•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Total in talks with PetroChina to sell China refinery stake

    Total is in talks with PetroChina to sell its stake in a Chinese refinery after nearly two decades of investment, according to Reuters.

    Total was the first foreign firm to get a toehold in China's refining business, as an investor in the 200,000 barrels-per-day West Pacific Petrochemical Corp. (WEPEC) in the northeastern port city of Dalian in the mid-1990s. The plant was then designated as the country's first and only export-oriented refinery.

    Total owns 22.4% of the plant, which started operations in 1996. It is jointly owned by state-run Sinochem Corp. and firms backed by the Dalian city government, but PetroChina manages and operates it.

    The Reuters report noted that industry officials familiar with WEPEC's operations said Total has decided to divest the refinery stake due to years of losses the plant incurred, and also due to lack of access to the local Chinese market.

     

    Did You Like This Article?

    Get a free subscription to Oil & Gas Financial Journal.

    Related Articles

    Moody’s: Proppant companies’ earnings at risk from drop in oil prices

    01/08/2015 Proppant companies’ earnings are at risk following the severe decline in oil prices since mid-2014, Moody’s Investors Service said in a new report. These companies, which supply the sand used in hy...

    Can Canadian oil and gas cope at $50 oil?

    01/08/2015 According to CanOils’ new study, the majority of the Canadian oil and gas industry is set for difficult times ahead; less than 20% of the biggest oil and gas companies in Canada have what CanOils d...

    WoodMac: LNG production up, but lower Asia demand pushed prices lower in 2014

    01/08/2015

    LNG production was up, but lower demand from Asia helped drive LNG sport prices lower, said Wood Mackenzie as part of its review of the global LNG industry in 2014.

    Fitch: Decent 2014 reserve replacement expected despite oil price drop

    01/07/2015 Fitch Ratings says it expects most US exploration and production companies to report good organic reserve replacement and growth in proven reserves for 2014 despite the sharp decline in crude oil p...

    US natural gas production in December hits new record

    01/07/2015

    Natural gas production in the US Lower 48 increased by 2.2 billion cubic feet per day (Bcf/d) during  December 2014, according to Bentek Energy, the Platts oil and gas analytics unit.

    More Oil & Gas Financial Articles

    Moody’s: Proppant companies’ earnings at risk from drop in oil prices

    Thu, Jan 8, 2015

    Proppant companies’ earnings are at risk following the severe decline in oil prices since mid-2014, Moody’s Investors Service said in a new report. These companies, which supply the sand used in hydraulic fracturing for oil and gas, generate a substantial portion of their revenue, and, in some cases, all of their revenue, from oil and gas end markets.

    Can Canadian oil and gas cope at $50 oil?

    Thu, Jan 8, 2015

    According to CanOils’ new study, the majority of the Canadian oil and gas industry is set for difficult times ahead; less than 20% of the biggest oil and gas companies in Canada have what CanOils defines as sustainable operations at $50 oil.

    WoodMac: LNG production up, but lower Asia demand pushed prices lower in 2014

    Thu, Jan 8, 2015

    LNG production was up, but lower demand from Asia helped drive LNG sport prices lower, said Wood Mackenzie as part of its review of the global LNG industry in 2014.

    Fitch: Decent 2014 reserve replacement expected despite oil price drop

    Wed, Jan 7, 2015

    Fitch Ratings says it expects most US exploration and production companies to report good organic reserve replacement and growth in proven reserves for 2014 despite the sharp decline in crude oil prices seen at the end of the year.

    US natural gas production in December hits new record

    Wed, Jan 7, 2015

    Natural gas production in the US Lower 48 increased by 2.2 billion cubic feet per day (Bcf/d) during  December 2014, according to Bentek Energy, the Platts oil and gas analytics unit.

    Most Popular

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ