China stepped up its crude imports last year after oil prices plunged, but its move to build strategic reserves from cheap oil has been stymied by the capacity shortage.
The president of Sinopec trading arm Unipec, Chen Bo, said on Wednesday that Chinese import demand for 2015 would likely stay flat or rise only slightly as storage is close to full.
The country’s oil imports for December climbed to 7.1 million barrels per day from 6.3 million barrels per day the same month in 2013. Higher-than-usual imports continued in January and February, but may drop off soon.
New crude storage is being built in China, but is not available for use yet, the Unipec president said.
UK engineering contractor Wood has been awarded a decarbonisation project by TotalEnergies to support flare gas recovery in the North… Read More
Oslo-listed Shelf Drilling has secured a contract for the Shelf Drilling Fortress jack-up rig with an undisclosed North Sea operator… Read More
A 720-MW Australian solar farm is pioneering a model of agrivoltaics with livestock integration by playing host to more than… Read More
Malaysia’s Sapura Energy has been awarded a five-year contract from Thailand’s PTTEP to conduct Pan Malaysia subsea services for Petronas… Read More
QatarEnergy has struck a USD 6-billion deal with the China State Shipbuilding Corporation (CSSC) to build 18 of the largest… Read More
This website uses cookies.