Thailand's largest energy firm PTT Pcl plans to import at least 5 million tonnes of liquefied natural gas (LNG) in 2017, up from 3 million tonnes this year as local gas production fades.
The world's fifth-largest crude importer has continued to buy more crude oil from Iran since sanctions were lifted in January. Shipments of Iranian crude more than doubled to 7.22 million tonnes, or 248,616 bpd, in the January-July period of 2016 from a year earlier, according to its customs office data.
Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.
“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”
India will save about Rs 20,000 crore ($3bn) as it has renegotiated a long-term LNG import deal with Qatar, Prime Minister Narendra Modi said on Monday.
The group exploited 10.32 million tons of crude oil and 6.56 billion cubic metres of gas in the first seven months.
Indonesia is looking to increase imports of LPG, petrochemical products and crude oil from Iran in the near future. Earlier this year, Indonesia inked a deal to buy LPG from Iran.
"Growth in China's fuel exports will be strong throughout the third quarter," a Beijing-based trader said. "Refiners are starting to tighten crude runs as well as increase exports to balance the surplus in the domestic market."
China is a huge opportunity and a priority market for Azerbaijan. More than 50 agreements have been signed between the two countries so far. Azerbaijan Export and Investment Promotion Foundation has recently opened a representative office in China to support and encourage relations between the two countries' businessmen, as well as expand Azerbaijan's exports to the Chinese market and attract China's leading investment funds to the Azerbaijan economy.
Energy giant is set to begin selling its offshore-China assets this month, the latest in a series of divestments in Asia. The company is looking to raise up to $10 billion globally from asset sales, a big chunk of which will come from its Asian upstream operations, as part of a broader effort to cut costs and adapt to an environment of lower oil prices.