Sinopec Acquires 1.25% Stake in Qatar’s North Field East LNG

Credit: zhao chen/Unsplash

Sinopec, the Chinese state-owned oil and gas company, said on its official social media account that it had signed a shareholder agreement with QatarEnergy in Doha on April 12 to purchase a 1.25% stake in the North Field East expansion project, as reported by S&P Global.

LNG expansion project

China’s Sinopec has acquired a 1.25% stake in Qatar’s North Field East LNG expansion project, which will add 32 million mt/year of capacity. The stake comes from a 5% interest in...

https://mfame.guru/sinopec-acquires-1-25-stake-in-qatars-north-field-east-lng/

Due To Covid Limitations, Sinopec’s 2022 Net Profit Declines By 6.9%

Credit: Pixabay/Pexels

Sinopec Corp., commonly known as China Petroleum & Chemical Corp. (600028.SS), reported a 6.9% fall in net income for 2022 as a result of Beijing’s COVID-19 control measures and a decline in petrochemical consumption, as reported by Reuters.

Sales tumbled 

According to Chinese accounting norms, net profit last year was 66.3 billion yuan ($9.65 billion), down from 71.21 billion yuan in 2021, the largest Asian oil refiner reported in a stock exchange filing on Sunday.

Sinopec...

https://mfame.guru/due-to-covid-limitations-sinopecs-2022-net-profit-declines-by-6-9/

China Reshaping Market To Become The World’s Fastest-growing Major Marine Fuel Hub

China is reshaping global shipping fuel markets by taking advantage of its booming maritime trade, says an article published in Reuters.

Reshaping global shipping fuel markets

China is reshaping global shipping fuel markets by taking advantage of its booming maritime trade and massive refining capacity to undercut rivals from Singapore to South Korea and become the world’s fastest-growing major marine fuel hub.

China’s marine fuels output surge

China’s rising influence in marine fuels, globally...

https://mfame.guru/china-reshaping-market-to-become-the-worlds-fastest-growing-major-marine-fuel-hub/

Sinopec’s First ‘Offshore Mobile Bunkering’ Station Sets Sail

Sinopec’s first “offshore mobile bunkering station”, bunkering vessel “Run Ji 1”, sets sails, reports Xinde Marine News.

Mobile bunkering station

Sinopec’s first “offshore mobile bunkering station”, bunkering vessel “Run Ji 1”, was put into operation on June 11.

It will provide low-sulfur heavy clean marine bunker oil and integrated ship services to international sailing ships.

Sinopec Fuel Oil supplies more than 10,000 ocean-going ships every year, and has the ability to supply all kinds of...

https://mfame.guru/sinopecs-first-offshore-mobile-bunkering-station-sets-sail/

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