China is expected to be the top consumer of oil in 2024 and to account for more than a quarter of new oil demand globally, energy experts say.

The world’s largest green hydrogen project will take nearly two years longer to reach full capacity as operator Sinopec struggles with the technology seen as important to cutting emissions from heavy industry.

Doha will supply 3 million tonnes of natural gas a year under the deal, QatarEnergy said.

CNOOC Group, Sinopec Group and CNPC were added to the Ukrainian government’s register, which Kyiv claims is used by banks and insurance companies for risk assessments.

Sinopec, PetroChina and CNOOC have not fulfilled the minimum requirements to align with the Paris Agreement and continue ‘to put investors at risk’, according to the think tank.

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.

Domestic sales of refined oil products at Sinopec rose 18 per cent in the first six months from the previous year, when residents in megacities were completely locked down for months on end

Chinese firms like Sinopec, Wanhua Chemical and Zhejiang Petrochemical are moving from basic petrochemicals to making higher value products used in energy transition products.

The biggest opposing positions in Middle East crude trading in years by the trading units of PetroChina and Sinopec have transformed global cargo flows and puzzled oil traders globally.

The ‘west-to-east’ demonstration pipeline will stretch over 400km from Inner Mongolia to Beijing, according to China Petrochemical Corp.

A landmark US$10 billion deal for a state-of-the-art refining complex in Liaoning province could be just the beginning, analysts say, as Beijing looks to shore up energy security and Riyadh hunts for a ‘win-win’ supply agreement.

Sinopec plans to delist from London Stock Exchange on November 1, with market observers saying that other mainland Chinese companies could exit overseas markets amid rising political and economic risks.

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.

Roaring fire at one of China’s biggest refining and petrochemicals plants started around 4am.

Saudi economic minister Faisal al-Ibrahim says the Gulf state is committed to being a reliable energy supplier for China and the world, as rising oil prices contribute to concerns about stagflation.

The petroleum and chemical giant expects demand to recover during the second quarter, after Covid-19 lockdowns deflated demand in recent weeks. The outlook comes as the company reported 27 per cent year-on-year profit growth for the first three months.

China’s largest oil refiner has put on a brave face with its Russia investments amid Western sanctions, after its 2021 net profit more than doubled to its highest level in a decade.

The state-run group has suspended talks for a major petrochemical investment and a gas marketing venture, amid mounting sanctions over the invasion of Ukraine.

The country’s largest oil refiner says it has started building the world’s largest facility of its kind, with production to start in 2023.

China’s top processors started boosting production in September under government coordination as demand surged following a broader energy crunch, but refiners now have a surplus of diesel that can be shipped to international 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.

The plan is the latest example of how the fossil fuel industry in the biggest carbon dioxide-emitting economy on the planet is falling into step to achieve its carbon emission target by 2050, a decade ahead of the national target.

Sinopec, China’s largest oil refiner and petrochemical producer, aims to also become the country’s No. 1 hydrogen company by 2025 and achieve net zero carbon emissions by 2050, a decade ahead of the national target.

China Petrochemical Corporation, or Sinopec, said on Monday that it had started building a carbon capture, utilisation and storage project in east China, the largest of its kind in the country, as part of its goal to be carbon-neutral by 2050.

The transition to hydrogen energy should help Sinopec weather the eroding competitiveness of fossil fuels as global policy shifts towards tackling climate change.