storing the oil will enable Petrobras to sell smaller parcels of oil promptly to the teapots, which account for about a fifth of China’s crude import demand.