Gordon Kwan News
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Liquefied natural gas is poised for a boost this year after slumping to the lowest level in four months as China increases the appeal of imports by raising the price of domestic supplies.
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Gordon Kwan, the most-accurate forecaster of Brent oil prices in the eight quarters through March 31, will leave Mirae Asset Securities Ltd. in Hong Kong at the end of June.
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China Petroleum & Chemical Corp., Asia’s biggest refiner, expects more asset deals with its parent after creating a $3 billion joint venture to replace dwindling reserves with oilfields in Kazakhstan, Colombia and Russia.
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China, the world’s second-biggest oil consumer, changed its system for setting gasoline and diesel prices to more closely track refiners’ crude costs. Shares in China Petroleum & Chemical Corp. and PetroChina Co. rose.
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West Texas Intermediate oil swung between gains and losses after the biggest advance in two weeks as U.S. crude stockpiles unexpectedly fell and manufacturing accelerated in China.
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China Petroleum & Chemical Corp., Asia’s biggest refiner, rose the most in over seven months after the company said it would form a joint venture with its parent to acquire overseas oil and gas assets.
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China National Petroleum Corp., the country’s largest oil producer, will spend $4.2 billion for a stake in Eni SpA’s African natural-gas assets as China looks to feed energy demand while reducing its reliance on coal.
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PetroChina Co. Chairman Jiang Jiemin will replace Wang Yong as head of a government body overseeing China’s biggest state-owned companies, according to two people with knowledge of the matter.
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China, the world’s second-biggest consumer of crude oil, is likely to delay deciding on new investments in Venezuela’s energy industry to assess any change of political direction after President Hugo Chavez’s death.
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China National Petroleum Corp., the country’s biggest oil company, is seeking its first stake in the U.S. as Chinese explorers with $40 billion of cash try to join an energy renaissance unlocking billions of barrels of crude.
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