Latest news with #PetroChina
Reuters
4 days ago
- Business
- Reuters
PetroChina approves new northeast refinery complex, sources say
SINGAPORE, July 25 (Reuters) - PetroChina ( opens new tab has made the final investment decision to build a new multi-billion-dollar refinery and petrochemical complex in northeast China's Dalian, following recent closure of a nearby old plant, according to a company official and two industry sources. The new complex comprises a 200,000-barrel per day crude oil refinery, a 1.4 million metric ton per year ethylene complex as well as a variety of downstream petrochemical units such as polyethylene, polypropylene and polyolefin elastomer, said the official and one of the industry sources. The official declined to be named because the decision is not yet public while the sources with knowledge of the matter spoke on condition of anonymity because they are not authorised to speak about it publicly. It remains unclear when exactly the final investment decision for the new site was made. The complex, to be built on Changxing Island, about two hours' drive from downtown Dalian, has an estimated cost of 68.5 billion yuan ($9.56 billion), said a second source. The company did not immediately respond to a Reuters request for comment. PetroChina has begun building some infrastructure at the site such as a jetty and pipelines, said one of the two industry sources. Reuters has reported PetroChina was on track to close the whole 410,000-bpd refinery in downtown Dalian operated by subsidiary Dalian Petrochemical Corp, switching off the last crude oil unit last month and set to clean out refined fuel inventories by the end of August. The mothballing of the old plant, PetroChina's largest domestic refinery in China, came amid refiners' struggle with overcapacity and weakened fuel demand from slowing economic growth and the electrification of the country's car fleet. ($1 = 7.1673 Chinese yuan renminbi)
Yahoo
6 days ago
- Business
- Yahoo
TSMC just hit a $1 trillion market cap. These 5 companies could be next
Last week, Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), also known as TSMC, crossed an important psychological threshold for investors. The Taiwanese company surpassed a $1 trillion market capitalization, making it the first Asian company to do so since China's PetroChina oil and gas giant briefly achieved this milestone in 2007, notes GuruFocus. Southwest Airlines' open seating is ending: Here's what the new 8-group boarding process will look like Here's exactly how much you'll save on your 2026 taxes, by income bracket: Trump's One Big Beautiful Bill benefits Stop being a martyr at work. Aim for sustainable success instead TSMC manufactures the most advanced computer chips in the world, which are essential for running the most complex AI tasks. The company makes chips for a variety of tech giants, including Nvidia and Apple. As of the time of this writing, TSMC has a market capitalization of approximately $1.2 trillion. The chipmaking giant has achieved this 12-figure valuation on the strength of its chip business in recent months, which has seen a surge in demand thanks to the artificial intelligence boom sweeping the world. But the question many people may be wondering now is who's next in line to join the $1 trillion club? Here's what the numbers say. Who is currently in the $1 trillion club? The list of companies valued at $1 trillion or more is pretty short. Currently, just 11 companies have a 12-figure valuation, according to data compiled by The companies with trillion-dollar market caps currently include: Nvidia ($4.1 trillion) Microsoft ($3.7 trillion) Apple ($3.1 trillion) Amazon ($2.4 trillion) Alphabet/Google ($2.3 trillion) Meta Platforms ($1.7 trillion) Saudi Aramco ($1.6 trillion) Broadcom ($1.3 trillion) TSMC ($1.2 trillion) Tesla ($1 trillion) Berkshire Hathaway ($1 trillion) While TSMC is the newest member of this esteemed list, the company that tops the chart, Nvidia, is the most notable. Not only is it the most valuable company in the world, but it is also the only company to have ever reached a $4 trillion market capitalization, which it achieved earlier this month. What companies are closest to joining the trillion-dollar club? As it's fairly hard to predict how the stock market—and individual stocks—will perform in the future, it's also nearly impossible to say with any certainty which company may be the next one to cross the trillion-dollar threshold. The companies that are the closest now could have calamity strike next week, and see their stock prices plunge as a result, taking them further from the 12-figure mark. Alternatively, a company that is worth only a few hundred billion now could strike metaphorical business gold next week, and see its share price surge catapulting it to the trillion-dollar club out of nowhere. But given that a company's market cap is defined by adding up the value of a company's total shares, it's easy to see which companies are currently next closest in line to becoming a trillion-dollar giant. The following five companies that are closest based on their current stock prices are: JPMorgan Chase (Market Cap $800 billion) Walmart ($763 billion) Visa ($685 billion) Eli Lilly ($684 billion) Oracle ($684 billion) Banking giant JPMorgan Chase is the closest to a $1 trillion market cap. To reach it, it would only need to see its stock price rise by another 25% from current levels. Walmart would need to see its stock increase by about 31% from current levels. Visa, Eli Lilly, and Oracle would all need to see about a 46% jump in their stock prices to reach a $1 trillion market cap. As for some of America's other tech giants, many would need to see their stock prices nearly double or triple from today's levels to reach a $1 trillion valuation. These companies include: Netflix (current valuation: $524 billion), SAP (current valuation: $358 billion), and Palantir (current valuation: $358 billion). For now, it's unlikely that any of these companies will be hitting the $1 trillion threshold in the near future, which is precisely why TSMC joining the club is such a big deal. Even as the value of many of the world's largest companies continues to surge, crossing the 12-figure mark is still a relative rarity. This post originally appeared at to get the Fast Company newsletter: Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
TSMC just hit a $1 trillion market cap. These 5 companies could be next
Last week, Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM), also known as TSMC, crossed an important psychological threshold for investors. The Taiwanese company surpassed a $1 trillion market capitalization, making it the first Asian company to do so since China's PetroChina oil and gas giant briefly achieved this milestone in 2007, notes GuruFocus. Southwest Airlines' open seating is ending: Here's what the new 8-group boarding process will look like Here's exactly how much you'll save on your 2026 taxes, by income bracket: Trump's One Big Beautiful Bill benefits Why Third Amendment memes are suddenly taking over social media TSMC manufactures the most advanced computer chips in the world, which are essential for running the most complex AI tasks. The company makes chips for a variety of tech giants, including Nvidia and Apple. As of the time of this writing, TSMC has a market capitalization of approximately $1.2 trillion. The chipmaking giant has achieved this 12-figure valuation on the strength of its chip business in recent months, which has seen a surge in demand thanks to the artificial intelligence boom sweeping the world. But the question many people may be wondering now is who's next in line to join the $1 trillion club? Here's what the numbers say. Who is currently in the $1 trillion club? The list of companies valued at $1 trillion or more is pretty short. Currently, just 11 companies have a 12-figure valuation, according to data compiled by The companies with trillion-dollar market caps currently include: Nvidia ($4.1 trillion) Microsoft ($3.7 trillion) Apple ($3.1 trillion) Amazon ($2.4 trillion) Alphabet/Google ($2.3 trillion) Meta Platforms ($1.7 trillion) Saudi Aramco ($1.6 trillion) Broadcom ($1.3 trillion) TSMC ($1.2 trillion) Tesla ($1 trillion) Berkshire Hathaway ($1 trillion) While TSMC is the newest member of this esteemed list, the company that tops the chart, Nvidia, is the most notable. Not only is it the most valuable company in the world, but it is also the only company to have ever reached a $4 trillion market capitalization, which it achieved earlier this month. What companies are closest to joining the trillion-dollar club? As it's fairly hard to predict how the stock market—and individual stocks—will perform in the future, it's also nearly impossible to say with any certainty which company may be the next one to cross the trillion-dollar threshold. The companies that are the closest now could have calamity strike next week, and see their stock prices plunge as a result, taking them further from the 12-figure mark. Alternatively, a company that is worth only a few hundred billion now could strike metaphorical business gold next week, and see its share price surge catapulting it to the trillion-dollar club out of nowhere. But given that a company's market cap is defined by adding up the value of a company's total shares, it's easy to see which companies are currently next closest in line to becoming a trillion-dollar giant. The following five companies that are closest based on their current stock prices are: JPMorgan Chase (Market Cap $800 billion) Walmart ($763 billion) Visa ($685 billion) Eli Lilly ($684 billion) Oracle ($684 billion) Banking giant JPMorgan Chase is the closest to a $1 trillion market cap. To reach it, it would only need to see its stock price rise by another 25% from current levels. Walmart would need to see its stock increase by about 31% from current levels. Visa, Eli Lilly, and Oracle would all need to see about a 46% jump in their stock prices to reach a $1 trillion market cap. As for some of America's other tech giants, many would need to see their stock prices nearly double or triple from today's levels to reach a $1 trillion valuation. These companies include: Netflix (current valuation: $524 billion), SAP (current valuation: $358 billion), and Palantir (current valuation: $358 billion). For now, it's unlikely that any of these companies will be hitting the $1 trillion threshold in the near future, which is precisely why TSMC joining the club is such a big deal. Even as the value of many of the world's largest companies continues to surge, crossing the 12-figure mark is still a relative rarity. This post originally appeared at to get the Fast Company newsletter: 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
Yahoo
6 days ago
- Business
- Yahoo
Second tanker to skip fuel loading at sanctions-hit Nayara, sources say
By Trixie Yap and Nidhi Verma SINGAPORE/NEW DELHI (Reuters) -A tanker will not load fuel from India's sanctions-hit Nayara Energy refinery as scheduled, according to three industry sources and LSEG shiptracking data, becoming the second such vessel to change plans following the European Union measures. Nayara Energy, in which Russia's largest oil producer Rosneft has a 49.13% stake, was hit in a fresh package of sanctions imposed on Friday by the European Union over Russia's war on Ukraine that began in February 2022. The Chang Hang Xing Yun is now tentatively set to load about 35,000 metric tons (260,750 barrels) of ultra-low sulphur diesel (ULSD) from Kuwait on August 1 before heading to East Africa, according to data from LSEG shiptracking and a shipping source on Wednesday. Chartered by PetroChina, it was previously scheduled to load about 35,000 tons of diesel from July 29 to 31 at Nayara Energy's Vadinar port, with the cargo bound for either Southeast Asia or Chittagong in Bangladesh, Reuters had reported. PetroChina and Nayara Energy did not immediately respond to requests for comment. The ship was still positioned off the west coast of India on Wednesday. Earlier, the tanker Talara, chartered by BP, left Nayara's Vadinar port without loading, Reuters reported on Tuesday. The refiner also did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday. An official from one of India's state refiners said they would not buy Nayara's products as they already had sufficient supplies to meet local demand for this fiscal year. The state refiners, which dominate India's retail fuel sales, will also seek government permission before signing any fresh fuel purchase deals with Nayara, he said. Nayara will have to sell its fuel at substantial discount to make a case for state retailers or consumers to purchase its fuel, he added. On Monday, Nayara Energy said it condemned the EU's "unjust and unilateral" decision to impose sanctions, while India also has said it did not support the bloc's sanctions. "Direct sanctions on Nayara Energy's Vadinar refinery affects around 15,000 bpd of jet imports into Europe, but as banks may look to limit exposure, credit lines necessary for crude supply into Vadinar may also be impacted, forcing run cuts," Energy Aspects analysts said in a blog post late last week. Overall, the new EU sanctions are putting at risk 200,000 bpd of ULSD and 50,000 bpd of jet fuel imports into Europe, as other refineries in India and Turkey are likely to continue to process Russian crude, they added. 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
Yahoo
6 days ago
- Business
- Yahoo
Second tanker to skip fuel loading at sanctions-hit Nayara, sources say
By Trixie Yap and Nidhi Verma SINGAPORE/NEW DELHI (Reuters) -A tanker will not load fuel from India's sanctions-hit Nayara Energy refinery as scheduled, according to three industry sources and LSEG shiptracking data, becoming the second such vessel to change plans following the European Union measures. Nayara Energy, in which Russia's largest oil producer Rosneft has a 49.13% stake, was hit in a fresh package of sanctions imposed on Friday by the European Union over Russia's war on Ukraine that began in February 2022. The Chang Hang Xing Yun is now tentatively set to load about 35,000 metric tons (260,750 barrels) of ultra-low sulphur diesel (ULSD) from Kuwait on August 1 before heading to East Africa, according to data from LSEG shiptracking and a shipping source on Wednesday. Chartered by PetroChina, it was previously scheduled to load about 35,000 tons of diesel from July 29 to 31 at Nayara Energy's Vadinar port, with the cargo bound for either Southeast Asia or Chittagong in Bangladesh, Reuters had reported. PetroChina and Nayara Energy did not immediately respond to requests for comment. The ship was still positioned off the west coast of India on Wednesday. Earlier, the tanker Talara, chartered by BP, left Nayara's Vadinar port without loading, Reuters reported on Tuesday. The refiner also did not award a spot naphtha export tender after revising its payment terms, three trade sources said on Wednesday. An official from one of India's state refiners said they would not buy Nayara's products as they already had sufficient supplies to meet local demand for this fiscal year. The state refiners, which dominate India's retail fuel sales, will also seek government permission before signing any fresh fuel purchase deals with Nayara, he said. Nayara will have to sell its fuel at substantial discount to make a case for state retailers or consumers to purchase its fuel, he added. On Monday, Nayara Energy said it condemned the EU's "unjust and unilateral" decision to impose sanctions, while India also has said it did not support the bloc's sanctions. "Direct sanctions on Nayara Energy's Vadinar refinery affects around 15,000 bpd of jet imports into Europe, but as banks may look to limit exposure, credit lines necessary for crude supply into Vadinar may also be impacted, forcing run cuts," Energy Aspects analysts said in a blog post late last week. Overall, the new EU sanctions are putting at risk 200,000 bpd of ULSD and 50,000 bpd of jet fuel imports into Europe, as other refineries in India and Turkey are likely to continue to process Russian crude, they added.
