China, the world's top energy user, is keen to boost cleaner burning natural gas consumption to tackle air pollution.
The board of India’s Oil & Natural Gas Corp. Ltd. approved a $5-billion offshore oil and natural gas development plan for the Krishna-Godavari basin off the country’s east coast.
The parties addressed strategic bilateral cooperation. It was noted that the collaboration between Gazprom and Chinese energy companies and financial institutions was consistently developing.
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements.
Gasoline production is set to grow in 2016 due to the commissioning of Indian Oil Corp.'s 2.9 million mt/year continuous catalytic reformer at its greenfield 15 million mt/year (300,000 b/d) Paradip refinery, and completion of Bharat Petroleum Corp. Ltd.'s gasoline capacity expansion at its Kochi refinery by 6 million mt/year to 15.5 million mt/year (310,000 b/d) sometime in May.
PetroChina Co Ltd on Wednesday said profit fell 70 percent last year as low prices brought down upstream earnings, eclipsing the impact of a jump in natural gas income brought about in part by pipeline consolidation.
The first export is a significant milestone for the Gorgon project, which has been hit by delays and a jump in costs since construction started, as it begins generating revenue for Chevron and its partners.
China's total oil imports rose about 20 percent on year to the highest ever on a daily basis in February, when near 10-year low global oil prices drove buying from a group of new importers and for state and commercial stockpiling.
The project includes the ongoing construction of a new ethylene cracker and ethylene derivatives units, which will increase ethylene capacity by more than 1 million tonnes of per year, about double the current capacity. It will also include a styrene monomer and propylene oxide (SMPO) plant, which will be the largest such plant ever built in China.
OAO NOVATEK announced the closing of a transaction to sell a 9.9% equity stake in the Yamal LNG project (“Project”) to China’s Silk Road Fund (“SRF”) for a payment amounting to EUR 1,087 million.