Chen Aizhu

China CNOOC says to raise gas' share to half of output by 2035

4:21pm IST

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.

Factbox: China's growing niche buyers of liquefied natural gas

10:33am IST

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.

Spurred by reform, China's niche LNG buyers to pour in investments, double imports

10:33am IST

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.

Spurred by reform, China's niche LNG buyers to pour in investments, double imports

8:35am IST

* LNG imports by firms which are not state majors seen rising 40% in 2020- SIA Energy

China's Sept refinery output eases from highs

19 Oct 2020

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 fuel.

UPDATE 1-China's Rongsheng buys crude for Dec-Jan ahead of refinery start-up

14 Oct 2020

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.

Most staff depart troubled Singapore oil trader ZenRock

06 Oct 2020

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.

China oil hub Shandong urges refiners to make payments to government risk fund

28 Sep 2020

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.

China on course for record LNG imports as industries recover, expand

25 Sep 2020

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.

RPT-UPDATE 3-Seven Xihe Holdings tankers put up for sale to help pay creditors - sources

17 Sep 2020

(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 requesting comment. AlixPartners, which is acting as adviser to Grant Thornton, declined to comment. 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 house. 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 Type built 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 (PTE) LTD XIN YA SHIPPING & TRADING OCEAN TRADER LR2 2008 (PTE) LTD 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)

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