China is to overtake the United States to become the worlds biggest oil importer within a year and a half, Goldman Sachs said on January 9. U.S. oil imports have slid by 40 percent over the past several years as technological innovation in...

China International United Petroleum Chemical Co, or Unipec, has bought 35,000 metric tons of naphtha - a flammable liquid distilled from petroleum, coal tar or natural gas. The naphtha is to come from Mangalore Refinery Petrochemicals Ltd,...

With tensions rising between Western countries and Iran and geo-political risks increasing, its time for China to further diversify its crude oil import sources, industry experts said. The European Union (EU) reached a preliminary agreement...

Till the end of 2011, the Sehngli Oilfield has newly proven 15 million tons of oil reserves and produced 27.34 million tons of crude oil as well as 500 million cubic meters of natural gas, according to some reports from the company. The She...

Central Asias largest oil gas technology equipment exhibition, Xinjiang International Oil Gas Technology Equipment Exhibition will be held in Karamay, a city famous for its oil field in Chinas Xinjiang Uygur Autonomous Region in September 2...

PetroChina Co has agreed to buy out its partners stake in a newly approved project for C$680 million ($674 million, 515 million euros). Calgary-based Athabasca Oil Sands Corp said it exercised an option to sell its 40-percent interest in th...

The 55-year-old chairman of China National Petroleum Corp, Jiang Jemin is about to become an Alberta employer. This week, Athabasca Oil Sands Corp. triggered an option on a 2009 deal with CNPC subsidiary PetroChina, so the Chinese oil giant...

China Petrochemical Corp (Sinopec Group) aims to double its equity oil output from overseas projects to over 1 million barrels per day (bpd) by 2015 from 2011, the largest Chinese oil company by sales said on Jan. 4, 2012. Sinopec Internati...

Chinas second largest oil field, Shengli Oilfield, is aiming at increasing its crude oil output to 27.5 million tonnes in 2012, 160,000 tonnes more than the 2011 target. As the flagship oil producing unit of Chinas state-owned petroleum gia...

The weekly average price of the Organization of Petroleum Exporting Countries (OPEC) oil price rose by 1.32 U.S. dollars per barrel in the last week of 2011, the Vienna-based cartel said here on Monday. Weekly OPEC oil price stood at 107.35...