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IRENA and China State Grid Agree to Advance Transition Through Power System Enhancements
April 13, 2021
Source: IRENA

IRENA and China State Grid Agree to Advance Transition Through Power System Enhancements

The International Renewable Energy Agency (IRENA), and the State Grid Corporation of China (SGCC), have today signed a new Memorandum of Understanding (MoU) that will see the two organisations work closely to support grid enhancements, system flexibility and sector-coupling in China and IRENA’s Clean Energy Corridor regions. The agreement aims to advance the global energy transformation towards a net zero energy future particularly in developing countries.

China's Sinopec raises 2021 capital expenditure by 23.8 per cent
March 30, 2021
Source: Energyworld

China's Sinopec raises 2021 capital expenditure by 23.8 per cent

BEIJING: China Petroleum & Chemical Corp, better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided.Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China

China's climate pledge to create tectonic shift, enhance energy security - Woodmac
March 18, 2021
Source: Energyworld

China's climate pledge to create tectonic shift, enhance energy security - Woodmac

China's goal to become carbon neutral in 2060 will require $6.4 trillion of investment in new power generating capacity, leading to a tectonic shift in manufacturing and commodity imports while boosting its energy security, consultancy Wood Mackenzie said on Thursday. China has been grappling with rising oil and gas import dependency while facing increasing geo-political tensions that threaten its energy security.

China accounts for half of 6 GW in new global offshore wind installations in 2020
March 3, 2021
Source: Renewables Now

China accounts for half of 6 GW in new global offshore wind installations in 2020

The global offshore wind industry installed 6.07 GW of new capacity in 2020, with China in the lead with over 3 GW, the latest figures by GWEC Market Intelligence. The newly installed capacity was close to the record level of 6.1 GW reached in 2019, in spite of the pandemic. The world's total offshore wind capacity now stands at 35,196 GW.

India and China led the recovery in LNG demand post pandemic: Shell
Feb. 26, 2021
Source: Energyworld

India and China led the recovery in LNG demand post pandemic: Shell

India and china lead the recovery in Liquified Natural Gas(LNG) following the outbreak of the Covid-19 pandemic, according to Royal Dutch Shell’s annual LNG Outlook published today.The company's are expecting that the demand for LNG is only going to increase henceforth as world over, economies are switching to carbon neutrality in the next few years.China's announcement of a target to become carbon neutral by 2060 so it's expected to continue driving up the LNG demand

Oil price rally continues as WTI crude hits one-year high
Feb. 5, 2021
Source: world oil

Oil price rally continues as WTI crude hits one-year high

Oil extended gains after closing at the highest level in more than a year as declines in U.S. and Chinese crude stockpiles added impetus to a rally driven by tightening global supplies. Futures in New York climbed to trade above $55 a barrel. The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week.

Operations start on China-Russia East gas pipeline
Dec. 4, 2020

Operations start on China-Russia East gas pipeline

China has launched 1,100 km section of China-Russia East gas pipeline. Operations have already started in the middle portion of the pipeline. This will facilitate smog-prone Beijing-Tianjin-Hebei region in northern China with the natural gas from the Power of Siberia system. The line is expected to be complete by 2025 and could transport 38 bcm per annum of gas.

Air Products to set a hydrogen plant in China
Nov. 10, 2020
Source: Reuters

Air Products to set a hydrogen plant in China

China to get its largest hydrogen plant by the year 2022. The plant will be set by Air Products and Chemicals, Inc. world's largest hydrogen producer. The estimated capacity for the plant will be 30 tonnes of liquid hydrogen per day. The total investment for the plant is of $1 billion including other setups in the pipeline. It is an initiative by the Chinese government to steer the country towards “carbon neutrality” by 2060.

Philippines ended 6 year moratorium
Oct. 30, 2020
Source: worldoil.com

Philippines ended 6 year moratorium

Earlier this month Philippines President lifted the 6-year ban for advancing oil exploration with China in the South China Sea. The moratorium was ended to exercise the Philippines exclusive right in the area and also to have actual projects talks with the Chinese entities. The moratorium was the part of the South China Sea arbitration case which was ruled in the favor of the Phillippines in 2016.

China's disappointing economic data impacts oil prices
Oct. 19, 2020
Source: Reuters

China's disappointing economic data impacts oil prices

The week started with a decline in the oil prices after the reports of lower than expected third-quarter economic growth of China. Brent slipped by 0.4%, to $42.78 a barrel. WTI went down and was traded at $40.70 a barrel. The world's second-largest economy just witnessed a minimal swell of 4.9% in its third quarter. According to the reports, Chinese data on crude processing and industrial metals output is disappointing.

Sinopec Corp has awarded a 10 year tender to Qatargas.
Sept. 5, 2020
Source: Reuters

Sinopec Corp has awarded a 10 year tender to Qatargas.

China’s Sinopec Corp has awarded a 10 year tender to buy 1 million tonnes of liquefied natural gas per year from Qatargas. The tender was issued in the month of July, and the supply starts in 2023. Despite the global supply and the COVID -19 pandemic, Qatar’s exports were slightly higher this year as compared with the same period last year.

Sinopec posts first half-year loss
Aug. 31, 2020

Sinopec posts first half-year loss

Chinese state-run Sinopec on Sunday posted its first half-year net loss on record amid weak fuel demand due to the global pandemic. It made a net loss of 21.725 billion yuan ($3.17 billion) for the first six months of 2020, compared to a 32.206 billion yuan profit a year earlier. First-half revenue fell 31% from a year earlier to 1.03 trillion yuan.

Aramco suspends US$10B China oil refinery venture
Aug. 22, 2020

Aramco suspends US$10B China oil refinery venture

Saudi Aramco has suspended a deal to build a $10 billion refining and petrochemicals complex in China. Aramco decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners and Aramco declined to comment on it. The uncertain market scenario could be behind the decision. The joint venture was signed when Prince Mohammed bin Salman was in Beijing in February last year.

Oil prices advance, China lines up boost in US crude imports
Aug. 17, 2020
Source: Reuters

Oil prices advance, China lines up boost in US crude imports

Oil prices rose on Monday. Brent crude added 32 cents, to $45.12 a barrel, while U.S. WTI crude was up 35 cents, to $42.36 a barrel. Prices rose as China plans to ship large volumes of U.S. crude in upcoming months which outweighed concerns over a slowdown in demand recovery. Chinese oil firms have already booked tankers to transport at least 20 million barrels of U.S. crude for August and September.

Oil prices tumble as US-China tensions rise over Hong Kong
May 27, 2020
Source: Reuters

Oil prices tumble as US-China tensions rise over Hong Kong

Oil prices have fallen after a rise in US-China tensions that was spurred by Beijing moving to impose security laws on Hong Kong. Brent crude dipped 4.9% to $34.40 per barrel whilst WTI crude dropped 5.7% to $32 per barrel. The oil sell-off came after China said it would impose security laws on semi-autonomous city Hong Kong. That caused Hong Kong’s Hang Seng index to plunge more than 5% overnight.

CNOOC, Shell to invest 5.6 billion U.S. dollars in new ethylene project
May 18, 2020
Source: Reuters

CNOOC, Shell to invest 5.6 billion U.S. dollars in new ethylene project

China National Offshore Oil Corporation (CNOOC), the largest offshore oil and gas producer in China, and Royal Dutch Shell, the world's leading energy and petrochemical conglomerate, signed a strategic cooperation framework agreement worth 5.6 billion U.S. dollars on Sunday. The new cooperation, based on the CNOOC and Shell Petrochemical Company Limited, is the CNOOC and Shell Huizhou phase III ethylene project.

PetroChina reports $2.29 billion in net loss for 1Q20
April 30, 2020
Source: Reuters

PetroChina reports $2.29 billion in net loss for 1Q20

Chinese oil producer, PetroChina yesterday reported to a first-quarter net loss, sliding over declining oil prices and moderate refined fuel demand, as rising oil and gas production. A filing made to the Hong Kong Stock Exchange by the energy giant recorded a net loss of $2.29 billion for the January-March quarter, in comparison to a net profit reported last year. Revenue for the firm fell 14.4% to $72 billion.

Oil prices tumble over Washington's ban on travel from Europe
March 12, 2020
Source: Reuters

Oil prices tumble over Washington's ban on travel from Europe

Oil prices slipped again in the international market on Thursday, dipping over Washington's ban on travel from Europe following a WHO declaration that the coronavirus outbreak is now a pandemic. Brent crude declined by 5.3%, to $33.88 a barrel. US WTI crude slipped by 5.3%, to $31.24 a barrel. President Trump, yesterday, suspended all travel from Europe to the United States as he disclosed measures to contain the spread of coronavirus.

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