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2014-03-22 08:18:00

CHAD FINES CNPC

CHAD FINES CNPC

REUTRES. Chad has fined the local unit of China National Petroleum Corporation (CNPC) $1.2 billion for environmental violations, a statement from the environment minister said on Friday.

The government suspended all of CNPC's activities in the country in August for violating environmental standards while drilling for oil in the south, and ordered an audit of all crude oil explorations in the country.

 It allowed CNPC to resume operations in October after the company improved its environmental practices. The government urged the company then to strictly respect environmental rules, in particular those concerning the management of waste.

 "Following the non-respect of its obligations and repeated violations of environmental norms ... the government is demanding that CNPCIC (CNPC International Chad) ... pay a fine of $1.2 billion," the statement signed by Mahamat Issa Halikimi said.

 In the statement seen by Reuters, it also demanded that CNPC's unit takes steps to repair all damage and future damage caused through pollution of the Bongor Basin.

 The government said in August when it shut down CNPC's operations that the company dug trenches and dumped crude without safeguards and then later asked local Chadian workers to remove the crude without giving them protective gear.

 CNPC was not immediately available to comment.

Chad became a crude producer in 2003 and production peaked at about 176,000 barrels per day in 2005 before declining primarily due to ageing wells in the country's Doba oil field.

CNPC has been operating in Chad since 2003 and recently won rights to begin exploration on new blocks in the south of the Central African state. The firm also operates a joint venture, 588-million-euro ($780 million), 20,000 barrel per day refinery with Chad.

Tags: CHINA, OIL, CNPC, CHAD

Chronicle:

CHAD FINES CNPC
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SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

CHAD FINES CNPC
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

CHAD FINES CNPC
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

CHAD FINES CNPC
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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