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Oil Giants Announce Partners
China Petroleum & Chemical Corporation (Sinopec) (600028.SH, 0386.HK, NYSE:SNP) and Saudi Basic Industries Corporation (SABIC) have formed a 50/50 joint venture, Sinopec SABIC Tianjin Petrochemical, Sinopec announced November 3. The JV, with total investment of RMB 18.3 billion, will produce 3.2 million metric tons (MT) of petrochemicals per year, according to the announcement.
Sinopec also announced it has secured a supply agreement with Exxon Mobil (NYSE:XOM) subsidiary Esso Highlands of 2 million MT of liquefied natural gas (LNG) yearly. Sinopec will build a LNG receiving terminal in Qingdao, Shandong province, the report said citing Wang Zhigang, senior vice president of Sinopec's parent company.
China's largest oil and gas producer China National Petroleum Corporation (CNPC), the controlling shareholder of PetroChina (601857.SH, 0857.HK) announced November 4 that it has signed a contract with BP (NYSE:BP) and Iraq's South Oil Company to set up a joint venture, in which PetroChina will hold 37%, BP will hold 38% and South Oil the remainder, to explore the Rumaila oil field in Iraq. The oil field is expected to have an output of 2.85 million barrels per day, the statement said.
China National Offshore Oil Corp (CNOOC) (NYSE:CEO, 0883.HK) announced it has brought its Luda (LD) 27-2 oilfield in Bohai Bay on stream ahead of schedule. The field is producing at a volume of 11000 barrels of oil per day from 11 wells, the report said.
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