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    China’s CNOOC Eyes Big Deal In Africa

    Lundi, février 22nd, 2010

    China National Offshore Oil Corp may pay up to $2.5 billion for Ugandan assets owned by Heritage Oil Plc, reported Monday’s Reuters.

    The sale process for the oil fields, which executives say contain around 2 billion barrels of oil, has been a competitive process between British, Italian and Chinese oil majors.

    On Friday, Italy’s Eni SpA pulled out of a planned $1.5 billion purchase of Heritage Oil’s 50 percent share of Ugandan Blocks 1 and 3A — in which London-listed Tullow Oil Plc has preemption rights.

    Tullow and Heritage control three oil blocks that cover the Ugandan side of Lake Albert, but the explorers lack the resources to develop the project alone.

    Tullow has said it wants to sell the Heritage assets on to CNOOC.

    Heritage Oil said on Monday it will receive $1.35 billion on completion of the sale of its Ugandan assets.

    CNOOC said last week it aims to produce 275-290 million barrels of oil and gas equivalent (boe) this year, up from an estimated 226-228 million boe in 2009.

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    Australia’s Resourcehouse Signs $60 Bln Deal With China

    Mercredi, février 17th, 2010

    Australian miner Resourcehouse said Saturday it had signed a $60 billion coal deal with China, describing it as the country’s « biggest-ever export contract », reported AFP.

    Resourcehouse chairman Clive Palmer said the company had negotiated a 20-year agreement to supply China Power International Development (CPI) with 30 million tonnes of coal per year from a proposed mine in central Queensland.

    Palmer, Australia’s fifth-richest man, said he had awarded the engineering and construction management contract for the thermal coal mine, named « China First » to Metallurgical Corp of China (MCC).

    The Export-Import Bank of China had financed a six billion dollar loan, Palmer said, but emphasised the project was 100 percent Australian-owned.

    Executive director Phil McNamara said the « once-in-a-century project, » which is expected to begin construction later this year, would include open-cut and underground mines and a 495-kilometre (308-mile) rail line.

    Palmer plans to float Resourcehouse on the Hong Kong stock exchange next month in a bid to raise up to three billion dollars for coal, iron ore and oil and gas projects in Australia and oil and gas exploration in Papua New Guinea.

    Source : Konaxis

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    China Remains World’s #1 Gold Producer

    Vendredi, février 12th, 2010

    The China Gold Association reported that domestic gold output increased 11.3% to a record of 312 tonnes last year, clinching the county’s position as world’s largest gold producer for the third year in a row, wrote Wealth Daily.

    China’s booming gold industry reported 138 billion yuan ($20 billion) of gross industrial output value in 2009 — an increase of 19%, compared to the previous year.

    Nearly 60% of China’s gold output last year came from the five producing provinces: Shandong, Henan, Jiangxi, Fujian, and Yunnan.

    The ten largest gold firms produced 149 tonnes — 47.3% — of the country’s total output. China had more than 700 gold producers in 2009, down from more than 1,200 firms in 2002 as the industry consolidated.

    The China Gold Association gave no figures for domestic gold demand. However, metals consultancy group GFMS said last month that it expects China to overtake India as the world’s largest gold consumer in 2009. Total Chinese demand is forecast to reach 432 tonnes as investors defy record bullion prices.

    Source : Konaxis

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    Australian Mineral Explorer Teams Up With Chinese Company

    Lundi, février 1st, 2010

    Australian mineral explorer Venus Resources Ltd announced on Monday it had entered into share subscription and joint venture deals with a Chinese entity, reported Xinhua.

    Venus recently expanded its exploration focus to identifying world-class iron ore, precious metals, uranium and base metal exploration targets within prospective, mineral-rich orogenic belts of Western Australia.

    Venus will raise A$4 million ($3.6 million) through a placement of 2 million shares at A$2 a share to HD Mining & Investment Pty Ltd, a subsidiary of Shandong Provincial Bureau of Geology and Minerals.

    This will give HD Mining a stake in Venus of about 7 percent.

    HD Mining will also take a 50 percent stake in Venus’ Yalgoo iron ore project in Western Australia.

    The deals are subject to approval by Australia’s Foreign Investment Review Board.

    Shandong province also paid a premium for a 13 per cent stake in fellow Perth miner Bauxite Resources, which was approved by the Foreign Investment Review Board last year.

    Source : Konaxis

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    US Commerce To Consider Import Duties Vs China Drill Pipe

    Vendredi, janvier 29th, 2010

    The U.S. Commerce Department said Thursday it would investigate whether to impose countervailing and antidumping duties against Chinese imports of drill pipe, reported Dow Jones.

    The case is the latest response to an increasing number of complaints by U.S. companies and unions of unfair trade practices by Chinese manufacturers, bringing the total number of Commerce duty investigations involving the country to over 20.

    The petitioners are United Steelworkers union, TMK Ipsco, VAM Drilling, Texas Steel Conversion and Rotary Drilling Tools. They are seeking countervailing duties against what they allege are government subsidies, while claiming that the pipe is being sold at less than normal value and thus warrant antidumping duties.

    U.S. imports of the Chinese pipe, used in oil drilling, doubled between 2006 and 2008 in volume. They were valued at $195 million in 2008.

    Before it can proceed with the investigation, Commerce has to await a decision by the U.S. International Trade Commission on whether there is a reasonable chance that U.S. producers are being hurt by the imports. The ITC is scheduled to rule on Feb. 16, and Commerce plans to make a preliminary decision on countervailing duties in March and on antidumping duties in June.

    Source : konaxis

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    Shougang Steel may acquire Tonghua Steel

    Lundi, janvier 18th, 2010

    Beijing Shougang Steel Group is planning an acquisition of Tonghua Iron & Steel Group, reported Tuesday’s China Daily.

    Sources had said that Shougang Steel and State-owned Assets Supervision and Administration of Jilin province had reached an initial agreement to pay some 2 billion yuan for a controlling stake in Tonghua Steel, according to Beijing News.

    But Shougang Steel said the deal is still in the early stages of negotiation. « No decision has been made about whether the restructuring should go ahead or not. Therefore, financial details have not been worked out, » the paper quoted the company as saying.

    Earlier reports said Shougang Steel on Jan 6 sent about 30 staff from production, equipment, finance, and administration to Tonghua Steel to do a field study of the company.

    Last year, Tonghua Steel planned to be acquired by Beijing Jianlong Heavy Machinery Group, with subsidiaries operating iron and steel, resources, shipbuilding, and machinery, but the move was protested by a large number of workers.

    Tonghua Steel is the largest iron and steel mill in Northeast China’s Jilin province. The possible buyers include Beijing Shougang Steel, Angang Steel, Hunan Valin Steel.

    Source : Konaxis

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    China pulls out of $40 billion Australia gas deal

    Lundi, janvier 11th, 2010

    Energy giant PetroChina Co. Ltd. has pulled out of a $40 billion deal to buy natural gas from a project off Australia, leaving Woodside Petroleum Ltd. looking for new customers, reported AP.

    Reasons for letting the preliminary agreement lapse were not given, but analysts said Tuesday it was probably because PetroChina had become dissatisfied with the cost in the two years since the deal was signed.

    Woodside informed Australia’s stock exchange on Monday that an early stage agreement for the Browse Basin liquefied natural gas project off Western Australia state had not been settled by a Dec. 31 deadline and had now lapsed.

    Under the September 2007 agreement, PetroChina would potentially buy up to three million metric tons (3.3 million tons) of LNG per year from the project for up to 20 years.

    At the time, it was one of Australia’s largest export deals with an estimated worth of AU$45 billion ($40 billion).

    PetroChina would probably look for other sources of gas, said Yang Wei, an oil industry analyst at Guotai Junan Securities in Shanghai.

    « I think it’s probably that the price is not right. It’s too expensive, » he said.

    Woodside said an agreement for CPC Corporation Taiwan to buy up to three million metric tons of LNG per year for up to 20 years from the Browse project was still in place, and the company was looking for more customers.

    Source : Konaxis

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    China To Close Steel Mills Failing Environment Limits

    Vendredi, décembre 18th, 2009

    China’s Ministry of Industry and Information Technology published a draft regulation on its Website Wednesday, setting new environmental and power standards for steelmakers and threatening closures to curb pollution and overcapacity, reported Bloomberg.

    Plants should cap effluent discharge at 2 cubic meters and sulfur dioxide emission at 1.8 kilograms for every ton of steel made, according to the draft.

    China has rejected almost $29 billion of industrial projects this year and is planning measures to close plants to curb pollution, it said last month. A steel oversupply is overwhelming demand created by the government’s stimulus, and depressing profits for steel mills.

    Government departments shouldn’t approve construction and upgrading if the mills can’t meet the requirements and shouldn’t issue effluent discharge and land permits, the draft said.

    Banks shouldn’t give credit support and government departments must not issue iron ore import permits and supply the steelmaking ingredient to mills failing to meet the new requirements, the Chinese ministry said.

    Steel plants should cap energy consumption of blast furnaces at 411 kilograms coal equivalent and fresh water use at 6 tons for each ton they produce, the statement said.

    The ministry also proposed that carbon steel mills should have a minimum production capacity of 1 million tons, and specialized makers of at least 500,000 tons. It didn’t suggest penalties for those failing to meet output limits.

    China is planning measures to close plants in steel, aluminum, cement, coke, paper, glass and utility industries, the Ministry of Environmental Production said Nov. 13. The NDRC is seeking to address the slow pace of consolidation in industries with overcapacity, it said Nov. 27.

    Source : Konaxis

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    China Plans Emergency Oil-Storage Tanks In Northeast

    Lundi, novembre 2nd, 2009

    China, the world’s second-biggest energy consumer, plans to build emergency oil-storage tanks in the northeast to help bolster fuel-supply security, reported Bloomberg.

    The tanks are part of the second phase of China’s construction of emergency oil stockpiles, said Zhang Guobao, the chief of the National Energy Administration.

    China will set up oil reserves equivalent to 100 days of net imports before 2020 to avoid supply disruptions, China Petrochemical Corp., the nation’s top refiner, said in a company newsletter on Sept. 23, citing a plan approved by the State Council. The stockpiles will be built in three stages, according to the state-run company.

    Construction of the second phase has started with the Dushanzi facility in the western province of Xinjiang, Zhang said last month.

    Under the first phase, China has finished building reserves equivalent to about 30 days of net imports, the energy administration said in June.

    The International Energy Agency, adviser to 28 oil-consuming nations, recommends its member countries to maintain a stockpile level of 90 days of net oil imports.

    Source : Konaxis

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    Guinea Signs $7bln Deal With China

    Vendredi, octobre 30th, 2009

    The junta-backed government of Guinea has signed a seven-billion-dollar mining and oil partnership deal with the China International Fund (CIF), Guinea’s mining minister said Thursday, reported AFP.

    While the majority of Guineans live in abject poverty, the west African country has vast mineral resources. It is the world’s biggest exporter of bauxite, used to make aluminium, and has important iron, gold and uranium reserves.

    The investment will be mainly in infrastructure projects including hydroelectric dams, roads, railways, social housing, power plants, water infrastructure, schools and hospitals, said mining minister Mahmoud Thiam.

    « In exchange (the CIF) will become our strategic partner in a mining project that will start with setting up a national mining company in Guinea (…) where all the state’s interests in mining projects will be housed ».

    The signing of the deal comes at a time when Guinea’s junta is coming under increasing international pressure over the massacre of over 150 anti-junta protesters by the army on September 28.

    Source : Chinafrica

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