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Petrochina Co Ltd News

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.

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.

21 Apr 2020

Head of Oil Trader Hin Leong Didn't Disclose $800 Mln Losses

© mrnai / Adobe Stock

The founder and director of Singapore oil-trading company Hin Leong Trading Pte Ltd (HLT) directed the firm not to disclose hundreds of millions of dollars in losses over several years, he said in a court filing reviewed by Reuters.The affidavit signed by Lim Oon Kuin, a Singaporean in his 70s widely known as O.K. Lim, is part of a Friday filing to the Singapore High Court by HLT and subsidiary Ocean Tankers (Pte) Ltd, seeking a six-month moratorium on debts of $3.85 billion to 23 banks.The filing cites a collapse in the oil price and the coronavirus pandemic…

06 Sep 2019

Chinese, Japanese Firms Bid for Pakistan LNG Supply Contract

LNG is big business in Asia.

(Photo © Adobe Photo Stock / Arid Ocean)

A spot tender by Pakistan LNG to buy ten LNG cargoes for delivery later this year has received strong interest from several companies including Japanese and Chinese firms. JERA Global Markets, a subsidiary of the world’s largest LNG buyer JERA Co, and PetroChina International (Singapore), a division of PetroChina Co Ltd, were among nine companies that have technically qualified to supply the LNG. This is the third time this year PetroChina has technically qualified in Pakistan LNG’s tender process.

11 Mar 2017

Shell Shelves Prince Rupert LNG

Royal Dutch Shell PLC has officially shelved its plans to build the Prince Rupert LNG project, which had been planned for Ridley Island in British Columbia. However, it  is still considering the potential of its other West Coast LNG option. Shell acquired the Prince Rupert LNG as part of a portfolio of projects in its takeover of natural gas giant BG Group last year. Shell said it decided to discontinue the project after reviewing how it stacked up against its existing options, but  it continues to actively move forward on the proposed Kitimat, B.C.-based LNG Canada project with its partners. “Acquired as part of the Shell and BG Group combination in 2016…

20 Jun 2014

China State Shipbuilding, CNPC Among 11 Caught in Auditor Snare

China's National Audit Office has found irregularities at 11 state-owned conglomerates ranging from misrepresentation of assets to illegal property development, highlighting the challenges the government faces in overhauling the public sector. China National Petroleum Corp (CNPC), the parent of PetroChina Co Ltd , China Resources (Holdings) Co Ltd, the parent of 10 companies listed in Shanghai and Hong Kong, and defence contractor China South Industries Group Corp, were among the firms whose 2012 audit reports were released on Friday. China has been moving to overhaul its state-owned sector following last year's decision to diversify ownership to give equal political and legal status to state and private companies.

20 May 2014

LNG Canada Awards Export Terminal Contract

LNG Canada, a joint venture led by Royal Dutch Shell, said on Tuesday that it had awarded the design and eventual construction of its planned liquefied natural gas (LNG) export project on Canada's west coast to CFSW LNG Constructors. The contract covers the front end engineering and design work, as well as the execution of the multi-billion dollar project, pending a final investment decision. That final go or no-go call is not expected until mid-decade. LNG Canada is just one of more than a dozen export terminals planned for British Columbia's rugged Pacific coast, as energy companies look to ship cheap Canadian gas to Asia. The project…

23 Jul 2012

ExxonMobil Expands MobilGard Supply in Shanghai

Bulk delivery of ExxonMobil’s Mobilgard 570 cylinder oil in the Port of Shanghai is now available by Hai Gong You 30, the first double-hulled marine lubricants-delivery barge to operate in Shanghai.

ExxonMobil Marine Lubricants completed the first bulk delivery of Mobilgard 570 cylinder oil in the Port of Shanghai in May. The bulk delivery of Mobilgard 570 was made by Hai Gong You 30, the first double-hulled marine lubricants-delivery barge to operate in Shanghai. Built and owned by China Marine Bunker PetroChina Co. Ltd (Chimbusco), the IMO-compliant barge is 278 deadweight tonnes. It is equipped with state-of-the-art flow meter technology and a 1.5 metric ton crane to ensure accurate and efficient deliveries. The barge is on charter to ExxonMobil for two years.

26 Nov 2008

Shell to Supply LNG to China in 20yr Deal

According to a report from Reuters, China's official Xinhua news agency said on Nov. 24 that Royal Dutch Shell Plc has agreed to sell an annual two million tonnes of liquefied natural gas to China in a 20-year deal,. The agreement was signed between the oil giant and PetroChina International Co., a wholly-owned subsidiary of PetroChina Co Ltd. (Source: Reuters)

20 Apr 2006

CNODC Acquires Offshore Block

China National Oil and Gas Exploration and Development Corp (CNODC), a unit of China’s CNPC, has acquired the exploration rights to an oil and gas block from Indonesia's PT Waropen Perkasa, one of 10 onshore and offshore oil projects originally tendered by the Indonesian government in June 2004. China's major oil firms -- Sinopec, CNOOC and China National Petroleum Corp, the parent of Hong Kong-listed PetroChina Co Ltd. -- are all scouring the globe for oil resources to feed China's soaring demand. China imported 130 million tons of crude oil in 2005, up 3.3 percent year-on-year. (Source: Forbes)