Spain’s Repsol faces $5.5bn claim from Chinese firm

Spanish oil firm Repsol has announced it faces a $5.5 billion (£3.74bn) arbitration claim from a Chinese state-controlled company. China’s Sinopec and its subsidiary Addax Petroleum UK are seeking repayment of the investment they made in Talisman Energy. They invested in the British subsidiary (TSEUK)  of the Canadian firm – bought by Repsol last year – in […]

China’s Sinopec flogs third of sales business

Chinese oil giant Sinopec has sold nearly a third of its retail arm for 107 billion yen (£11bn). The 29.99% stake is for Sinopec Marketing, which owns petrol stations and oil pipeline maintenance firms. The deal with 25 domestic and foreign investors was announced on Friday (12 September).

China grants licence to use aviation biofuel commercially

A Chinese refiner has been given the green light to commercially use its self-developed aviation biofuel. It was granted by the Civil Aviation Administration of China (CAAC), the first of its kind, to China Petrochemical (Sinopec), which means the firm’s No. 1 Aviation Biofuel can be used by airlines. Several rounds of testing were conducted […]

China launches investigation after 52 killed in oil pipeline blast

China has launched an investigation into the safety of oil and gas pipelines in the country, after 52 people were killed in an explosion at a pipeline owned by Sinopec in Qingdao. At least 136 people have also been hospitalised, with 10 in critical condition while another 11 are also reported missing. On a visit […]

Chinese energy giants shop abroad

Chinese energy giant CNOOC this week made a bid to buy the Canadian production firm Nexen for $15.1bn (£9.8bn). Nexen is the second largest oil producer in the UK, outputting 114,000 barrels of oil equivalent per day (boepd). In another deal, China’s Sinopec purchased a 49% share of Talisman’s oil-and-gas assets in the UK for […]

USA’s Devon Energy swaps $2.2bn shale asset with Sinopec

American energy supplier Devon Energy is swapping a third of its five newest shale gas ventures for $2.2billion investment from Chinese state-owned oil firm Sinopec. The Oklahoma-based oil and gas firm will operate the projects, it announced yesterday. John Richels, Devon’s president and chief executive officer said: “This transaction provides us [with] further flexibility to […]

Sinopec snaps up Canadian oil firm

A branch of Chinese state-owned oil firm Sinopec has snapped up Canadian oil and natural gas producer Daylight Energy. Sinopec International Petroleum Exploration and Production Corporation bought the Western Canada outfit for C$2.2billion (£1.4bn). Anthony Lambert, President and CEO of Daylight said: “The efforts and accomplishments of this team will be built upon through increased […]

China awards shale rights to Sinopec

China has awarded the rights to explore two shale gas blocks Sinopec Corp and another provincial gas company.China’s Ministry of Land and Resources said that Sinopec, the country’s second largest oil producer, plans to invest US$90 million in the Sichuan Basin, reported the Chinese government’s website, China.org.cn. China is the world’s largest energy consumer and […]