Latest news with #PetroChina
Zawya
12 hours ago
- Business
- Zawya
Saudi crude oil supply to China to dip in July, sources say
SINGAPORE - Saudi Arabia's crude oil supply to China is set to dip slightly in July, trade sources said on Tuesday, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. State oil firm Saudi Aramco will ship about 47 million barrels to China in July, a tally of allocations to Chinese refiners showed, 1 million barrels less than June's allotted volume. State refiners Sinopec, PetroChina and Aramco's joint venture Fujian refinery will be receiving more crude in July, while the allocation for independent refiners Rongsheng Petrochemical, Hengli Petrochemical and Shenghong Petrochemical will dip, the sources said. Saudi Aramco did not immediately respond to a request for comment. The robust Saudi supply comes after the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to hike output in July by 411,000 barrels per day for a third consecutive month. Since April, the OPEC+ eight have now made or announced increases totalling 1.37 million bpd, or 62% of the 2.2 million bpd they aim to add back to the market. (Reporting by Florence Tan; Editing by Muralikumar Anantharaman and Sonali Paul)
Yahoo
6 days ago
- Business
- Yahoo
PetroChina to shut down final crude unit at major north China refinery
-- PetroChina, the state-owned oil major, is preparing to close the last crude unit at its largest north China refinery. This move aligns with an earlier plan marking the country's first complete closure of a state-run plant, according to four industry insiders. The 200,000-barrels-per-day No.1 crude unit at Dalian Petrochemical Corp is scheduled to be shut down on June 30. In the subsequent month, the secondary processing units will also be phased out, as reported by Reuters on Wednesday. This development follows a report from last October stating PetroChina's intention to close the entire 410,000-bpd Dalian plant by mid-2025. This is part of PetroChina's ongoing project to move and replace the large facility with a smaller one at a new location. In anticipation of the closure, PetroChina will start reducing its inventory of crude oil and other feedstocks this month. The company aims to clear all the products' inventory by the end of August, the report added. Related articles PetroChina to shut down final crude unit at major north China refinery UBS upgrades Snowflake on signs of sustained data infrastructure investment Any near-term weakness in S&P 500 would provide a 'buy the dip' opportunity: JPM Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
6 days ago
- Business
- Business Recorder
PetroChina to close last unit of biggest north China refinery end-June, sources say
SINGAPORE: PetroChina is set to close the last remaining crude unit at its biggest north China refinery at the end of this month, broadly in line with an earlier plan that marks the country's first full closure of a state-run plant, four industry sources said. PetroChina will switch off the 200,000-barrels-per-day No.1 crude unit at Dalian Petrochemical Corp on June 30, and the secondary processing units in the following month, said the sources familiar with the shutdown plan. Reuters reported last October that PetroChina intended to close the whole 410,000-bpd Dalian plant by mid-2025, part of the state oil major's long-mooted project to relocate and replace it with a smaller facility at a new site. PetroChina will meanwhile start drawing down inventory of crude oil and other feedstocks this month and clean up all the products' inventory by the end of August, said two of the sources. A company representative did not immediately respond to a request for comment. For the proposed new refinery complex to be built in Changxing island, about two hours' drive from downtown Dalian, PetroChina has yet to make a final investment decision, sources said. PetroChina began the shutdown process at the Dalian plant in late 2023. The refinery, which accounts for nearly 3% of China's national refining capacity, processes mainly Russian ESPO blend crude from Siberian fields.
Reuters
6 days ago
- Business
- Reuters
PetroChina to close last unit of biggest north China refinery end-June, sources say
SINGAPORE, June 4 (Reuters) - PetroChina is set to close the last remaining crude unit at its biggest north China refinery at the end of this month, broadly in line with an earlier plan that marks the country's first full closure of a state-run plant, four industry sources said. PetroChina will switch off the 200,000-barrels-per-day No.1 crude unit at Dalian Petrochemical Corp on June 30, and the secondary processing units in the following month, said the sources familiar with the shutdown plan. Reuters reported last October that PetroChina intended to close the whole 410,000-bpd Dalian plant by mid-2025, part of the state oil major's long-mooted project to relocate and replace it with a smaller facility at a new site. PetroChina will meanwhile start drawing down inventory of crude oil and other feedstocks this month and clean up all the products' inventory by the end of August, said two of the sources. A company representative did not immediately respond to a request for comment. For the proposed new refinery complex to be built in Changxing island, about two hours' drive from downtown Dalian, PetroChina has yet to make a final investment decision, sources said. PetroChina began the shutdown process at the Dalian plant in late 2023. The refinery, which accounts for nearly 3% of China's national refining capacity, processes mainly Russian ESPO blend crude from Siberian fields.
Bloomberg
21-05-2025
- Business
- Bloomberg
China's LNG Traders Embrace New Role as Global Swing Suppliers
Chinese gas firms are taking advantage of diverse supply sources and a flexible power generation system to lean into the role of global swing suppliers. PetroChina Co., the country's top gas supplier, is looking for upstream stakes in liquefied natural gas export projects or flexible purchase agreements to help turn from a buyer in overseas markets into a bigger trader, said Wang Haiyan, deputy general manager at the firm's trading arm.
