Asia Headlines

China: Sinopec Investing to Keep Pace with Demand

Sinopec is set to build the country's largest oil refinery as it looks to cope with the rocketing demand of the Chinese public, the company announced through its corporate newsletter. The company, the world's second largest refiner, will build the mega complex near the city of Lianyungangand in the eastern province of Jiangsu at a cost of HK$23.7bn. The refinery will be able to produce a massive 32m tonnes of fuel per year and construction could begin sometime next year.

India: Indian Oil, Reliance, Make Fortune 500

Eight Indian companies have made the Fortune 500 list for 2012, with two Indian Oil (83) and Reliance Industries (99) making the top 100. Royal Dutch Shell topped the list, knocking Exxon Mobil into second place. US convenience chain Walmart, which placed first in 2009 and 2010, finished third, with BP and Chinese state oil giant making up the top five.


Philippines: PPP Board Approves Chelsea Shipping Purchase

Phoenix Petroleum Philippines will acquire the Chelsea Shipping Corporation after the purchase was approved by the company’s board, it announced. The deal will take place as a share-for-share swap, which will eventually PPP with control of 100% of the company. PPP will pay Php8.29131 per share, the average price of the issuance over the last 30 days.

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