PetroChina Co (
The provincial government will soon reveal the location of the refinery, Zhong told reporters at the Boao Forum for Asia in Hainan on Saturday. He declined to provide further details. The Pearl River Delta region southwest of Hong Kong accounts for about a third of China's exports.
China, the world's largest oil consumer after the US, is encouraging local oil companies to expand refining capacity to meet its soaring demand for energy.
China's oil consumption this year may rise 5.5 percent according to the International Energy Agency forecast on April 12.
Kuwaiti Oil Minister Sheikh Ahmad Fahd al-Sabah visited Guangdong and met with PetroChina officials to talk about the refinery project last December.
Persian Gulf oil producers such as Saudi Arabia, Kuwait and the United Arab Emirates are investing in Asian oil-consuming countries, seeking to tie their oil production with demand in nations such as China, South Korea and Taiwan.
The refinery planned by Kuwait will have the capacity to process up to 400,000 barrels a day of crude oil, the state-run Kuwait News Agency reported on Dec. 5, citing al-Sabah.
Kuwait, the world's fourth-largest holder of oil reserves, will supply the crude, the report said.
China wants to raise its oil refining capacity by 25 percent in the next five years to meet rising demand for motor fuels and chemical raw materials.
It may increase its crude oil processing capacity to 355 million tonnes by 2010 from 285 million tonnes this year, the National Development and Reform Commission, the nation's top economic planning agency, said on its Web site on March 16.
BUSINESS UPDATE: The iPhone assembler said operations outlook is expected to show quarter-on-quarter and year-on-year growth for the second quarter Hon Hai Precision Industry Co (鴻海精密) yesterday reported strong growth in sales last month, potentially raising expectations for iPhone sales while artificial intelligence (AI)-related business booms. The company, which assembles the majority of Apple Inc’s smartphones, reported a 19.03 percent rise in monthly sales to NT$510.9 billion (US$15.78 billion), from NT$429.22 billion in the same period last year. On a monthly basis, sales rose 14.16 percent, it said. The company in a statement said that last month’s revenue was a record-breaking April performance. Hon Hai, known also as Foxconn Technology Group (富士康科技集團), assembles most iPhones, but the company is diversifying its business to
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Qualcomm Inc, the world’s biggest seller of smartphone processors, gave an upbeat forecast for sales and profit in the current period, suggesting demand for handsets is increasing after a two-year slump. Revenue in the three months ended in June will be US$8.8 billion to US$9.6 billion, the company said in a statement Wednesday. Excluding certain items, earnings will be US$2.15 to US$2.35 a share. Analysts had projected sales of US$9.08 billion and earnings of US$2.16 a share. The outlook signals that the smartphone market has begun to bounce back, tracking with Qualcomm’s forecast that demand would gradually recover this year. The San
Clambering hand-over-hand, sweat dripping into his eyes, a durian laborer expertly slices a cumbersome fruit from a tree before tossing it down to land with a soft thump in his colleague’s waiting arms about 15m below. Among Thailand’s most famous and lucrative exports, the pungent “king of fruits” is as distinctive in its smell as its spiky green-brown carapace, and has been farmed in the kingdom for hundreds of years. However, a vicious heat wave engulfing Southeast Asia has resulted in smaller yields and spiraling costs, with growers and sellers increasingly panicked as global warming damages the industry. “This year is a crisis,”