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Petrochina News

16 Jan 2024

Equatorial, TFG and Sinopec are Singapore's Top Three Marine Bunker Suppliers in 2023

© Igor Groshev / Adobe Stock

Equatorial Marine Fuel Management Services, TFG Marine and Sinopec Fuel Oil Singapore were the top three marine bunker suppliers in Singapore, the world's largest bunker hub, in 2023, latest data from the port authority showed.Equatorial maintained its top position for a second consecutive year, while Trafigura's TFG Marine rose one spot to become the second largest supplier, data from Singapore's Maritime and Port Authority showed.Sinopec Fuel Oil Singapore jumped 16 spots to become the third largest supplier, the data showed.

04 Dec 2023

India Resumes Imports of Venezuelan Oil

© Fotos von Schiffen / Adobe Stock

Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance RELI.NS set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.Trade resumed between the OPEC producer and the second largest destination for its oil after Washington in October temporarily lifted sanctions banning Venezuelan oil exports, prompting a flurry of spot sales of crude and fuel through middlemen and traders…

29 May 2023

China Merchants Shipping Orders Methanol-Ready Crude Oil Tankers

Source: CSSC

Shipowner China Merchants Shipping has signed a construction contract for two methanol-ready crude oil tankers to be delivered by China State Shipbuilding Trading, a subsidiary of China State Shipbuilding Corporation, and Dalian Shipbuilding Industry Group.The two 115,000-ton crude oil tankers will have selective catalytic reduction (SCR) to reduce NOx emissions and a scrubber to reduce SOx emissions.On delivery, the vessels will serve the world's top five major oil companies such as PetroChina…

02 Mar 2023

China Importing Russian Oil at Record Pace

© Igor Groshev / Adobe Stock

China's seaborne imports of Russian oil are set to hit a record this month after refiners took advantage of cheap prices as domestic fuel demand rebounded, but Russia's plan to cut exports will likely cap buying in coming months.Hefty Chinese buying, alongside robust Indian demand, has been spurred by steep price discounts but is providing Moscow much-needed revenue after the Group of Seven imposed a $60 price cap on Russian crude."Price is the king," said a purchasing manager…

09 Feb 2023

Oil Shipping and Refining Firms Benefit from Western Sanctions on Russia

© komi$ar/AdobeStock

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.None of the firms is breaching sanctions, the sources told Reuters, but they have benefited from measures…

16 Jan 2023

Singapore's Top Bunker Suppliers of 2022

© Igor Groshev / Adobe Stock

Equatorial Marine Fuel Management Services Pte Ltd rose one spot to become the top marine fuel supplier at world's largest bunkering hub Singapore in 2022, official data showed on Monday.Equatorial overtook PetroChina International Singapore Pte Ltd, who dipped from its top ranking in 2021 to second spot in 2022, while Trafigura's TFG Marine Pte Ltd climbed two spots to become third-largest supplier, data from the Maritime and Port Authority (MPA) of Singapore showed.Vitol Bunkers Pte Ltd maintained fourth in 2022 as with the previous year, while Shell Plc's Singapore bunkering unit, Shell Eas

12 Dec 2022

Chinese Shipyards Feast on Record LNG Tanker Orders as S.Korea Builders Fully Booked

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China is making fast inroads in the market for newbuild liquefied natural gas (LNG) tankers as local and foreign shipowners turn to its shipbuilders for the specialty vessels because long dominant yards in South Korea are fully booked. Three Chinese shipyards - only one of them having experience building large LNG tankers - won nearly 30% of this year's record orders for 163 new gas carriers, claiming ground in a sector where South Korea usually captures most of the business.

10 Nov 2022

Chevron, Japan's MOL to Study CO2 Transportation from Singapore to Subsea Storage in Australia

Chevron and MOL have signed a Joint Study Agreement to explore the feasibility of transporting liquified carbon dioxide from Singapore to permanent storage locations offshore Australia. At the signing ceremony in Singapore were Mr. Chris Powers, Vice President, Carbon Capture Utilization and Storage, Chevron New Energies, and Mr. Yasuchika Noma, Executive Officer of MOL. (Photo: Business Wire)

Chevron Corporation and Japan's Mitsui O.S.K. Lines (MOL) have signed an agreement to study the feasibility of transporting liquefied carbon dioxide from Singapore to permanent storage locations offshore Australia. Chevron New Energies International Pte. Ltd, the U.S. oil major's subsidiary, and MOL will explore the technical and commercial feasibility of initially transporting up to 2.5 million tonnes per annum of liquefied carbon dioxide by 2030, Chevron said in a statement on Thursday.It is the latest foray by Chevron…

26 Oct 2022

​PetroChina Takes Delivery of Large LNG Carrier from CSSC Shipyard

(Photo: Hudong-Zhonghua Shipbuilding Group Ltd)

PetroChina International has taken delivery of a large liquefied natural gas (LNG) carrier from China's Hudong-Zhonghua Shipbuilding Group Ltd, the first of three tankers ordered under a joint venture with state shipping firms.The vessel Shaolin, named after the renowned Chinese kungfu style, is designed to carry 174,000 cubic meters of the super-chilled fuel, PetroChina International said on its WeChat platform on Wednesday.The carrier is one of three vessels ordered in 2020 costing a total of $600 million by a joint venture between PetroChina International…

26 Aug 2022

Chinese Defense Firm Takes Over Lifting Venezuelan Oil for Debt Offset

China has entrusted a defense-focussed state firm to ship millions of barrels of Venezuelan oil despite U.S. sanctions, part of a deal to offset Caracas' billions of dollars of debt to Beijing, according to three sources and tanker tracking data. China National Petroleum Corp (CNPC) stopped carrying Venezuelan oil in August 2019 after Washington tightened sanctions on the South American exporter. But it continued to find its way to China via traders who rebranded the fuel as Malaysian, Reuters has reported.

06 May 2022

Singapore Port Authority Says Tainted Bunker Fuel Came from UAE

© Igor Groshev / Adobe Stock

Contaminated fuel supplied to some 200 ships in Singapore came from a tanker that loaded the oil from Khor Fakkan port in the United Arab Emirates, the Maritime and Port Authority of Singapore (MPA) said.MPA began investigations after it was notified on March 14 that a number of ships had been supplied with high-sulphur fuel oil (HSFO) containing high concentration levels of chlorinated organic compounds (COC) in Singapore.MPA said in April that the tainted oil was supplied by Glencore Singapore Pte Ltd.In further investigations to trace the oil's origin…

17 Jan 2022

PetroChina Tops Singapore's List of 2021 Bunker Fuel Suppliers

© Adwo / Adobe Stock

PetroChina International Singapore Pte Ltd climbed three spots to be the top marine fuel supplier in the world's biggest ship refueling hub in 2021 while the overall number of licensed suppliers fell by four to 41, official data showed on Monday.Shell Plc's Singapore bunkering unit, Shell Eastern Trading Pte Ltd, fell from the top ranking in 2020 to third, behind Singapore's Equatorial Marine Fuel Management Services Pte Ltd in second place, unchanged from 2020, the Maritime and Port Authority (MPA) of Singapore data showed.Vitol Bunkers Pte Ltd…

15 Oct 2021

China Looks to Lock in US LNG as Energy Crunch Raises Concerns

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Major Chinese energy companies are in advanced talks with U.S. exporters to secure long-term liquefied natural gas (LNG)supplies, as soaring gas prices and domestic power shortages heighten concerns about the country's fuel security, several sources said.At least five Chinese firms, including state major Sinopec Corp and China National Offshore Oil Company (CNOOC) and local government-backed energy distributors like Zhejiang Energy, are in discussions with U.S. exporters, mainly Cheniere Energy and Venture Global…

12 Jul 2021

Shell to Supply PetroChina with Carbon Neutral LNG

Illustration - Shell's Prelude FLNG unit in Australia / File Photo: Shell

Oil major Shell has signed a five-year contract with PetroChina to supply the Chinese company with carbon-neutral liquefied natural gas (LNG) cargos, Shell said on Monday.Many companies, particularly those in the fossil fuel industry are using tools such as carbon offsets to compensate for emissions they are unable to cut in their operations.For each cargo delivered under the agreement the two companies will "cooperate to offset life-cycle carbon dioxide equivalent (CO2e) emissions generated across the LNG value chain, using high-quality carbon credits from nature-based projects," Shell said.N

22 Mar 2021

Jurong Port Buys Lim Family's Stake in Universal Terminal

© Surapol USanakul / Adobe Stock

Singapore port operator Jurong Port has completed its acquisition of a stake in a major oil storage terminal in the city-state from the family behind collapsed oil trader Hin Leong Trading Pte Ltd, a port spokesman said on Saturday.The spokesman said government-owned Jurong Port had completed the purchase of a 41% stake in Universal Terminal from the Lim family. He declined to give details on the transaction.A lawyer for the family did not immediately respond to a Reuters email…

27 Nov 2020

Report: Venezuela Resumes Oil Shipments to China Despite U.S. Sanctions

Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).Chinese state companies China National Petroleum Corp (CNPC) and PetroChina - long among PDVSA's top customers - stopped loading crude and fuel at Venezuelan ports in August 2019 after Washington extended its sanctions on PDVSA to include any companies trading with the Venezuelan state firm.The imposition of the sanctions was part of a push by the Trump administration to oust Venezuelan President Nicolas Maduro…

26 Nov 2020

China: INE, PetroChina to Deliver Marine Fuel Overseas

Alexey Novikov - AdobeStock

China's Shanghai International Energy Exchange (INE) said on Thursday it had signed an agreement with PetroChina International Co Ltd to cooperate on the overseas delivery for its low-sulfur fuel oil futures contract.Both parties have reached a consensus on cross-border overseas delivery for the marine oil and see the move as an "important foundation" for China's first futures delivery "going global", Shanghai Futures Exchange-owned INE said in a statement.This would be the first time a Chinese futures contract would be deliverable outside of China, which could boost the liquidity and increase

18 Nov 2020

China's INE Considers Singapore for Marine Fuel Futures Delivery

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The Shanghai International Energy Exchange (INE) is considering using oil storage sites in Singapore owned by PetroChina Co as a delivery point for its low-sulphur fuel oil futures contract, according to two sources with direct knowledge of the matter.The INE’s move would be the first time a Chinese futures contract would be deliverable outside of China and could boost liquidity for the contract, as well as help to influence pricing for shipping fuel.Low-sulphur fuel oil (LSFO) is required as ship fuel to meet new maritime emissions regulations that went into effect this year.

11 Nov 2020

Slew of Tankers Sail Toward Venezuela, Suggesting Oil Export Rebound

At least 18 oil tankers are expected to load oil for export from Venezuela in the coming weeks, according to tracking data and internal documents from state-run PDVSA, in a sign the sanctioned OPEC nation's crude exports may rebound this month.Venezuela's oil exports fell to their lowest levels since the 1940s in October, as some of Petroleos de Venezuela's last remaining clients halted trade with the company ahead of a deadline imposed by the United States.Washington sanctioned PDVSA and its partners last year to pressure Venezuelan President Nicolas Maduro to step down.But Maduro remains in power, and the potential rebound in oil shipments comes as PDVSA is adapting to a tightening of U.S.

17 Aug 2020

China Ramps up US Oil Purchases Ahead of Trade Deal Review

© nevskyphoto / Adobe Stock

U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war.Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September, the people said, moves that may ease U.S. concerns that China’s purchases are trending well short of purchase commitments under the Phase 1 of the trade deal.China had emerged as a top U.S.

11 Aug 2020

How Venezuela Lost Three Supertankers to Its Chinese Partner

A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry its oil, court documents show.PetroChina Co Ltd, which had been state-run Petroleos de Venezuela’s partner in the Singapore-based joint venture CV Shipping Pte Ltd, took control of the three tankers between January and February, according the documents from a Singapore court reviewed by Reuters.The transfer of the Junin, Boyaca and Carabobo very large crude carriers (VLCC) has not been previously reported.It came after U.S.

10 Aug 2020

PDVSA Changes Oil Deals to Include Shipping as Sanctions Bite

Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters.The United States has blacklisted vessel owners, shipping operators and threatened to sanction any tanker facilitating the country’s oil exports as it tightens restrictions on trade with the South American country.Washington has been trying to weaken socialist President Nicolas Maduro by choking the OPEC member’s oil exports, depriving the government of petrodollars — its main source of revenue.Most shipping firms are avoiding Venezuela because of the sanctions…

30 Jun 2020

COSCO Orders Three LNG Carriers at Hudong-Zhonghua

File photo: A 170,000m3 class LNG carrier delivered by Hudong-Zhonghua in 2017 (Photo: Hudong-Zhonghua Shipbuilding Co)

Hudong-Zhonghua Shipbuilding Co, a unit of China State Shipbuilding Corp, has signed contract to construct three liquefied natural gas (LNG) carriers worth 3.9 billion yuan ($551.62 million), reported the state-backed Jiefang Daily on Tuesday.The LNG carriers, each with a capacity of 174,000 cubic metres, will be operated by China COSCO Shipping and be deployed for LNG shipping services for PetroChina International Co, an affiliate of China National Petroleum Corp."The construction of the new LNG carriers is to response government calls to expand domestic demand," Jiefang Daily reported, citin