China Key projects and business highlights 2014
If China growth domestic product (GDP) slowed down these last years, it remains twice higher than world average and it maintains its top position as the country with the largest energy consumption.
In 2014, China is passing USA to become the world largest net importer of liquid fuels.
With a steady demand for energy on its domestic market, China is burning the equivalent of 11 million barrels per day of liquid fuels.
Since most of the oil and gas fields in production in China are maturing, the Authorities are pushing the national companies China National Petroleum Corporation (CNPC or PetroChina), Sinopec and China National Offshore Oil Corporation (CNOOC) to explore conventional and unconventional oil and gas resources, in China onshore and offshore, and outside China such as Africa, Middle-East and North America.
In order to facilitate the local acceptance and to improve their expertise in developing more and more challenging oil and gas fields, the Chinese companies multiply the partnerships with North American and European companies.
The last major move of China Authorities on the energy sector took place end of 2013 in curbing its oil price policy in order to align the domestic prices on the international market.
CNPC and Rosneft plan Tianjin Refinery and Chemical
The State-owned China National Petroleum Corporation (CNPC or PetroChina) and the Russia oil and gas champion OAO Rosneft (Rosneft) signed an agreement on the design and construction planning of the Tianjin Refinery and Petrochemical complex to be built through their joint venture PetroChina-Rosneft Orient Petrochemical Tianjin Company in the China eastern Province of Tianjin.
CNOOC to develop Liuhua 16-2 and Liuhua 11-1
The national oil company (NOC) China National Offshore Oil Corporation (CNOOC)made its mind up regarding the conceptual design to be used for the development of the offshore oil and gas fields Liuhua 11-1 and Liuhua 16-2 in favor two tension legs platforms (TLPs) to be anchored in the South China Sea. With in-place reserves estimated to 1 billion barrels of crude oil Liuhua is the largest offshore field in production in China.
Oriental Energy extends cooperation with UOP
As an Oriental Energy Corporation Ltd (Oriental Energy) company, Ningbo Fortune Petrochemical Corporation Ltd (Ningbo Fortune) selected the US-based UOP-Honeywell technology for a greenfield project to produce propylene at the port of Ningbo, in the Zhejiang Province, China. Previously named Zhangjiagang Oriental Energy, the company became Oriental Energy in 2009 and established its headquarter in Nanjing in the Jiangsu Province of China.
Total and China Power in Inner Mongolia Chemical
The French major company Total and the local utility China Power Investment Corporation (CPI) have received the approval from the China National Development and Reform Commission to develop Inner Mongolia $4 billion coal-to-olefins (CTO) petrochemical complex in China. Established in 2002, CPI is ranked as the fifth largest power production company in China with its activities in coal production, aluminum and railways.
