Being the second biggest oil company in China, Sinopec Group decided to buy a oil and gas company, Addax Petroleum Corp at the price of 7.3 billion dollars, which is based in Geneva. This happened in a bid to tap oil reserves in West Africa and the Middle East.
It was the subsidiary company of Sinopec Group, Sinopec International Petroleum Exploration and Production Corp (SIPC), that settled the deal. On June 24th, Sinopec in Beijing Read more…
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China, company, economy, gas, oil, Sinopec
China and Russia may join together to build a $4-billion oil refinery in the north of Tianjin municipality to meet the growing domestic demand, according to the local government.
The project, which will be located in Binhai Industrial Zone of Tianjin, is developed by China National Petroleum Corp (CNPC) and Russia’s OAO Roseneft. It is capable of processing 10 million tons of crude oil every year. Read more…
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China, economy, government, oil, refinery, Russia, Tianjin
The global economy is still on the way of deteriorating, and the signs of distress mounted last Friday. Shares in the US bank Citigroup Inc are plunging; oil prices are falling and the future of US carmakers hanging in the balance.
Given the economic slowdown and turmoil in financial market, the Bank of Japan left interest rates unchanged at 0.3 percent. This shows there is a long way for recovery. Global stock reaching a Read more…
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China, economy, oil, price, respite, sign, U.S.
Being the second biggest oil company in China, Sinopec Group decided to buy a oil and gas company, Addax Petroleum Corp at the price of 7.3 billion dollars, which is based in Geneva. This happened in a bid to tap oil reserves in West Africa and the Middle East. 
