The nation’s $814 billion China Investment Corp. would be the principle investor in the planned flotation by Saudi Arabian Oil Co., according to the people, who asked not to be identified because the talks are private. China National Petroleum Corp. may also invest in the IPO, they said. No formal agreement has been reached, according to the people.
Saudi Arabia has sought to boost oil sales to China, the world's second-largest oil market, after losing market share to Russia last year, by working mostly with China's top three state oil firms.
Trade between the countries fell overall last year as oil prices dropped. Japan's 2.1 trillion yen ($18.6 billion) in imports from Saudi Arabia in 2016, mostly oil and gas, dwarfed its exports of 546.3 billion yen ($4.8 billion).
The deeply troubled power industry accounts for almost one-tenth of all bank loans in India, and thus poses a threat to already weakened lenders, according to data from Morgan Stanley. What is more, like so many other industries, the power business is facing significant technological challenges as the cost of solar energy continues falling.
Exports in January expanded 13.6 percent from a year earlier, the biggest gain since October 2015, but just missing the 15.0 percent increase forecast. In December, exports rose 10.7 percent. Data from the International Trade and Industry Ministry showed exports of mining goods increased 18.8 percent on stronger demand for crude oil and liquefied natural gas.
The growing world economy will require more energy, but consumption is expected to grow less quickly than in the past - at 1.3% per year over the Outlook period (2015-2035) compared with 2.2% per year in 1995-2015.
Saudi oil giant Aramco IPO-ARMO.SE will buy an equity stake in Malaysian firm Petronas' refining and petrochemicals project in the southeast Asian country, the companies confirmed on Tuesday, investing a total of $7 billion.
China is the global leader in methanol use and has recently expanded methanol production capacity. Since the early 2000s, China’s methanol consumption in fuel products has risen sharply and is estimated to have been more than 500,000 barrels per day (b/d) in 2016.
Gazprom and CNPC broadening strategic cooperation in energy sector
The country imported 34.03 million mt of crude in January, down 6.5% from the record high of 36.38 million mt in December despite surging 27.5% on the year.