08
2022-12
The QPQ technology product has been successfully prototyped.
On December 28, 2013, the trial production of QPQ technology products was successfully completed, marking the application of Xin Beifang’s high-toughness ceramic technology to petroleum products and filling a domestic gap.
19
2019-01
Opportunities and Challenges Faced by China’s Private Petroleum and Chemical Enterprises
At the end of last month, the 2014 China Petroleum and Chemical Industry Private Enterprise Development Conference was held in Beijing. With nearly 400 companies participating, this conference can be described as a grand gathering for private enterprises in the petroleum and chemical industries. It has been three years since the last development conference, which was held in 2011. So, over the past three years, what achievements have China’s private petroleum and chemical enterprises made? And what opportunities and challenges lie ahead for their future development? Over the years, remarkable progress has been made. Since the start of the 12th Five-Year Plan, with the continuous improvement of the market economic system, the private sector in the petroleum and chemical industries has shown a steady and positive development trend, and its share in the overall industry economy has been steadily increasing.
19
2019-01
According to a report by China National Petroleum Corporation’s website (reporters Li Dan and Wang Qiaoran), on September 23, the acceptance and evaluation meeting for the group company’s major science and technology project—“Development of Complete Industrial-Scale Ethylene Plant Technology”—was held in Beijing. The reporter learned that CNPC has successfully developed a complete set of large-scale ethylene processing technology with independent intellectual property rights, which has been successfully applied to the 1.2-million-ton-per-year ethylene expansion and renovation project at Daqing Petrochemical, thus ending the long-standing reliance on imported ethylene technology in China. Shen Diancheng, Deputy General Manager and member of the Party Leadership Group of the group company, attended the meeting. He emphasized that this successful localization of ethylene technology should be taken as an opportunity to accelerate the pace of independent technology research and development and its wider application, thereby further strengthening CNPC’s position.
19
2019-01
The Devil's City in Karamay, Xinjiang, holds 360 million tons of heavy crude oil.
Xinhua News Agency, Urumqi, May 24 (Mao Yong, Zhang Wei) — Reporters learned on the 24th from the Exploration and Development Research Institute of Xinjiang Oilfield Company that researchers have discovered oil reserves of 360 million tons of heavy crude oil in the “Zhong18 Well Area” near the “Devil’s City” in Karamay. Industrial thermal recovery operations for heavy crude oil in this region are set to begin soon. Dai Xiang, a senior engineer at the Exploration and Development Research Institute of Xinjiang Oilfield Company, said that the underground area around Karamay’s “Devil’s City” is rich in heavy crude oil resources. After decades of exploration and evaluation, it has now been basically confirmed that this area holds reserves of 360 million tons of heavy crude oil. The “Zhong18 Well Area” is expected to be nominated for reserves totaling over 70 million tons.
19
2019-01
China’s largest oil and gas producing region takes the lead in resource tax reform.
[Shihua Cai Xun, May 24] The central government has decided to pilot a reform of resource taxes and fees in Xinjiang, switching the taxation of crude oil and natural gas resources from a volume-based system to a value-based system. According to a report by China Chemical Industry News on May 24, during the Xinjiang Work Symposium held in Beijing from May 17 to 19 by the CPC Central Committee and the State Council, the central government announced its decision to率先 implement a resource tax and fee reform in Xinjiang, shifting the taxation of crude oil and natural gas resources from a volume-based to a value-based system. Additionally, enterprises located in Xinjiang’s disadvantaged regions that meet the eligibility criteria will receive a corporate income tax preferential treatment of “two years of exemption followed by three years of 50% reduction.” Central government investment will continue to be tilted toward the Xinjiang Uygur Autonomous Region and the Production and Construction Corps, particularly during the 12th Five-Year Plan period.
19
2019-01
BP: The rate of collected crude oil from the leak has dropped to 1,120 barrels per day.
[Shihua Cai Xun, May 25] BP said that the company’s rate of collecting leaked crude oil has dropped to 1,120 barrels per day—a third consecutive day of declining collection rates—and confirmed that the company is planning to initiate a “top kill” operation. According to a report from foreign news agencies on May 24, a BP PLC spokesperson stated on the 24th that the amount of crude oil being collected from the Gulf of Mexico had fallen to 1,120 barrels per day. This marks the third straight day of reduced crude oil collection by BP. The company’s spokesperson, John Curry, said the decrease in collection volume on the 23rd was due to a certain issue at the company.
19
2019-01
CNPC Plans to Invest 400 Billion Yuan in Overseas Production Expansion
[Shihua Cai Xun, May 24] China National Petroleum Corporation (CNPC) plans to invest 60 billion U.S. dollars (approximately 400 billion RMB) to boost its annual overseas oil and gas production to 200 million tons. According to a report by Daily Economic News on May 22, Jiang Jiemin, Chairman of the Board of Directors of China National Petroleum Corporation, revealed on May 20 that the company plans to invest 60 billion U.S. dollars (approximately 400 billion RMB) to increase its annual overseas oil and gas production to 200 million tons. Jiang Jiemin stated that CNPC intends to inject the vast majority of its overseas operations into its listed subsidiary. Currently, the company is acquiring a 50% stake in CNPC Exploration from the parent group.
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