Sinopec Corp News

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…

Europe last month remained the top destination for shipments of U.S. liquefied natural gas (LNG), according to Refinitiv data, outpacing exports to Asia for the second month in a row.About two-thirds of U.S. LNG volumes went to Europe last month, compared to around 61% in December when sky-high European prices and demand drove U.S. LNG exports to a record, Refinitiv data showed.In both months, a lack of supply drove demand and led to cargoes being re-routed from other destinations.

China's Sinopec Corp has issued a tender to sell up to 45 cargoes of liquefied natural gas for 2022 deliveries, in a rare sell tender of the super-chilled fuel to take advantage of high Asian spot prices, said traders who were invited to bid.Under the tender, Sinopec offered two to five cargoes each month between February and October on a delivered ex-ship basis.Prices will be linked either to Europe's Title Transfer Facility pricing or North Asian benchmark Japan Korean Marker.The tender closes on January 21 with bids valid by 1000 GMT.(Reporting by Chen Aizhu, Editing by Louise Heavens)

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…

China's refining giant Sinopec Corp said on Wednesday it has jointly certified the country's first carbon-neutral crude oil cargo with shipping giant Cosco Shipping and China Eastern Airlines.The 30,000-tonne cargo was produced by Sinopec in Angola and shipped by Cosco Shipping to an east China-based Sinopec refinery for processing, Sinopec said.To offset the carbon dioxide produced during the process from crude production to shipping to consumption by vehicles and airplanes, the three state firms bought Chinese Certified Emissions Reductions credits.These credits will go to investing in carbo

China's Sinopec Corp announced on Monday it has completed its first liquefied natural gas (LNG) bunkering operation in Weihai, a major seaport in the eastern Shandong province.The bunkering, or marine refueling, operation transferred 250 tonnes of LNG by truck to a China Merchant Shipping vessel.Sinopec is China's largest supplier of marine fuels.The use of LNG as a marine fuel has been gaining traction amid a global push to reduce the shipping industry's carbon emissions. (Reporting by Roslan Khasawneh, Editing by Louise Heavens)

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.

Chinese refiners have the capacity to produce 18.1 million tonnes of low-sulphur fuel oil (LSFO) this year, which would make the country self-sufficient in the new shipping fuel, an official with state major PetroChina said on Monday.China has been striving to reduce its reliance on bunker fuel imports and is aiming to create its own marine fuel hub to supply northern Asia.About 20 refineries, mostly under state-run Sinopec Corp, PetroChina, CNOOC and Sinochem, installed equipment to produce 0.5% sulfur fuel that meets International Maritime Organization (IMO) rules that came into force at the

China's energy and chemical giant Sinopec has said it has put China's largest petrochemical port into operation with the successful docking and unloading of the New Renown, a very large crude carrier (VLCC) from the Middle East. The tanker was welcomed at the new 300,000-ton crude oil terminal of Sinopec Zhongke Refinery Port, which forms part of the company's "front terminal, rear plant" production model.Located 1,100 meters from Sinopec's refinery, the petrochemical port features eight terminals including a 300…

Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the face of plunging consumption."The market has gone back to what it was before the COSCO sanctions came in," one ship broker said, referring to U.S. sanctions on subsidiaries of the state-owned Chinese shipping company."All the other variables have gone away…

China has approved a long-awaited tax waiver on exports of cleaner ship fuel, paving the way for refiners to boost output, though Beijing may initially limit shipments to focus on growing its coastal marine fuel market, state refiner officials say.Ships globally have switched to lower sulphur fuels, or use emissions-removing devices, to comply with new rules imposed by the International Maritime Organization this year.China's State Council, or cabinet, gave the go-ahead to waive taxes on the 0.5% or very low sulphur fuel oil (VLSFO)…

Chinese marine fuel suppliers have signed up short-term deals to buy very low-sulphur fuel oil from companies like oil major Shell, Germany's Uniper and U.S. commodities trader Freepoint ahead of a new standard on emissions for the global shipping industry that kicks in on Jan. 1.While China's state refiners have pledged to produce a combined 14 million tonnes of the fuel for 2020 that complies with the tighter rules set by the International Maritime Organization (IMO), Beijing…

China's Sinopec Corp completed adding a third tank to store liquefied natural gas at its receiving terminal in Tianjin, marking the completion of construction of the first phase of the import facility, the state oil and gas group said on Tuesday.The terminal, in the northern port city Tianjin, near Beijing, began operations last February. It has an annual receiving capacity of 3 million tonnes and an annual supply capacity of 4 billion cubic meters (bcm).The terminal has so far this year received 22 shipments of LNG that totaled 1.46 million tonnes in volume.

China's Sinopec Corp has teamed with Zhejiang Energy Group Co Ltd on a 3 million tonne-per-year liquefied natural gas (LNG) terminal in east China, with the first phase set for operation at end-2021, the state oil giant said on Wednesday.The project, to be built in Wenzhou of Zhejiang province, includes four tanks each able to store 200,000 cubic meters of LNG, a berth to dock tankers of 30,000 cubic meters to 266,000 cubic meters, as well as a 26-km (16-mile) pipeline.The two…

China National Petroleum Corp (CNPC) shipped a 60,000-tonne cargo of diesel in late May destined for Brazil, the Chinese major's first move of the refined fuel in a shipment of this size to the Americas, an inhouse newspaper reported on Monday.Chinaoil, CNPC's trading unit, has shipped nearly one million tonnes of diesel to Latin America since 2015, but mostly with medium-ranged tankers able to carry about 40,000 tonnes, the report said.The shipment to Brazil was loaded with production from Liaoyang Petrochemical Corp, a subsidiary refinery of CNPC, at Bayuquan port in Liaoning province in northeast China, according to the newspaper.CNPC aims to further explore the arbitrage opportunities and expand market share in South America, the report said, adding that larger shipments would help cut

Phillips 66 actively offering U.S. crude in Asia. Japan will receive a U.S. crude cargo in May, its second such purchase from the United States since Washington lifted a four-decade ban on crude exports, industry sources said on Wednesday. This will follow the arrival in April of Japan's first crude cargo from the United States, bought by Cosmo Oil Co earlier this year, indicating a growing willingness among Asian refiners to experiment with new grades as they seek to diversify their feedstock sources away from the Middle East. The May shipment will be from Phillips 66, said the sources, who did not want to be named as they were not authorised to speak to media. Phillips 66 has sold a Panamax-sized cargo likely to Japan's TonenGeneral, they added. The U.S.

Sinopec's LNG tanker floats off Gladstone for more than 2 weeks; demurrage costs climb to more than $500,000. The Australia Pacific LNG (APLNG) project has delayed its first commercial cargo, racking up costs for China's Sinopec Corp which has had a tanker waiting to load for more than two weeks, two sources close to the matter said on Tuesday. LNG tanker BW Pavilion Vanda, chartered by the Chinese company, arrived at the Gladstone anchorage on Dec. 18, but has yet to load a cargo, live ship-tracking data on Reuters Eikon showed. "The plant appears to have run into teething issues," one of the sources said, adding that there was no indication of when Sinopec's cargo would load.

A Sinopec Corp -operated refinery in the northern Chinese city of Tianjin resumed exporting diesel this month after a five-month halt following massive explosions in the port area, a Sinopec-run industry paper reported on Friday. Sinopec's unit, Tianjin Petrochemical Corp, loaded 26,800 tonnes (200,000 barrels) of diesel in early February for export, the first such shipment since last August after the blasts led to a halt in fuel exports as the government tightened safety measures, China Petrochemical News said. In August, two huge explosions had ripped through an industrial area in Tianjin where toxic chemicals and gas were stored, killing at least 50 people.

Chinese energy giant CNOOC Group is studying the possibility of building a multibillion-dollar floating liquefied natural gas (FLNG) vessel, as-yet untried technology that would likely be used to produce gas from the deep waters of the South China Sea. While the state-run company has made no public announcement, a pre-feasibility study was well under way, CNOOC and other industry officials said. CNOOC was already talking to global engineering firms about possible joint design of the vessel, two industry officials added.

Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis. "With new and mutual cooperation between the two parties, there is a good sign of increasing the volume of our crude oil exports to China up to 500,000 bpd in the next three years," Nasser Al-Mudhaf, KPC's Managing Director of International Marketing told Kuwait's News Agency (KUNA).

BW Group aims to double its value to $10 billion by 2010, and may fund its growth by listing its business units, NDTV.com reported. Increased supply deals with Chinese oil majors and new tanker orders will lead to growth that could see BW offer the public shares in its units not already listed. The BW Group has four divisions: BW Tankers, BW Bulk and BW Offshore and BW Gas, a unit that was listed on the Oslo stock exchange last year. The gas unit, which transports liquefied natural gas and liquefied petroleum gas in tankers, was acquired in 2003 when the group bought Norwegian gas heavyweight Bergesen DY. The company has hopes of doubling its equity every five years and foresees potential acquisitions to meet its growth ambitions.

An intensifying rivalry between China's two top oil traders Chinaoil and Unipec is whipsawing Asia's oil market, pitting the state-owned firms against each other in a battle for control of the region's crude benchmark. Aggressive trading - with heavy buying by Chinaoil met by selling from Unipec - has pushed up Middle East crude prices for Asia, even as other grades are being pressed lower by a global glut. Asian buyers are being driven to seek cheaper oil elsewhere or cut refinery runs, but analysts say Beijing is unlikely to intervene in a process that reflects the growing clout of Chinese traders in global oil markets. The volumes…