Offshore Upswing: CNOOC Spend Highest Since 2014
China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.The company plans to spend 70 billion to 80 billion yuan ($10.3 billion to $11.8 billion) on exploration and production, CNOOC said in a press release on Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.Beijing has called…
Hispano-Chinese MoU for Ports
The Port of Algeciras Authority (APBA) Chairman, Manuel Moron, and the Ningbo Zhoushan Port Group Chairman, Mao Jianhong, signed a Memorandum of Understanding (MoU) that is set to formalize co-operation between both of the logistics powerhouses and increase commercial flow between Southern Europe and Asia. According to the port and harbour of Algeciras, the MoU was rubber-stamped during the official state visit to Spain of the Chinese President, Xi Jinping, who - together with the Spanish Prime Minister…
UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30…
China'a April Exports Stronger than Expected
China's exports rebounded more strongly than expected in April after a surprise drop the previous month, suggesting global demand remains relatively resilient and providing a cushion to the economy amid a heated trade dispute with the United States.Imports in April also grew more robustly than anticipated, signalling China's domestic demand is holding up well, good news for policymakers looking to soften the blow from any trade shocks.China's April exports rose 12.9 percent from a year earlier…
China Pushes for Yangtze River Economic Belt
Chinese President Xi Jinping called for achieving high-quality economic growth through developing the Yangtze River economic belt. Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks at a symposium on promoting the development of the Yangtze River economic belt in Wuhan, capital of central China's Hubei Province. He stressed the importance of enhancing reform and innovation, strategic coordination as well as planning and guiding in developing the economic belt.
China's First Home-built Carrier to Start Sea Trials
China first domestically developed aircraft carrier looks set to begin sea trials after pictures appeared on the Chinese internet on Monday of it leaving its dock in the northeastern port of Dalian. The still-unnamed carrier was launched this time last year but since then has been undergoing fitting of weapons and other systems and has not yet entered service. Chinese President Xi Jinping is overseeing an ambitious military modernisation scheme, including stealth jets and anti-satellite missiles, as China ramps up its presence in the disputed South China Sea and around self-ruled Taiwan, an island it considers its own. Online Chinese news portals…
China to Set up Hainan Free Trade Zone by 2020, Port by 2025
China aims to establish a free trade zone in Hainan by 2020 and will encourage multinationals to set up their international and regional headquarters in the province, state news agency Xinhua reported citing a government document. The guidance was jointly issued by the ruling Communist Party and State Council, Xinhua said. It comes after President Xi Jinping announced on Friday that the country would grant foreign firms greater economic freedom in the southernmost province. Known for its sandy beaches and resort-lined coast…
Japan, China Agree Trade War Will Harm Global Economy
Japan and China agree that a trade war will have serious consequences for the world economy, Japanese Foreign Minister Taro Kono said on Monday after a high-level economic dialogue between the world's third- and second-largest economies. Concern is growing about a trade row between China and the United States in which the two nations have threatened each other with tariffs. Japan has been criticised by U.S. President Donald Trump on trade and been hit with tariffs on steel and aluminum, but it has not yet threatened counter-tariffs.
Philippines Eyes Exploration Deal with China in S.China Sea
The Philippines is looking to seal a pact with China within a few months to jointly explore for oil and gas in a part of the busy South China Sea waterway claimed by both countries, a Philippine official said on Monday. In February, the two countries agreed to set up a special panel to work out how to jointly explore for offshore oil and gas in areas both sides claim, without needing to address the touchy issue of sovereignty. "We're trying to see if we can achieve an agreement…
UN Sanctions North Korean Ship for Illegal STS Oil Transfer
The United Nations has blacklisted a North Korean ship for receiving oil in an October transfer that breached U.N. sanctions, as first revealed by Reuters. Reuters in December reported that Russian tankers had supplied fuel to North Korea, which relies on imported fuel to keep its struggling economy functioning, by transferring cargoes at sea. European security sources told Reuters that a Russian vessel conducted a ship-to-ship transfer with the North Korean-flagged Sam Ma 2 tanker in open seas during October.
UN Blacklists Dozens over North Korean Smuggling at Sea
The United Nations Security Council blacklisted dozens of ships and shipping companies on Friday over oil and coal smuggling by North Korea, boosting pressure on Pyongyang as leader Kim Jong Un plans to meet with his South Korean and U.S. counterparts. The council's North Korea sanctions committee acted on a request by the United States, designating 21 shipping companies -- including five based in China -- 15 North Korean ships, 12 non-North Korean ships and a Taiwanese man. The…
China Building Its First Polar Expedition Cruise Ship
China has begun building its first polar expedition cruise ship, state news agency Xinhua reported Saturday, as the country looks to shipping lanes opened up by global warming to extend President Xi Jinping's Belt and Road initiative to the Arctic. Construction of the 104.4-meter vessel, equipped with an advanced electric propulsion and control system for navigating sea ice, was expected to be completed by August 2019, Xinhua reported. China released its first official Arctic policy white paper in January…
Hong Kong's Richest Man Li Ka-shing Retires
Li Ka-shing to retire after annual general meeting on May 10; will stay on as senior adviser to the group. Hong Kong's richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday, bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub. Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse, passing the mantle to his eldest son Victor Li, who was named successor several years ago.
Brazil Drops 'Railway to the Pacific' Plan
Brazil has shelved a planned railway to ship commodities destined for China through Peru as it was too costly and faced "absurd" engineering challenges, a Brazilian official said. The 5,000-km (3,300-mile) railway over the Andes to the Pacific coast, announced during a visit by President Xi Jinping in 2014, was meant to speed up soybean and iron ore exports to China at a lower cost by bypassing the Panama Canal. But at an estimated cost of $80 billion, the railway would not be commercially viable if it transported just commodities and not more valuable goods…
Trump Troubled About Oil Flow into North Korea
U.S. President Donald Trump on Thursday said he was "very disappointed that China is allowing oil to go into North Korea" and that such moves would prevent "a friendly solution" to the crisis over Pyongyang's nuclear program. "Caught RED HANDED - very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!" Trump wrote in a post on Twitter. China earlier on Thursday said there had been no U.N.
China Hopes U.S. Can Help Ease S.China Sea Tension
China hopes the United States can "help and not cause problems" in the disputed South China Sea, a senior Chinese diplomat said on Friday ahead of next week's visit to Beijing by President Donald Trump. The United States has criticised China's construction of islands and build-up of military facilities in the sea, and is concerned they could be used to restrict free nautical movement. U.S. Navy ships have also carried out freedom of navigation patrols in the area, angering China. Speaking to reporters about Trump's trip, Chinese Vice Foreign Minister Zheng Zeguang said China has indisputable sovereignty over islands and surrounding waters in the South China Sea.
Hong Kong Looks to Ride Out Boxship Turmoil
Hong Kong's port expects a slight rise in container shipping volumes this year despite continuing global turmoil in the sector. The global container industry, which transports everything from bananas to iPhones, is showing signs of better returns after a near-decade long slump. Nevertheless, worries over global retail demand and too many ships have continued to put the brakes on a bigger recovery. Hong Kong's Secretary for Transport and Housing, Frank Chan Fan, said container…
U.S. Warship Challenges Beijing in South China Sea
A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, U.S. officials said on Wednesday, the first such challenge to Beijing in the strategic waterway since U.S. President Donald Trump took office. The officials, speaking on condition of anonymity, said the USS Dewey traveled close to the Mischief Reef in the Spratly Islands, among a string of islets, reefs and shoals over which China has territorial disputes with its neighbors. China said its warships had warned the U.S.
China Threatened War If Philippines Drills for Oil -Duterte
Philippine President Rodrigo Duterte said on Friday Chinese counterpart China Xi Jinping had warned him there would be war if Manila tried to enforce an arbitration ruling and drill for oil in a disputed part of the South China Sea. In remarks that could infuriate China, Duterte hit back at domestic critics who said he has gone soft on Beijing by refusing to push it to comply with an award last year by the Permanent Court of Arbitration in The Hague, which ruled largely in favor of the Philippines. Duterte said he discussed it with Xi when the two met in Beijing on Monday, and got a firm, but friendly warning. "We intend to drill oil there…
China, Vietnam Dampen S.China Sea Tensions
China and Vietnam will manage and properly control their maritime disputes, avoiding actions to complicate or widen them, so as to maintain peace in the South China Sea, the two nations said in a joint communique China released on Monday. Vietnam is the Southeast Asian country most openly at odds with China over the waterway since the Philippines pulled back from confrontation under President Rodrigo Duterte. After what China said were "positive" talks on the South China Sea last week between President Xi Jinping and Vietnamese President Tran Dai Quang, the joint statement stressed the need to control differences. Both countries agreed to "manage and properly control maritime disputes…
North Korean Coal Ships Sail Home after China Denies Cargo
A fleet of North Korean cargo ships is heading home to the port of Nampo, the majority of it fully laden, after China ordered its trading companies to return coal from the isolated country, shipping data shows. Following repeated missile tests that drew international criticism, China banned all imports of North Korean coal on Feb. 26, cutting off the country's most important export product. To curb coal traffic between the two countries, China's customs department issued an official order on April 7 telling trading companies to return their North Korean coal cargoes, said three trading sources with direct knowledge of the order. U.S. President Donald Trump and Chinese President Xi Jinping were discussing North Korea at Trump's Mar-a-Lago resort on April 7.
Wary of Trump unpredictability, China ramps up naval abilities
* China still lags U.S. BEIJING, Feb 26 (Reuters) - The PLA Navy is likely to secure significant new funding in China's upcoming defence budget as Beijing seeks to check U.S. dominance of the high seas and step up its own projection of power around the globe. China's navy has been taking an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and new Chinese warships popping up in far-flung places. Now, with President Donald Trump promising a U.S.
Carnival Orders Two Cruise Ships for China
Fincantieri, China State Shipbuilding Corporation (CSSC) and Carnival Corporation & plc signed a binding Memorandum of Agreement (MoA) for the construction of two cruise ships, with an option for additional four, the first units of the kind ever built in China for the Chinese market. The parties signed the MoA on behalf of the joint venture between Fincantieri and CSSC Cruise Technology Development Co., Ltd (CCTD), of the joint venture between Carnival Corporation and CSSC, and of the shipyard Shanghai Waigaoqiao Shipbuilding Co., Ltd (SWS).