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.
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.
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.
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.
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.
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.