Sinopec Engineering (Group) Co., a subsidiary of China’s largest oil refiner Sinopec Group, announced Thursday that it will issue H-shares globally and will be listed on the main board of the Hong Kong Limited Stock Exchange in late May. Of the 1.328 billion H-shares it plans to issue globally, 5 percent will be initially offered during the Hong Kong public offering, the company said. The indicative price range will be [...]

China’s two major oil producers, Petro­China and Sinopec, received a total of 12.2 billion yuan ($1.98 billion) in government subsidies in 2012 to ease their losses in the refinery sector. But experts noted Thursday that they are no longer entitled to such large subsidies, as the government is reforming domestic energy pricing. Due to the government’s control of domestic oil and natural gas prices, China’s energy companies have been suffering [...]

Although China’s top oil and gas companies reported record-high liabilities in 2012, their debt levels are still controllable and justified considering their accelerated steps in energy acquisition and exploration, analysts said Thursday. Of all the mainland-listed companies that have released their annual reports, PetroChina Co, China’s largest oil and gas producer by output, posted the highest liabilities for 2012 excluding listed banks and other financial companies, statistics from financial data [...]

Sinopec Group, Asia’s largest oil refiner, said its huge Puguang gas field in Southwest China’s Sichuan Province had not been affected by a strong earthquake that struck the region on Saturday morning. Spokesman Lü Dapeng said a pipeline that supplies gas from the field, one of China’s largest, to the city of Shanghai was also functioning normally, as were its service stations in the region. The company had prepared reserves [...]

The China Petroleum and Chemical Corporation (Sinopec) and South Africa’s national oil company PetroSA have signed a framework agreement to join efforts in developing Project Mthombo, a crude refinery in South Africa. Project Mthombo is a PetroSA initiative to build a world-class crude refinery in Port Elizabeth. In 2012, the two companies signed an agreement to work together on a commercial model study for the project. The latest framework, in [...]

China Petroleum and Chemical Corp, or Sinopec Corp – Asia’s largest refiner, will pay $1.5 billion for overseas oil and gas-producing assets held by its parent in a long-awaited move to reshape its business and improve earnings. Shares of Sinopec jumped more than 3 percent in early Hong Kong trade in reaction to the plan announced on Sunday, outperforming a 0.7 percent gain in the blue-chip Hang Seng Index . [...]

China Petroleum and Chemical Corp, or Sinopec Corp – Asia’s largest refiner, will pay $1.5 billion for overseas oil and gas-producing assets held by its parent in a long-awaited move to reshape its business and improve earnings. Shares of Sinopec jumped more than 3 percent in early Hong Kong trade in reaction to the plan announced on Sunday, outperforming a 0.7 percent gain in the blue-chip Hang Seng Index . [...]

The China Petrochemical Corporation (Sinopec) has purchased half of the stakes of the United States’ second-largest natural gas developer in its oil and gas assets in Oklahoma. The oil giant announced Monday that its wholly-owned subsidiary Sinopec International Petroleum Exploration and Production Corporation has signed an agreement with Chesapeake Energy Corporation to buy 50 percent of the latter’s shares of an oil and gas reserve in northern Oklahoma. The acquisition, [...]

Sinopec Sichuan Vinylon Works Group and the Republic of Korea’s SK Chemicals Co., Ltd. signed a joint venture contract on Monday in Chongqing Municipality to build a butanediol (BDO) facility with an annual production volume of 200,000 tonnes. The project, which includes production facilities for acetylene, formaldehyde and BDO, as well as other support projects, will cost 3.8 billion yuan (605 million US dollars). Located in the Changshou Economic-Technological Development [...]

The China Petroleum Chemical Corporation, or Sinopec Corp, said Tuesday it does not have a definitive timetable for possible acquisitions of its parent company Sinopec Group’s overseas assets. Sinopec, the listed arm of the group, announced last week that it had raised $3.1 billion through the sale of 2.85 billion new Hong Kong-listed shares, which analysts said will be used to purchase the overseas upstream assets of its parent Sinopec [...]