China Petroleum & Chemical Corp. said profits during the first quarter of this year are expected to more than double on higher crude prices and stable demand, bolstering plans by the world’s biggest oil refiner to raise spending for the first time in four years.
Interpol has issued red notices, the closest to an international arrest warrant, for three Chinese executives suspected of fraud, according to Indonesian police.
Mystery remains over the origin of an oil sheen that led to a North Sea production shutdown.
China Petroleum & Chemical Corp.’s third-quarter profit rose sixfold as refining gains helped overcome deepening losses from oil and gas production.
China Petroleum & Chemical Corp., the refining giant known as Sinopec, outshined its domestic state-run rivals in the first half of the year as its fuel-making business helped it weather the worst crude crash in a generation.
China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted a 22 percent decline in profit for the first half of the year as oil’s collapse overpowered the boost from cheaper crude used to make fuels and chemicals.
Sinopec is said to be discussing the conditions put forward by oil major BP for its planned exit from their SECCO petrochemicals joint venture.
Unipec, the UK-based trading arm of China’s Sinopec, will hand back the massive tanker it leased just as crude prices nosedived in 2014, a news report said.
Sinopec said it will sell half of its premium natural gas pipeline business to investors.
China's Sinopec has cut daily production from its largest gas field to four million cubic metres a day after an accident where two people were killed.
Sinopec has shutdown a section of the Sichuan-East gas pipeline after it two people were killed when the region was hit by a landslide and fire.
Spanish energy giant Repsol has dismissed a £3.8billion legal claim made by its Chinese business partner Sinopec over their shared North Sea assets.
Chinese energy conglomerate Sinopec has served an arbitration notice to Spain's Repsol demanding around $5.5 billion in compensation over a 2012 joint venture.
China Petroleum & Chemical Corp.earnings beat analyst estimates as profit from turning crude oil into fuels offset the plunge in energy prices and more than $1 billion in writedowns by Asia’s biggest refiner.
One person has been killed and six other injured in an explosion at an oil site in Gabon, according to Sinopec.
China has sentenced eight ex-Sinopec employees and six government officials with up to five years in jail for their involvement in an oil pipeline explosion in the port city of Qingdao that killed 63 people in 2013.
China's Sinopec is offering its subsidiary refineries big incentives to export their diesel fuel, sources said, in a rare move that reflects the top Asian refiner's deepening concerns about a growing domestic glut.
Sinopec has completed expansion works at a refinery in China by adding 100,000 barrels per day (bpd) crude unit. The company said it plans to raise throughput in the fourth quarter at the Jiujiang refinery in the Jiangxi province.
The governor of Fujian province in has been placed under investigation by Chinese authorities on suspicion of “serious disciplinary violations”. The move has been made by China’s anti-graft watchdog against Su Shulin who has been governor since 2011 and was formerly chairman of Sinopec.
Chinese authorities outlined corruption allegations against a senior Sinopec executive as they expelled him from the ruling Communist Party and handed his case to prosecutors.
China Petrochemical Corporation (Sinopec) has struck a deal with Rosneft on the joint development of the Russkoye and Yurubcheno-Tokhomskoye fields. The companies have signed a heads of agreement on cooperation within the proposed joint development of the assets.
China's Sinopec Corp 0386.HK is shipping its second ever jet fuel cargo to Europe, once considered a rare trade route, as the refiner looks to expand its global market share with demand lagging output levels at home, industry sources said. The world's No. 2 refiner shipped out 90,000 tonnes of jet fuel to Europe in late June, said two sources, who did not want to be named because of rules on talking to media. Shipping fixtures show a vessel, SKS Donggang, was chartered by trader Noble NOBG.SI and loaded with jet fuel from Yangpu in south China around the same time. SKS is near Madagascar now and moving towards Le Havre, France, according to shiptracking data.
Petroceltic has awarded a contract to drill development wells at the Ain Tsila gas and condensate field in Algeria to Sinopec Petroleum Service. The 1500 horse power rig, which is now built and ready to ship, will drill up to 24 new development wells. The company said the first 12 drilling locations – all in the northern region of the field – have been selected and approved.
China Petroleum & Chemical Corp. shares slumped the most in over three months after Asia’s biggest refiner posted its lowest annual profit since the 2008 collapse of Lehman Brothers Inc. sparked the global financial crisis. Net income in 2014 for the company known as Sinopec dropped to 46.5 billion yuan ($7.5 billion), or 0.397 yuan a share, from 66.1 billion yuan, or 0.53 yuan, a year earlier, according to a statement to the Shanghai stock exchange. That compares with a mean of 53.5 billion yuan from 23 analyst estimates compiled by Bloomberg. Sales were 2.83 trillion yuan, down 1.9%.
Lukoil has commenced arbitration proceedings against China’s Sinopec after claims the company refused to complete a sale and purchase agreement. The company said it signed a deal in April last year for the sale of a 50% stake in Caspian Resources for $1.2billion.