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China's CNPC unit acquires offshore block in Indonesia - report
BEIJING (AFX) - China National Oil and Gas Exploration and Development Corp (CNODC), a unit of the country's largest oil producer CNPC (0135.HK - news) , has acquired the exploration rights to an oil and gas block from Indonesia's PT Waropen Perkasa, the Shanghai Securities News reported, citing a CNPC official.
The official did not disclose the price of the deal but said the rights are for the Manokwari block in Indonesia's Papua province.
The Manokwari block was one of 10 onshore and offshore oil projects originally tendered by the Indonesian government in June 2004.
China's major oil firms -- Sinopec, CNOOC (0883.HK - news) and China National Petroleum Corp, the parent of Hong Kong-listed PetroChina Co Ltd (HK 0857; NYSE PTR) -- are all scouring the globe for oil resources to feed China's soaring demand.
The country has been a net oil importer since 1993, and is now the world's second-largest oil consumer after the US.
China imported 130 mln tons of crude oil in 2005, up 3.3 pct year-on-year. 不知道上升空间有多大，恳请高手点评点评 China's CNPC plans to invest 13 bln yuan in Guangxi oil refinery - report
BEIJING (AFX) - China National Petroleum Corp (CNPC (0135.HK - news) ), the country's largest oil and gas producer, plans to invest 13 bln yuan in building an oil refinery in south China, the official Shanghai Securities News reported, citing an official with CNPC.
The oil refinery with an annual capacity of 10 mln tons and located in the city of Qinzhou, southern Guangxi province, will be used to process crude oil imported from Sudan, the official said.
The report said that it will be CNPC's first major refining facility in south China, the traditional stronghold of rival Sinopec Corp.
The official said that the proposal is waiting for approval from National Development and Reform Commission (NDRC), and it is expected to complete the construction by 2008.
According to the report, China Petroleum & Chemical Corp (Sinopec) also plans to expand the annual processing capacity of its small-size refinery located in the city of Beihai, Guangxi province, to 8.0 mln tons from 500,000 tons.
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