China has announced new stimulus measures to help petrochemical producers and light industrial companies. The State Council said in a statement on the central government website on Thursday that it would assist these sectors, though it did not provide any details of the plan. Beijing also intends to improve the energy-pricing mechanism, accelerate plans for [...]
China has been taking advantage of low crude oil prices to increase its reserves. Zhang Guobao, head of the National Energy Administration, said last week that China should increase its reserves, and that the government will “encourage companies to utilize idle storage capacity to increase inventories.” Despite weaker domestic demand growth, China has been increasing [...]
China National Petroleum Corp (CNPC) said it had signed a US$3 billion deal to develop the Al-Ahdab oil filed in the province of Wasit of Iraq. The project, the first major oil development deal secured by a foreign firm since the fall of Saddam Hussein in 2003, revives a contract first signed between the parties [...]
China’s largest oil company, China National Petroleum Corporation (CNPC), will jointly develop an oilfield in Uzbekistan with that country’s state oil company. The field has oil reserves of more than 30 million tons, and is expected to have an annual capacity of 2 million tons, CNPC said. The Chinese company said the agreement will help [...]
