Page 40 - Sinochem Group News Today : Breaking News, Live Updates & Top Stories | Vimarsana

HOW IMPORTANT IS CHINA IN GLOBAL OIL MARKETS? China is the world’s largest crude oil importer and the No. 2 consumer after the United States. China’s crude imports surged 7.3% in 2020 – the only major market where oil demand grew during the COVID-19 pandemic. Strong economic growth, new refining capacity and changes in fuel taxes could spur crude imports 7.2%, or 775,000 barrels per day, higher this year, said Seng Yick Tee, SIA Energy analyst. But the country’s refining sector is saddled with overcapacity and excess fuel supplies which Beijing is keen to tackle. Authorities also aim ...

Explainer: How will China's latest oil probe affect the world's biggest crude importer? Reuters 1 hr ago By Chen Aizhu © Reuters/Damir Sagolj A logo of Sinochem is seen outside an office building of Sinochem in Beijing By Chen Aizhu SINGAPORE (Reuters) - This year China's government has been gradually ramping up scrutiny of its sprawling oil industry, reinforcing its authority with new taxes on refined products while investigating crude imports by state energy giants and independent refiners. © Reuters/TINGSHU WANG China National Offshore Oil Corp (CNOOC) headquarter...

China gives companies ‘urgent notice’ in oil import probe China gave five state-owned companies until Thursday to report on their historic use of imported oil as part of a broader effort by the world’s largest oil importer to control shipments as domestic supplies swell. In an “urgent notice” dated May 25 and reviewed by Reuters, the National Development and Reform Commission (NDRC) requested that Sinopec Group, China National Offshore Oil Corp (CNOOC), Sinochem Group, ChemChina, and China North Industries Group provide years’ worth of information on their crude usage since they b...

The National Development and Reform Commission, the country’s state planner, asked the state-oil companies to report on their use of imported crude oil

Shu ZhangChen Aizhu 1/3 Men wearing face masks walk past a sign of China National Offshore Oil Corp (CNOOC) outside its headquarters in Beijing, China March 8, 2021. REUTERS/Tingshu Wang Read More China gave five state-owned companies until Thursday to report on their historic use of imported oil as part of a broader effort by the world's largest oil importer to control shipments as domestic supplies swell. In an "urgent notice" dated May 25 and reviewed by Reuters, the National Development and Reform Commission (NDRC) requested that Sinopec Group, China National Offshore Oil Corp (CNOOC), Si...