Latest news of China oil and gas industry
Present condition of companies within China oil and gas industry is not exactly good as most companies are expecting losses. Petroleum and Chemical Corporation (Sinopec), biggest refinery in Asia with regard to output, expects that there would be a drop of over 50 percent in net profits that have been accrued in 2008. Much of this could be attributed to heavy losses it has suffered in refining activities.
As per latest news of China oil and gas industry, ninth US – China Oil & Gas Industry Forum is supposed to be staged in China during 2009. US – China Oil & Gas Industry Forum functions both as a public and private partnership. This forum involves representatives from national governments and oil and gas industries of both countries.
This forum assists both USA and China oil and gas industry to achieve common ambitions, which include developing sources of oil and gas that are safe, financially viable and trustworthy. This forum also plays an important role in investments that are made in energy industry of both countries.
Oil and gas industry in China is initiating construction of oil and gas pipelines in Myanmar during 2009. It wants to create a new route for importing goods and services from local market and Middle East.
Estimated worth of oil pipeline is $1.5 billion and that of gas pipeline is $1 billion. This pipeline would start from Myanmar and would continue till Yunnan, a province at south-western part of China.
Petroleum & Petrochemical Exhibition of oil and gas industry of China would be held from 19th March 2009 till 21st March 2009. This exhibition would be hosted in a joint collaboration by several major players of oil and gas industry at China.
This exhibition is crucial for China oil and gas industry as it provides first hand information of present level of demands for its products and services. Petroleum & Petrochemical Exhibition is expected to provide companies of this industry with opportunities to explore new markets, set up economic ties and forge business partnerships with prospective buyers. Petroleum and Petrochemical Exhibition would be attended by buyers ranging from governmental to private entities.