SINGAPORE China's national offshore oil and gas producer CNOOC Ltd said on Thursday it aims to raise the share of natural gas to make up half of its total output by 2035 to contribute to a national carbon neutral target by 2060.
SINGAPORE As newly formed PipeChina starts opening access to China's gas infrastructure this month, a group of firms outside China's national energy champions are set to become significant importers of liquefied natural gas, giving a welcome boost to weak global energy demand.
SINGAPORE A group of niche Chinese gas firms is set to make waves in the global market with plans to invest tens of billions of dollars and double imports in the next decade as Beijing opens up its vast energy pipeline network to more competition.
* LNG imports by firms which are not state majors seen
in 2020- SIA Energy
SINGAPORE, Oct 19 China's crude oil throughput
in September dipped from the heady levels of the previous two
months, as refineries drew down bulging inventories of refined
SINGAPORE, Oct 14 Rongsheng Petrochemical, the
trading arm of Chinese private refiner Zhejiang Petrochemical,
has bought at least 5 million barrels of crude for delivery in
December and January next year in preparation for starting a new
crude unit by year-end, five trade sources said on Wednesday.
SINGAPORE Most of the staff at Singapore oil trader ZenRock Commodities Trading Pte Ltd, which has been managed by a court-appointed supervisor since May, have left, a former director at the company said.
BEIJING/SINGAPORE The tax office in China's Shandong province has urged refiners in the oil hub to make payments to a government risk reserve fund to cover periods when oil prices fell below $40 a barrel this year, in line with government policy.
SINGAPORE/BEIJING China's imports of liquefied natural gas will likely grow 10% to new highs this year as companies scoop up cheap supplies to cover increasing industrial use and robust residential demand.
(Repeats story with no changes to text)
* Clarksons, Arrow to market and sell 7 Xihe tankers - sources
* Tankers for sale include 3 VLCCs
By Roslan Khasawneh, Chen Aizhu and Jonathan Saul
SINGAPORE/LONDON, Sept 16 The supervisor of Singaporean shipping
group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company
up for sale as part of efforts to recoup funds owed to creditors, three sources
said on Wednesday.
Xihe Holdings is part of the Lim family business empire, which also includes
oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of
which were placed under court-appointed supervisors earlier this year.
The sale includes three crude oil supertankers and is expected to get fully
underway in the coming days, the sources said.
The ships were valued at a total of just over $196 million, according to
vessel valuer TonnEdge on Eikon.
Clarksons Platou and Arrow Shipbroking Group have been appointed by the
supervisor to act as the joint brokers for the marketing and sales of the
vessels, they said.
Grant Thornton, interim judicial managers of Xihe Holdings, did not
immediately respond to calls and an email requesting comment. Clarksons declined
to comment, while Arrow did not immediately respond to a request for comment.
The Lim family and their lawyers did not immediately respond to an email
AlixPartners, which is acting as adviser to Grant Thornton, declined to
The seven tankers are part of 136 ships that Xihe Group owns, which range
from coastal barges to very large crude carriers (VLCCs).
Lim Oon Kuin, also known as O.K. Lim, with his son Evan Lim Chee Meng and
daughter Lim Huey Ching, own 77 companies under the Xihe Group, which consists
mainly of Xihe Holdings and Xihe Capital.
The bulk of Lim's fleet is idled in the South China Sea, off the east of
peninsular Malaysia. At least six of the tankers have cargoes that are the
subject of competing legal claims from multiple parties.
Hin Leong is seeking to restructure billions of dollars of debt after the
oil price crash revealed a massive, years-long fraud at the once fabled trading
A preliminary report prepared by PricewaterhouseCoopers Advisory Services
Pte, a separate court-appointed supervisor, said Hin Leong had no future as an
independent company after it "grossly overstated" the value of its assets by at
least $3 billion.
Vessels for sale
Company Vessel Name Vessel Year
NAN YA MARITIME (PTE) LTD PU TUO SAN VLCC 2011
HUA KANG SHIPPING PTE LTD TAI SAN VLCC 2009
HUA XIN SHIPPING PTE LTD TAI HUNG SAN VLCC 2010
DONG FANG SHIPPING & TRADING OCEAN PEGASUS LR2 2009
XIN YA SHIPPING & TRADING OCEAN TRADER LR2 2008
XIN SHENG SHIPPING (PTE) LTD OCEAN VICTORY MR1 2002
NAN HAI MARITIME (PTE) LTD BEI JIANG MR2 2009
(Reporting by Jonathan Saul in London, Roslan Khasawneh, Florence Tan and Aizhu
Chen in Singapore; Editing by Louise Heavens, David Evans and Mark Potter)