China to sell off portion of national oil reserves
China The sale, set for September 24, 2021, is the first in 12 years since the country began stockpiling reserves to meet the state petroleum reserves suggestion of 620 million barrels by the International Energy Agency, which would account for 90 days of net imports.
Although the country operates nine state petroleum reserve tank farms, they represent only 243 million barrels of the suggested amount with the rest thought to be stored in commercially run tanks.
The announcement follows the USA’s similar move to sell its national reserves to eight companies including ExxonMobil, Chevron and Valero Energy due to high oil prices and national output brought down by damage caused by Hurricane Ida.
Recent Posts
Mozambique’s Coral Sul FLNG passes performance test
Air Products’s LNG liquefaction equipment deployed on Coral Sul FLNG in Mozambique has successfully passed its performance test, Air Products… Read More
Saudi Aramco hands $1.7-billion contract to China’s CPECC
Saudi Aramco has awarded a USD 1 Read More
Seatrium wins MODEC contract for Guyana-bound FPSO
Singapore’s Seatrium has secured a topside integration project for the FPSO Errea Wittu from Offshore Frontier Solutions, a MODEC Group… Read More
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More