Entries from Chemicals & The Economy tagged with 'Sinopec'
Companies remain cautious on the outlook
The good news is that the stabilisation seen in Q2 has been maintained. But companies remain cautious on the outlook, to judge from Q3 reports. CEOs are sceptical about the impact of government stimulus efforts in the West, and fear...
Sinopec cuts back (a little) on petchems
China's Sinopec has taken a lead in reviewing its petrochemical expansion plans. Speaking to employees last week, Wang Tianpu, CPC division President, noted that 'global crude prices may remain high and the petrochemical industry may become even more competitive'. Today,...
Sinopec receives $1bn subsidy in April
Sinopec is now losing 3000 yuan ($425) on every tonne of oil product sold, due to China's price freeze, according to Sinopec spokesman Chen Ge yesterday. And this is on top of official government subsidies paid to Sinopec, which rocketed...
Shanghai stock market crashes
China is well worth watching at the moment. Quietly, away from the headlines, the Shanghai stock exchange has been collapsing. It is now down 44% since its October peak, and fell over 5% on Wednesday. This matters to the chemical...
China’s olefin imports surge as government subsidises gasoline/diesel demand
China’s ethylene and propylene imports have surged in recent months, as the country has diverted naphtha to supply gasoline and diesel needs. ICIS news, reporting official China Customs figures, says 2007 ethylene imports were over 400% higher at 510KT,...
China’s Finance Minister resigns
You may remember that the Chairman of Sinopec, Chen Tonghai, suddenly resigned last June. This prompted plenty of discussion about whether there had been a disagreement with the government over the level of subsidies paid to keep domestic oil product...
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