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Sinopec to Cut Costs, Expand Overseas as Refining Profit Falls

China Petroleum & Chemical Corp., Asia s biggest refiner, will cut costs and accelerate its expansion overseas as government price controls prevent the company from passing on higher crude-oil costs to customers. Profit rose 14 percent to a record 71.8 billion yuan ($11 billion) ...

PetroChina starts construction on Tangshan LNG project

PetroChina Co Ltd, China's largest oil producer, has started construction on a liquefied natural gas project in Caofeidian, Tangshan City of Hebei Province, the official Xinhua News Agency reported. The LNG project will be funded by PetroChina and the government of Beijing and ...

China Coal-Prices fall to near 4-mth low, market bearish

China's thermal coal prices fell to a near four-month low of 770 yuan ($117.1) a tonne on sluggish demand, further widening the premium of overseas coal prices and casting a pall on the country's import appetite. Many buyers in China expect domestic coal prices to stay depressed ...

CNOOC sees 2010 net profit up 84.5 pct

China's top offshore oil producer, China National Offshore Oil Company Limited (CNOOC Ltd.), announced Wednesday that its net profit surged 84.5 percent year on year in 2010. Net profit reached a record high of 54.41 billion yuan (8.29 billion U.S. dollars) last year, the company ...

Sinopec aims to refine 228 mln ton crude oil in 2011

Sinopec, the largest refiner in Asia by capacity, plans to process 228 million metric tons of crude oil in 2010 or 4.6 million barrels daily, 8% more than in 2010, said sources familiar with the oil company. The oil giant increased its crude oil processing volume target for this ...

Heavy-metals a curse on mine riches

For the many local people tied to the mining industry in Gejiu, a county-level city in Honghe Prefecture in southwest China's Yunnan Province, the rich tin deposit stored beneath the soil haunts like a curse. With a population of more than 450,000, Gejiu's tin reserves at over ...

Saudi Aramco, PetroChina to Build 200,000 Barrel-a-Day Refinery in Yunnan

Saudi Aramco and China National Petroleum Corp. agreed to build a 200,000 barrel-a-day refinery in southern China as producers seek to meet rising fuel demand in the world s fastest-growing major economy. The state oil company of Saudi Arabia signed a memorandum of understanding ...

Sasol, China Shenhua's Planned Coal-to-Fuel Plant Wins Ministry Approval

Sasol Ltd. (SOL) s planned coal-to-liquids project with China Shenhua Group Corp., set to become the nation s biggest such facility, received approval from the Chinese environmental ministry, according to a list on the ministry s website today. Johannesburg-based Sasol halted ...

Shenhua Group to invest 78 bln USD on expansion in 2011-15

Shenhua Group, China's largest coal producer, said Thursday that it would invest 515.2 billion yuan (78.4 billion U.S. dollars) on business expansion in the next five years leading up to 2015. The company will add an additional 200 million tonnes in coal production capacity, ...

China Coal-Prices flat, expected lower in coming wks

China's thermal coal prices were stuck at 780 yuan ($118.5) for a fourth week, with traders and buyers expecting prices to fall in coming weeks as heating demand slackens and supply improves. China's steam coal prices began a downward trend in early December and have shed around ...

China Coal Energy's coal sales up 27.7% in Jan

China Coal Energy Co Ltd<601898><1898>, the country's second-largest coal miner by revenue, announced yesterday that its coal sales jumped 27.7% year on year to 9.09 million metric tons in January this year. The coal producer said in a statement filed with the Shanghai Stock ...

'Hybrid' gasification

ANGLO-DUTCH energy giant Shell has signed a deal with Shanghai-based Wison Engineering Ltd to jointly develop a "hybrid" gasification technology demonstration plant in China, under a cooperation expected to expand the cleaner use of the nation's coal resources. Michiel Mak, vice ...

China Shenhua's coal output up 11% in Jan

China Shenhua Energy Co Ltd.,the listed unit of China's largest coal producer, Shenhua Group, said yesterday that its commercial coal output grew 11% year on year to 21.5 million metric tons in January this year. The company said in a statement filed with the Shanghai Stock ...

China continues halt on coal exploration rights to prevent over-mining

China will suspend issuing coal exploration rights for three more years to prevent over-mining, the Ministry of Land and Resources (MLR) said on Thursday. The move, which is effective until the end of 2013, aims to "prevent overheated investment in coal mine exploration, which ...

Freeze on new coal permits extended

China will extend a moratorium on new coal exploration rights for another three years to prevent excess investment and overcapacity but analysts welcome the move which will help the industry's long-term development. No applications for new permits will be accepted through the end ...

China Dec coal imports record 17.3Mt

China's coal imports surged to a monthly record of 17.34 million tonnes in December, up 25 percent compared from the previous month, customs data supplied by China Customs Statistics (CCS) Information Center showed on Jan 19. December's robust numbers bring China's full-year coal ...

China may scrap or cut some export tax rebates-paper

China is drawing up plans to either scrap or reduce export tax rebates on some of the country's energy-intensive and high-polluting industries, a local paper reported on Monday, citing unidentified sources. The National Development and Reform Commission, the Ministry of Finance ...

China coal prices stay depressed; miners eye exports

China's thermal coal prices were stuck at below $US120 a tonne for the fourth consecutive week, encouraging Chinese miners and traders to sell their supplies overseas to cash in on soaring international prices. Coal with a heating value of 5,500 kcal/kg stood at 780-790 yuan (...

Shanxi's coal output hit 741 mln tons in 2010

Shanxi Province, one of China's top coal-producing regions, produced 741 million metric tons of coal last year, 126 million metric tons of coal more than the output recorded in 2009, sources reported. In the month of December, Shanxi's coal output hit a record high of 73 million ...

Inner Mongolia's coal output hits 782 mln tonnes in 2010

Inner Mongolia's coal output reached 782 million tonnes last year, making it the nation's largest coal-producing region for a second year running, local authorities said Friday. The output accounted for about 24 percent of China's total and was higher than neighboring Shanxi ...
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