The financing problems for the project stems from U.S.-led sanctions against Russia’s oil and natural gas sector over Russia’s invasion of Ukraine in early 2014. Also, in June the EU extended economic sanctions on Russia until January 3, in a move that media said at the time was “keeping up pressure on Moscow to help resolve the Ukraine conflict.”

The country produced 44.5 million tons of petrochemicals in the past Iranian calendar year (ended on March 20, 2015), with over 10 percent rise from 40.5 million tons in its preceding year.

A Chinese holding company signed a letter of intent to purchase oil and gas assets in the Permian basin of West Texas for $1.3 billion through a limited liability partnership.

BP and China Huadian Corporation (Huadian) today signed a sale and purchase agreement for BP to sell Huadian up to 1 million tonnes of liquefied natural gas (LNG) per year worth up to $10 billion over the next 20 years.

In an expansion of their ongoing global partnership, BP and China National Petroleum Corporation (CNPC) entered into a framework agreement on strategic cooperation covering potential shale gas exploration and production in the Sichuan Basin and future fuel retailing ventures in China and other international partnerships.

Russia supplied a record amount of crude oil to China in September, surpassing Saudi Arabia for the second time as the top seller to the Asian giant, customs data showed, boosted by demand from independent refiners.

The US is poised to sail warships close to China’s artificial islands in the South China Sea as a signal to Beijing that Washington does not recognise Chinese territorial claims over the area.

Over the past 25 years, China has attempted to develop its substantial CBM resources, estimated by China's Ministry of Land and Resources (MLR) at more than 1,000 trillion cubic feet (Tcf). Currently, there are more than 20,000 wells producing a total of 0.36 billion cubic feet per day (Bcf/d) of CBM in China. However, CBM well productivity in China is significantly lower than in countries such as Australia and the United States. CBM development in China has focused on the Ordos and Qinshui Basins of Shanxi Province. Although these two basins are considered to have China's best geologic conditions, they still face significant geologic challenges (low permeability, under-saturation) that reduce well productivity.

Price adjustments in the gas markets caused by a drop in oil quotations hadn’t affected the dominant position of Asia-Pacific as a driver of growing global gas consumption. Following the expert reviews, by 2025 the region’s demand for imported gas might grow 1.5 times from present 280 billion cubic meters to over 400 billion cubic meters a year.

China’s $40 billion Silk Road Fund said it would finance part of the project, a development Total CEO Patrick Pouyanné called “a clear commitment by China” in an interview Wednesday. The price paid for Silk Road’s 9.9% stake in Yamal wasn’t disclosed.