PetroChina Ships first Gasoline Cargo to Canada
PetroChina has shipped its first gasoline to Canada on June 20, the company's official newspaper said on Thursday. 35,000 tonnes of gasoline was shipped from PetroChina's Guangxi Qinzhou refinery to Vancouver, PetroChina said, marking the company's latest efforts to expand sales in new markets such as Japan and Australia amid a rising domestic glut in fuel products Sinopec's Tianjin refinery also shipped diesel to Australia for the first time on Tuesday. Reporting by Meng Meng and Aizhu Chen
MOL: LNG Carrier Delivered for SINOPEC LNG Project
Mitsui O.S.K. Lines, Ltd. today announced that the LNG carrier CESI Qingdao — ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited and China Petroleum & Chemical Corporation (SINOPEC) — was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on January 6. The CESI Qingdao is the second vessel to serve the China FOB Transportation Project” (*1) announced in April 2013, and will sail under a long-term charterto transport LNG that SINOPEC purchases from the Australia Pacific LNG project. A total of 6 LNG carriers will be built at Hudong for the project.
Mitsui Delivers Second LNG Carrier to Sinopec
Mitsui O.S.K. Lines (MOL) has announced that the LNG carrier CESI Qingdao - ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (SINOPEC) - was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on January 6. The CESI Qingdao is the second vessel to serve the China FOB Transportation Project" announced in April 2013, and will sail under a long-term charter to transport LNG that SINOPEC purchases from the Australia Pacific LNG project.
Asia Tankers-VLCC Rates to Hold Steady
Unipec charters 20 VLCCs for West Africa, MidEast cargoes; China's oil demand to climb 3.4 pct this year - CNPC. Freight rates for very large crude carriers (VLCCs) are expected to remain stable next week as buoyant chartering activity from the Middle East is offset by the large number of supertankers available for charter, ship brokers said. "We're going to see rates holding at current levels," a European supertanker broker said on Friday. "Saudi Arabian cargoes for February loading should be out on Monday.
China's Crude Oil Futures Boom Amid Looming Iran Sanctions
A U.S. decision to reimpose sanctions on Iran is supporting China's newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said.Since launching in March, Shanghai crude oil futures have seen a steady pick-up in daily trading, while open interest - the number of outstanding longer-term positions and a gauge of institutional interest - has also surged.Traded daily volumes hit a record 250,000 lots last Wednesday…
Unipec Suspends US Oil Imports as Trade Spat Intensifies
China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.The sources declined to be identified as they are not authorised to speak to the media.It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of U.S. crude until at least October.Unipec and Sinopec, Asia's largest refiner and biggest buyer of U.S.
Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday, China announced retaliatory tariffs on $60 billion worth of U.S.
China to Cut US Oil Imports Amid Trade Spat
Chinese oil buyers will keep taking crude from the United States through September, but plan to reduce future purchases to avoid a likely import tariff amid a trade spat between the world's two largest economies, multiple industry sources said.Beijing has put U.S. energy products, including crude oil and refined products, on lists of goods that it will hit with import taxes in retaliation for similar moves by Washington.Beijing did not specify when it will impose a 25 percent tax on oil…
LNG Carrier CESI Lianyungang Delivered
Mitsui O.S.K. Lines (MOL) announced the delivery of the LNG carrier CESI Lianyungang, which was ordered by the joint venture of China COSCO Shipping Corporation Limited (CCSC) and China Petroleum & Chemical Corporation (SINOPEC), at Hudong-Zhonghua Shipbuilding (Hudong) on May 31. The CESI Lianyungang is the sixth vessel in the China LNG Transportation Project announced in April 2013, and will sail under a long-term charter transporting LNG that SINOPEC purchases from the Australia Pacific LNG Project.
CNPC ships first larger-sized diesel cargo to Brazil
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
Oversupplied Japanese LNG Players to Sell off Excess Volumes
Asian spot LNG prices extended losses this week as oversupplied Japanese utilities sought to offload cargoes and as key European gas benchmarks softened. Asian prices for LNG delivery in March fell 25 cents to about $7.75 per million British thermal units (mmBtu), traders said, ranging from $8/mmBtu to about $7.60/mmBtu. Prices tailed off even more sharply into April, currently trading at around the $7/mmBtu mark, they said. One trader said utilities in Japan "have overbought due to warmer than average temperatures at the end of 2016 and the current cold spell doesn't look like it will last…
MOL Delivers LNG Carrier CESI Beihai to SINOPEC
Mitsui O.S.K. Lines (MOL) today announced that the LNG carrier CESI Beihai-ordered by a joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping), and China Petroleum & Chemical Corporation (SINOPEC)-was delivered at Hudong-Zhonghua Shipbuilding (Group) (Hudong) in Shanghai on June 1. The CESI Beihai is the third vessel to serve the China FOB Transportation Project" announced in April 2013, and will sail under a long-term charter to transport LNG that SINOPEC purchases from the Australia Pacific LNG project.
Winson Oil, Unipec Snap up Gasoil Cargoes
Both traders buy over 12 million barrels in September. Oil traders Winson Oil and Unipec have snapped up over 12 million barrels of gasoil in just under two weeks and are booking vessels in Singapore to either store the fuel or export it, shipping and trading sources said on Wednesday. Winson Oil, based in Hong Kong and registered in Singapore, bought the bulk of the cargoes at over 9 million barrels in oil price agency S&P Global Platts' market since the start of September, trading data showed. Unipec, the trading arm of Chinese state oil major Sinopec, purchased the rest, the data showed.
LNG Carrier CESI Tianjin Delivered for SINOPEC LNG Project
Mitsui O.S.K. Lines (MOL) announced that the LNG carrier CESI Tianjin, which was ordered by the joint venture of MOL, China COSCO Shipping Corporation Limited (China COSCO Shipping) and China Petroleum & Chemical Corporation (SINOPEC), was delivered at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. (Hudong) on September 26. The CESI Tianjin is the fourth vessel to serve the LNG transport project for SINOPEC announced in April 2013, and will sail under a long-term charter contract to transport LNG that SINOPEC will purchase from the Australia Pacific LNG Project.
Glencore Sees Record Oil Trading Volumes as Margins Shrink
Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London-listed commodities trader and miner will shift around 6 million barrels per day (bpd) of crude and refined product this year, up 25 percent from last year. The figure represents around 6 percent of global supply and only rival Vitol trades more oil, at some 7 million bpd. Most merchants are being forced to ramp up volumes to protect profits in an environment of low volatility. "We don’t set targets in terms of volumes," Beard told the annual Reuters Global Commodities Summit.
MOL, China COSCO Shipping Own 4 LNG Carriers Yamal LNG
Mitsui O.S.K. Lines (MOL) announced that China COSCO Shipping Corporation Limited will take an equity stake in the MOL wholly owned subsidiary that will own four LNG carriers serving the Russia Yamal LNG project. The ownership will be split 50%-50% between MOL and China COSCO Shipping. MOL has already signed long-term charter contracts for the four LNG carriers through its wholly owned company. This is the fourth joint LNG project involving MOL and China COSCO Shipping, following one for ExxonMobil (a total of four vessels were delivered from 2015 through 2017)…
Trump Signs 43 Billion Dollar LNG Deal with China
On his visit to China, President Trump reaffirmed his commitment to form agreements that reduce the trade deficit with China by signing a deal to help the LNG industry in Alaska with three Chinese companies. The deal, which could be potentially worth $43 billion, involves Sinopec, the largest oil company in China, the sovereign wealth fund and one of China's largest bank. will work together to create 12,000 jobs in Alaska. The deal has the potential to reduce the US-China trade deficit by $10 billion a year.
KNOT Offshore Acquires Brasil Knutsen
KNOT Offshore Partners LP announced that its wholly owned subsidiary, KNOT Shuttle Tankers AS, has acquired all of the ownership interests in KNOT Shuttle Tankers 32 AS, the company that owns and operates the shuttle tanker Brasil Knutsen, from Knutsen NYK Offshore Tankers AS. The acquisition is for an aggregate purchase price of $96.0 million, less $59.0 million of outstanding indebtedness under the secured credit facility related to the vessel, less approximately $35.2 million for a loan owed by KNOT 32 to Knutsen NYK…
Sinopec Tianjin Terminal to Receive First LNG Cargo
China Sinopec's new Tianjin terminal will receive first LNG cargo of 30,000-35,000 tonnes from Australia on Jan. 10, a source with the direct knowledge of the project said. Sinopec Tianjin terminal will start LNG sales at end of January, the source said. The Tianjin LNG project has the capacity to receive 3 million tonnes of LNG per year. Reporting by Meng Meng and Ryan Woo
Texas Flood: U.S. Oil Pours into Global Markets
United States taking share from OPEC nations in Asia, Europe, as China’s biggest U.S. crude buyer to double imports. In the two years since Washington lifted a 40-year ban on oil exports, tankers filled with U.S. crude have landed in more than 30 countries, ranging from massive economies like China and India to tiny Togo. The repeal has unleashed a flood of U.S. shale oil, undercutting global crude prices, eroding the clout of the Organization of Petroleum Exporting Countries (OPEC) and seizing market share from many of its member countries.
Stena Drilling Signs Contract with Nexen Petroleum
Offshore driller Stena Drilling has signed a contract with Nexen Petroleum U.K. Limited for the Stena Spey drilling rig. Stena said in a press release that the drilling campaign will last around 110 days with a potential additional option well on the Golden Eagle field, UK Central North Sea. The drilling campaign will commence on completion of the current well with Repsol-Sinopec. "Stena Drilling is very pleased to be working with Nexen Petroleum U.K. Limited and this workscope presents another exciting new opportunity for the Stena Spey and the crews," said a statement.
Chinese Diesel to be Shipped 'west' in VLCC
Newly built vessel to load from Tianjin refinery a cargo of10ppm sulphur diesel meeting summer specs. In a rare shipment, a diesel cargo will be loaded into a very large crude carrier (VLCC) from a refinery at China's Tianjin port next month before heading to Europe or West Africa. The newly-built 'Maran Aphrodite', which can carry about 285,000 tonnes of diesel, has been chartered by oil major Total to load from Chinese state-run giant Sinopec's refinery in the northern port to head "west", two people familiar with the matter said.
China's LNG Buying Spree Continues Through December
China LNG imports hit record in November, but set to beat that this month. China's state oil and gas majors are set to import record levels of liquefied natural gas (LNG) this month, betting on robust demand during the cold winter months and helping lift Asian prices to their highest in nearly two years. Trade flows data on Thomson Reuters Eikon shows 7.33 million cubic metres (mcm) of LNG, equivalent to 3.33 million tonnes, are heading to China for delivery this month. This includes 10 cargoes from Qatar, an unusually high number even for the world's largest LNG exporter.