Chinese President Hu Jintao arrives in Moscow today, offering trade deal in return for Russian oil and gas. Hu’s three-day state visit to Russia will be his third as president, showing how seriously Beijing is courting President Putin. “At present, Chinese-Russian relations are developing vigorously and have reached unprecedented levels,” Hu said. He is expected … Read More
China
China Deals with Chavez
Something of Chinese and Russian theme today. Underpinning two of the stories is China’s growing international search for oil and gas to keep feeding its rapidly expanding economy. The other issue is the geo-politics of the Russian oil industry. Lets start in Venezuela, where President Hugo Chavez has said China will rival the United States … Read More
Sinopec Seals US$3.5b Refinery Contract
China Petroleum & Chemical Corp – better known as Sinopec – has signed a $3.5 billion contract with Saudi Aramco and Exxon Mobil for a refinery in southern China‘s Fujian province. The refinery in Quanzhou will have a crude refining capacity of 240,000 barrels a day and is expected to be operational in early 2009.
China Plans Carbon-Trading Scheme
China, which is poised to pass the US as the world’s largest carbon dioxide emitter, is poised to set up the country’s first carbon-trading scheme. The Beijing-based exchange, will work alongside 12 brokerages in western China, and will cost $1.7 million over three years.
Nine Chinese Oil Workers Freed in Nigeria
Nine Chinese oil workers abducted last month by militant youths in the Niger Delta were released yesterday. The men were kidnapped on January 25 in a raid on the offices of the China National Petroleum Corporation which was doing a seismic study in the Sagbama area of Bayelsa state for Shell. One attacker was killed … Read More
China Worries About Climate Change
A report by six government departments in China has warned that climate change would harm the country’s economy and environment in the coming decades, with potentially devastating cuts in agricultural output.
Congressional Committee to Examine Iranian Gas Deal
A US congressional committee is to look at a gasfield development deal between the China National Offshore Oil Corp (CNOOC) and Iran to determine if US sanctions are called for against the Chinese company, Congressman Tom Lantos has said. Iran and CNOOC signed a preliminary 16 billion US deal to develop a giant natural gas … Read More
PetroChina to Buy Iranian LNG
PetroChina, the country’s largest oil company, has signed a 25-year agreement to buy three million tons of liquefied natural gas a year from Iran to supply terminals it plans to build on China‘s northern coast. Gas deliveries will start in 2011. The company is expanding gas production and sales as demand for cleaner-burning fuels increases … Read More
China’s Booming Carbon Market
The Chinese economy is booming in more ways than one. Not only is it buying up huge reserves of oil and gas, but it is also benefiting from the booming global greenhouse gas market. Rather than spending more money to clean up their factories at home, foreign investors are flocking to China to pay energy … Read More
Shell Positioning Itself As Asian Energy Solutions Provider
Shell’s subsidiary, Shell Global Solutions is attempting to position itself as the preferred partner for businesses in Asia in managing and developing their growing energy needs. And these needs are increasing rapidly. According to the Energy Information Administration’s (EIA) International Energy Outlook 2006 report, world consumption is projected to increase by 71% from 2003 to 2030.