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#Saudi Aramco's Dividend Math Doesn't Add Up Considering Oil Price - Bloomberg

Saudi Aramco's Dividend Math Doesn't Add Up Considering Oil Price - Bloomberg:It’s the mother of all payouts.The $75 billion that Saudi Aramco doles out in dividends every year dwarfs what any other listed company gives to shareholders. It’s roughly equivalent to the payouts from Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., BP Plc, Total SA, PetroChina Co., Eni SpA, Petroleo Brasiliero SA and China Petroleum & Chemical Corp. or Sinopec — put together.That makes Chief Executive Office...
Tags: Travel, Sinopec, Saudi Aramco, China Petroleum Chemical Corp, Rupert Neil Bumfrey, Amin Nasser


#AbuDhabi's Mubadala delivers bid for Petrobras' refinery in Bahia - sources | ZAWYA MENA Edition

Abu Dhabi's Mubadala delivers bid for Petrobras' refinery in Bahia - sources | ZAWYA MENA Edition:Abu Dhabi's Mubadala Investment Company placed a binding offer for Petroleo Brasileiro SA's refinery in the northeastern Brazilian state of Bahia on Thursday, two people with knowledge of the matter said on Friday.The 330,000 barrel-a-day refinery, known as RLAM, is the first of a group of eight such units the state-controlled oil producer plans to sell to cut debt and open one of the world's larges...
Tags: Travel, China, Abu Dhabi, Petrobras, Sinopec, Bahia, Petroleo Brasileiro SA, Essar Group, Rupert Neil Bumfrey, Mubadala, Mubadala Investment Company


Sinopec looking to boost biodiesel blending in Shanghai and beyond

In China, the China Daily newspaper reports Sinopec is betting on biodiesel and is looking at boosting the current 5% blending rate in Shanghai to 10%. Since its UCO biodiesel pilot program started in 2017, it has collected more than 30,000 metric tons of feedstock that would have otherwise likely ended up in sewers or in the food supply chain. The Shanghai biodiesel facility has current installed production of 600,000 metric tons per year. Currently the company is only marketing B5 in Shanghai ...
Tags: China, Shanghai, Producer News, Biodiesel, UCO, China Daily, Sinopec


China's Sinopec in talks to buy stake in Hin Leong's Singapore terminal - sources

Chinese state energy company Sinopec is in early-stage talks with Hin Leong Trading Pte Ltd to buy a stake in an oil storage terminal that is partly owned by the Singapore trader, according to three sources with knowledge of the matter.
Tags: Money, China, Singapore, businessNews, Sinopec, Hin Leong, Hin Leong Trading Pte Ltd


Nigeria: Tax Appeal Tribunal Holds That Tax Exemptions Will Not Be Granted Unless All Conditions Precedent For Its Grant Are Fulfilled - TNP

On 23rd December 2019, the Tax Appeal Tribunal (Tribunal), Lagos Zone, in Appeal Number: TAT/LZ/ VAT/022/2016, SINOPEC International Petroleum Exploration & Production...
Tags: News, Nigeria, Sinopec, TNP, Tax Appeal Tribunal Tribunal, Lagos Zone


#Saudi struggles to find buyers for extra crude as demand dives: sources - Reuters

Saudi struggles to find buyers for extra crude as demand dives: sources - Reuters:Saudi Arabia is struggling to find customers for its extra oil as demand plummets due to the coronavirus and freight rates surge, industry sources said, undermining the kingdom’s bid to seize market share from rivals by expanding production.Royal Dutch Shell and U.S. refiners were taking less Saudi crude, Finland’s Neste was not taking any in April and Indian refiners had sought delayed deliveries, the sources said...
Tags: Travel, Asia, Saudi Arabia, Russia, Royal Dutch Shell, Finland, Neste, Sinopec, Reuters, Organization of the Petroleum Exporting Countries, Unipec, Rupert Neil Bumfrey


Unipec decides against lifting more Saudi crude in April - sources

Unipec, the trading arm of Asia's largest refiner Sinopec, has decided against lifting more Saudi crude in April after freight rates surged, three sources familiar with the matter said.
Tags: Asia, Money, businessNews, Sinopec, Unipec


Even China’s Big Oil Is Cutting Back

(Bloomberg Opinion) -- Under the watchful eye of Beijing’s energy hawks, China’s oil and gas majors have splurged for more than a decade, first on deals abroad and then drilling at home. Yet with crude prices at less than half where they were at the start of the year and demand battered by a coronavirus epidemic, they’re preparing to cut back.Cnooc Ltd. signaled Wednesday it might reduce its 2020 capital expenditure budget, which was set at as much as $13 billion, the highest since 2014. PetroCh...
Tags: News, Washington, China, Russia, Bloomberg, Beijing, Canada, Xi Jinping, Italy, Bloomberg LP, Sinopec, Sichuan, Reuters, South China Sea, Saudi Aramco, CNOOC


Chinese LNG importers consider invoking force majeure | Financial Times

Chinese LNG importers consider invoking force majeure | Financial Times:Chinese state-backed importers of liquefied natural gas are examining if they can provisionally halt contracts for the supercooled fuel, as the coronavirus outbreak depresses energy demand in the world’s second-largest economy.Two sources briefed on the discussions said the move could see the temporary cancellation of contracts — under a condition known as force majeure — by companies such as China National Offshore Oil Corp...
Tags: Travel, China, Beijing, Sinopec, Financial Times, Rupert Neil Bumfrey, China National Offshore Oil Corporation, Chinese LNG, China National Petroleum Corporation Gas, Huayou Zhonglan Energy Co, Bazhong


China's Sinopec, teapot oil refiners slash Feb output as virus hits demand - sources

China's Sinopec Corp, Asia's largest refiner, is cutting throughput this month by around 12% in a steepest cut in over a decade, as the rapidly spreading coronavirus hits fuel demand and distribution, four people with knowledge of the matter said on Monday.
Tags: Money, China, businessNews, Sinopec, Sinopec Corp Asia


Brent crude falls as China cuts refining rates on virus outbreak - Reuters

Brent crude falls as China cuts refining rates on virus outbreak - Reuters:Brent crude prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in China, the world’s largest oil importer, following a coronavirus outbreak there.There are signs fuel demand has plunged in China as airlines have canceled flights to halt the spread of the coronavirus and as provinces delay the reopening of factories after the Lunar New Year holiday. Supply chains across th...
Tags: Travel, China, Sinopec, Reuters, Rupert Neil Bumfrey


Exclusive: Sinopec to review potential $16 billion U.S. gas deal with Cheniere - sources

China's Sinopec, expected to be the next major Chinese buyer of U.S. liquefied natural gas (LNG), is planning to review terms of a potential $16 billion supply deal with Cheniere Energy Inc after a sharp drop in LNG prices, industry officials said.
Tags: Money, China, businessNews, Sinopec, Cheniere Energy Inc, Cheniere


Sinopec's third-quarter profit drops a third on fuel glut, lower oil prices

Sinopec Corp, Asia's top refiner, posted a 35% fall in third-quarter net profit versus a year earlier, according to Reuters calculations based on a company filing, dragged down by narrowing refining margins and weaker global oil prices.
Tags: Money, businessNews, Sinopec, Reuters, Sinopec Corp Asia


MIDEAST STOCKS- #Saudi shares end higher as banks jump; #Dubai falls over 1% - Reuters

:Saudi Arabian shares closed higher for asecond straight session on Thursday as banks rallied, whileDubai was dragged down by its top lender Emirates NBD.Saudi's benchmark index rose 1.6%, with Al RajhiBank and Banque Saudi Fransi advancing 3.1%.and 6.6%, respectively.The world's fourth-biggest petrochemical firm, Saudi BasicIndustries, soared 4% after its joint-venture withChina's SINOPEC kicked off its ethylene expansion project onOct. 14.In Dubai, the index fell 1.6%. Emirates NBD saw its wor...
Tags: Travel, Dubai, Sinopec, Reuters, Emirates NBD, Rupert Neil Bumfrey, Banque Saudi Fransi, Al RajhiBank, Saudi BasicIndustries


Shell enters China's shale oil scene with joint study with Sinopec

Royal Dutch Shell has entered China's shale oil sector, signing an agreement with state-owned Sinopec to study an East China block, part of the nation's early efforts to unlock the potentially massive unconventional resource.
Tags: Money, China, businessNews, Royal Dutch Shell, Shell, Sinopec


China's Sinopec dials back oil-purchase strategy after record fourth-quarter loss: sources

China's Sinopec Corp has ended a five-year crude oil purchasing strategy to rein in the speculative derivatives activity of its trading arm Unipec after a record trading loss late last year, four people with direct knowledge of the matter told Reuters. Sinopec, Asia's largest crude oil buyer and its largest refiner, in January abandoned a buying formula used since 2014 to establish performance targets for Unipec and aimed at driving down its crude feedstock costs to a p
Tags: Money, China, businessNews, Sinopec, Unipec, Sinopec Corp, Reuters Sinopec Asia


China's Sinopec lifts upstream capex to four-year high, plans record crude runs

Asia's top refiner China Petroleum & Chemical Corp (Sinopec) boosted spending on exploration and production by 41 percent last year as crude oil reserves tumbled at its biggest oilfield.
Tags: Asia, Money, China, businessNews, Sinopec, China Petroleum Chemical Corp Sinopec


Sinopec may ink 20-year LNG deal with Cheniere when trade spat ends

China Petroleum and Chemical Corp plans to sign a 20-year liquefied natural gas (LNG) supply agreement with Cheniere Energy once China and the United States end their trade dispute, two sources with knowledge of the matter said on Wednesday.
Tags: Money, China, businessNews, United States, Sinopec, Cheniere Energy, Cheniere, China Petroleum and Chemical Corp


Sinopec prepares to buy U.S. LNG in case govt orders purchase: president

China's Sinopec Corp will make arrangements to purchase liquefied national gas (LNG) from the United States as soon as they are ordered to do so by the government, Sinopec President Ma Yongsheng told Reuters on Tuesday.
Tags: Money, China, businessNews, United States, Sinopec, Reuters, U S LNG, Sinopec Corp, Ma Yongsheng


China's Sinopec reveals $687 million oil trading loss, fourth-quarter earnings tumble

Sinopec Corp, Asia's top refiner, said on Friday its trading unit Unipec lost 4.65 billion yuan ($687 million) on crude oil hedging in the fourth quarter, a month after it suspended two top executives at the unit.
Tags: Money, China, businessNews, Sinopec, Unipec, Sinopec Corp Asia


Sinopec's marketing arm listing may prove hard sell in soft markets

Sinopec Corp, Asia's top refiner, may have a hard time finding buyers for a multi-billion-dollar stock offering of its fuel marketing arm because of investor pushback against higher valuations amid tepid equity markets.
Tags: Money, businessNews, Sinopec, Sinopec Corp Asia


China's Sinopec suspends top officials at trading arm

Sinopec has suspended two top officials at its trading arm Unipec and is evaluating the details related to certain crude oil transactions that have incurred some losses, the Chinese state oil company said on Thursday.
Tags: Money, China, businessNews, Sinopec, Unipec


China's Sinopec suspends top officials at trading arm

Sinopec has suspended two top officials at its trading arm Unipec and is evaluating the details related to certain crude oil transactions that have incurred some losses, the Chinese state oil company said on Thursday. Unipec's President Chen Bo, an industry veteran who helped the company become one of the world's largest oil traders, has been suspended along with the senior Communist Party representative at the company, Zhan Qi, Sinopec said in a filing to the Hong Kong stock exchange.
Tags: Hong Kong, Science, China, Sinopec, Communist Party, Unipec, Chen Bo, Zhan Qi Sinopec


China's Sinopec suspends top officials at trading arm: sources

Chinese state oil major Sinopec has suspended the two top officials at its trading arm Unipec after the company suffered losses, sources with knowledge of the matter said on Thursday.
Tags: Money, China, businessNews, Sinopec, Unipec


China's Sinopec suspends top officials at trading arm: sources

Chinese state oil major Sinopec has suspended the two top officials at its trading arm Unipec after the company suffered losses, sources with knowledge of the matter said on Thursday. Unipec's President Chen Bo, an industry veteran who helped the company become one of the world's largest oil traders, has been suspended along with the senior Communist Party representative at the company, Zhan Qi, said five sources, who asked not to be identified due to the sensitivity of the issue. "The governm...
Tags: Science, China, Sinopec, Communist Party, Unipec, Chen Bo, Zhan Qi


China's Sinopec signs purchase agreements worth $45.6 billion at Shanghai Expo

China's state-owned Sinopec signed purchase agreements worth $45.6 billion on Thursday, covering supplies of crude oil, chemicals, coal and equipment.
Tags: Money, China, businessNews, Sinopec, Shanghai Expo


China's Sinopec halves Iran oil loadings under U.S. pressure: sources

China's Sinopec Corp is halving loadings of crude oil from Iran this month, as the state refiner comes under intense pressure from Washington to comply with a U.S. ban on Iranian oil from November, said people with knowledge of the matter.
Tags: Money, Washington, China, Iran, businessNews, Sinopec, Sinopec Corp


B5 uptake in Shanghai seen as success in getting gutter oil out of the food chain

In China, already 40 gas stations in Shanghai are offering 5% biodiesel blends using fuel produced from overused used cooking oil known as “gutter oil” in response to the government’s push to get the dirty out of the food chain. Already more than 54 million liters of the fuel has been sold since the program was launched last October. Sinopec expects 200 gas stations in the city will be offering the blend by the end of the year. The city aims to consume 30,000 metric tons of gutter oil annually f...
Tags: China, Shanghai, Producer News, B5, Sinopec, Gutter Oil


Sinopec reports best quarter in years after oil prices rebound

China Petroleum & Chemical Corp, the country's largest refiner, reported its best quarterly profit in years on strong upstream and refining business, and said it expects higher fuel sales in the second half.
Tags: Money, businessNews, Sinopec, China Petroleum Chemical Corp


Sinopec forecasts second-half fuel sales drop after surge in H1 profit

China Petroleum & Chemical Corp, the country's largest refiner, said on Sunday that it expects fuel sales to drop and processing rates for crude to stay flat in the second half of 2018, amid an oversupply of refined fuels.
Tags: Money, businessNews, Sinopec, China Petroleum Chemical Corp