Latest news with #stateOil
Reuters
04-06-2025
- 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.
Reuters
11-05-2025
- Business
- Reuters
Norway's wealth fund sells all its fixed income from Mexico's Pemex due corruption risk
OSLO, May 11 (Reuters) - Norway's wealth fund, the world's largest, has sold all its fixed income investments in Mexican state oil firm Pemex, it said on Sunday, citing what it called an unacceptable risk that the company is involved in corruption. The fund's ethics watchdog, the Council on Ethics, said "its investigations have revealed that Pemex may be linked to multiple allegations or suspicions of corruption in Mexico in the period 2004-2023," it said in a statement. "The Council attaches importance to the fact that a significant number of company employees, including a former senior executive, are alleged to have received bribes on several separate occasions." Pemex was not immediately reachable for comment outside of regular business hours. The $1.8 trillion fund, which owns 1.5% of listed shares across 9,000 companies globally, operates under guidelines set by Norway's parliament and is seen as a leader in the environmental, social and governance field.
