{"id":227125,"date":"2015-02-12T16:33:32","date_gmt":"2015-02-12T08:33:32","guid":{"rendered":"http:\/\/charltonsnaturalresources.com\/?p=227125"},"modified":"2021-08-16T16:16:52","modified_gmt":"2021-08-16T08:16:52","slug":"chinese-regulators-approve-sinopecs-plan-for-grassroots-refinery","status":"publish","type":"post","link":"https:\/\/charltonsnaturalresources.com\/zh-hans\/chinese-regulators-approve-sinopecs-plan-for-grassroots-refinery\/","title":{"rendered":"Chinese regulators approve Sinopec’s plan for grassroots refinery"},"content":{"rendered":"[et_pb_section fb_built=”1″ admin_label=”CNR NEWSLETTER” module_class=”cnl-wrapper” _builder_version=”4.4.3″][et_pb_row admin_label=”Header” module_class=”cnr-nl-header” _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.2″][et_pb_text admin_label=”Header” _builder_version=”4.4.3″]
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NATURAL RESOURCES<\/div>\r\n
Newsletter-Issue 018<\/div>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Logo” _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text admin_label=”Logo” _builder_version=”4.4.3″]
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\"Chinese<\/div>\r\n
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\r\n2 \u6708 2015<\/span>\r\n

Chinese regulators approve Sinopec’s plan for grassroots refinery<\/h1>\r\n
Download PDF<\/a><\/div>\r\n<\/div>\r\n\r\n<\/div>\r\n\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ admin_label=”Content” module_class=”cnl-main-content” _builder_version=”4.4.3″][et_pb_column type=”1_2″ _builder_version=”4.4.3″][et_pb_text admin_label=”column1″ _builder_version=”4.4.3″]
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China\u2019s National Development and Reform Commission (NDRC<\/strong>) has approved plans by Sinopec Beijing Yanshan Petrochemical Co. Ltd., a subsidiary of China National Petroleum Corp. (Sinopec<\/strong>), to build a grassroots refinery in the Caofeidian Industrial Zone, Tangshan, Hebei Province. The US$4.3billion refinery will have a crude oil processing capacity of approximately 12 million tonnes per year and will have additional processing units for residual fluid catalytic cracking, hydro-treating, hydrocracking, isomerization, alkylation, and desulfurization. A firm timeline for the project, which initially included a 200,000-b\/d refinery scheduled to be commissioned by 2015, has not yet been disclosed.\r\n

(Source: http:\/\/www.ogj.com\/articles\/2015\/02\/chinese-regulators-approve-sinopec-s-plan-for-grassroots-refinery.html<\/a>, 5 February 2015)<\/p>\r\n<\/div>\r\n

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LME extends publication of live forward price curves<\/h2>\r\n

The London Metal Exchange (LME<\/strong>) has extended its live forward price curves for each metal as part of its commitment to further enhance the transparency of the price discovery process following last year\u2019s review of the \u2018Ring\u2019, the LME\u2019s open outcry trading platform. The forward price curves, which were previously published for the Ring\u2019s afternoon \u201ckerb\u201d trading session only, now cover all trading times in the Ring. Peter Childs, Head of Price Discovery at the LME said \u201cThe extension of the live forward curves provides a comprehensive transparency tool for use across the whole date structure, allowing users to track real-time indicative prices throughout the day via their data vendor service\u201d. Caroline Porter, the LME\u2019s Head of Data Sales added \u201cThis is a key addition to our market data offering \u2013 the result of increased investment in data services \u2013 providing our customers with a fuller service at no extra cost\u201d. In addition to the new price information, the LME is providing extra granularity by publishing monthly prompt dates between three months and one year forward. The LME also proposes to assess whether there is a demand to extend this price-transparency tool outside of Ring hours. \r\n

(Source: https:\/\/www.lme.com\/news-and-events\/press-releases\/press-releases\/2015\/01\/lme-extends-publication-of-live-forward-price-curves\/<\/a>, 20 January 2015)<\/p>\r\n<\/div>\r\n

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Hong Kong\u2019s General Nice Group acquires Greenlandic iron ore mine<\/h2>\r\n

According to the Greenlandic government, Hong Kong\u2019s General Nice Group (General Nice<\/strong>) has acquired the Isua iron-ore mine from debt-stricken London Mining Co. Ltd (London Mining<\/strong>). The Isua project is expected to cost US$2.3 billion to develop. General Nice has interests in iron-ore mines in Shanxi, Shandong, and Inner Mongolia in China, among other places. A 2011 study conducted by London Mining suggested that Isua has the potential to generate US$2.5 – 4.5 billion, although this profit outlook is in need of revision in light of the fall in global iron-ore prices which has taken place since 2011. General Nice faces significant exploration challenges in Greenland. Frozen soil greatly complicates mining operations, meaning special equipment is required. Additionally Greenland faces a shortage of local manpower and lacks suitable harbour and other infrastructural facilities. \r\n

(Source: http:\/\/www.wantchinatimes.com\/news-subclass cnt.aspx?id=20150116000131&cid=1205<\/a>, 16 January 2015)\r\n<\/p>\r\n<\/div>\r\n

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Asian energy companies tighten their belts as oil prices plunge<\/h2>\r\n

Plunging oil prices have prompted some of the Asia\u2019s largest energy companies to cut spending. CNOOC Ltd (CNOOC<\/strong>), the Hong Kong listed subsidiary of the China National Offshore Oil Corporation, has announced that it plans to cut capital spending by between 26% – 35% in 2015 compared with 2014. According to J.P. Morgan, CNOOC may be facing write-downs of more than U.S$5 billion related to its 2013 acquisition of Canadian upstream oil and gas company Nexen Inc. Separately, a joint venture between China National Petroleum Corp\u2019s wholly owned UK subsidiary Addax Petroleum UK Ltd and Talisman Energy Inc. of Canada, is seeking several hundred redundancies at its North Sea operations. Other Asian majors are also cutting costs. Malaysia\u2019s Petroliam Nasional Bhd., (Petronas), has warned of double-digit cuts in capital spending in 2015 while Indonesia\u2019s Pertamina said it may cut its planned investments by as much as 50%.\r\n

(Source: http:\/\/www.wsj.com\/articles\/chinas-energy-companies-tighten-their-belts-as-oil-prices-plunge-1422958964<\/a> (subscription required), 3 February 2015)<\/p>\r\n<\/div>\r\n\r\n<\/div>[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.4.3″][et_pb_text admin_label=”column2″ _builder_version=”4.4.3″]

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Shell and Mitsui Oil execute PSCs for three Myanmar offshore blocks<\/h2>\r\n

Royal Dutch Shell plc (Shell<\/strong>) and its partner Mitsui Oil Exploration Co., Ltd. (MOECO<\/strong>) have executed exploration and production sharing contracts (PSCs<\/strong>) with Myanma Oil and Gas Enterprise for three deep-water blocks. Pursuant to the PSCs Shell will evaluate the potential of deep-water blocks AD-9 and AD-11 off Arakan State and MD-5 off Tenasserim Division. Shell will use leading deep-water exploration technologies including advanced tools for acquiring, processing and interpreting seismic data. Combined the three blocks cover approximately 21,000 square kilometres and are located approximately 300 kilometres offshore in water depths ranging from 1,800 to 2,700 metres. Shell is the project operator and has a 90% interest in the three PSCs with MOECO holding the remaining 10%. According to Graeme Smith, Shell\u2019s VP Exploration Asia and Australia, \u201cThe three blocks offer an exciting frontier exploration opportunity to apply the advanced deep-water technical capabilities we have built up around the world over the past three decades\u201d.\r\n

(Source: http:\/\/www.irrawaddy.org\/business\/shell-inks-contract-explore-3-offshore-oil-gas-blocks.html<\/a>, 6 February 2014)\r\n<\/p>\r\n<\/div>\r\n\r\n

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Indonesian Government to ease permits for oil and gas sector<\/h2>\r\n

The Indonesia Energy and Mineral Resources Ministry (EMRM<\/strong>) has announced it plans to streamline Indonesia\u2019s oil and gas licensing procedures. The EMRM is considering simplifying the issuance of 10 types of business permits in the upstream and downstream oil and gas sector, including permits previously issued by SKKMigas (Indonesia\u2019s Upstream Oil and Gas Regulatory Special Task Force). Indonesia currently issues around 50 permits directly related to oil and gas. In addition, there are also other 200 permits that cover cross-sector issues, including those related to the forestry, the environment, and local administration. The EMRM is aiming to gradually transfer the processing of permits to a new Investment Coordinating Board before the end of 2015. At present domestic and foreign investors are required to make applications to a number of different ministries to procure business licenses. The process has been blamed for the slow realisation of investment. The Government has made the simplification of the bureaucratic process a priority. Indonesian Petroleum Association\u2019s president, Craig Stewart, said the oil and gas industry welcomed any move to simplify the permitting process in the sector.
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(Sources: http:\/\/www.thejakartapost.com\/news\/2015\/02\/11\/govt-ease-permits-oil-gas-sector.html#sthash.wNgychuY.dpuf<\/a>, 11 February 2015)<\/p>\r\n<\/div>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Button Navs” _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text admin_label=”navs” _builder_version=”4.4.3″]

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<\/span>UK Trade and Investment publishes ‘Opportunities for British oil and gas companies in Myanmar<\/a><\/div>\r\n
LME provides update on warehouse reform package<\/a><\/span><\/div>\r\n<\/div>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Legal Advice” _builder_version=”4.4.3″][et_pb_column type=”4_4″ _builder_version=”4.4.3″][et_pb_text admin_label=”Legal Advice” _builder_version=”4.4.3″]
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This newsletter is for information purposes only.<\/h3>\r\n

Its contents do not constitute legal advice and it should not be regarded as a substitute for detailed advice in individual cases.\r\nTransmission of this information is not intended to create and receipt does not constitute a lawyer-client relationship between Charltons and the user or browser.\r\nCharltons is not responsible for any third party content which can be accessed through the website.<\/p>\r\n

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