Chinese oil giant takes over Swiss firmAugust 18th, 2009 BEIJING - China's largest oil refinery Sinopec has taken over the Geneva-based oil and gas producer Addax Petroleum Corp., company officials said Tuesday. Sinopec purchased the Swiss oil company for around $7.5 billion.
Sinopec acquires Addax Petroleum for $7.5 billion in China's biggest foreign takeoverAugust 18th, 2009 Sinopec completes China's biggest foreign takeoverBEIJING — Sinopec Group said Tuesday it has completed its $7.5 billion acquisition of Addax Petroleum, obtaining new reserves in Africa and the Middle East in China's biggest foreign corporate takeover to date. State-owned Sinopec Group is the parent of Sinopec Corp., also known as China Petroleum & Chemical Corp., Asia's biggest refiner by volume.
Norway's StatoilHydro posts zero profit in 2Q, cites lower crude and gas pricesAugust 4th, 2009 Norway's StatoilHydro 2Q profit falls to zeroOSLO — Norwegian oil company StatoilHydro ASA on Tuesday saw its profits vanish in the second quarter and cited lower crude and gas prices. The state-controlled oil concern said its net profit for April through June period plummeted to zero kroner from 18.9 billion kroner ($3.1 billion) in the same time last year, when oil prices soared.
Summary Box: Refiner Valero Energy Corp. reports 2Q loss as fuel demand wanesJuly 28th, 2009 Summary Box: Refiner Valero reports 2Q lossWHAT HAPPENED?: Valero Energy Corp., the nation's largest independent refiner, said Tuesday it lost $254 million in the second quarter — usually a robust period for refiners because of strong demand for products such as gasoline and jet fuel. WHAT WENT WRONG?: The recession has simply crushed energy consumption.
Ryanair first-quarter net profit surges to euro136.5 mln thanks to lower fuel costsJuly 27th, 2009 Ryanair's net profit surges on lower fuel costsDUBLIN — Irish no-frills airline Ryanair Holdings PLC reported surging first-quarter profit on Monday, citing sharply lower fuel costs and a business model that thrives during recession. The carrier said net profit for the three-month period ending June 30 was euro136.5 million ($194.5 million) compared to euro21 million in the same quarter of 2008.
JetBlue posts 2Q as cost cuts, lower fuel offset declining passenger demandJuly 23rd, 2009 JetBlue posts 2Q profitNEW YORK — JetBlue Airways Corp. said Thursday it posted a second-quarter profit as cost cuts and lower fuel prices balanced out declining passenger demand.
Former boss of China's No. 2 oil company convicted of graft, given suspended death sentenceJuly 15th, 2009 Former Chinese oil executive convicted of graftBEIJING — The former chairman of China's second-biggest oil company, Sinopec, was convicted of taking $29 million in bribes and given a suspended death sentence Wednesday in Beijing's latest effort to stem chronic corruption. Chen Tonghai was convicted of illegally receiving 196 million yuan ($29 million) from 1999 to June 2007, when he resigned abruptly as chairman of Sinopec, government-run China Central Television and the Xinhua News Agency reported.
Aviation fuel prices slashed, but fares unlikely to be cutJuly 15th, 2009 NEW DELHI - With a fall in international prices of crude, state-run oil companies Wednesday slashed aviation fuel prices by almost 6 percent. The new prices will be effective Wednesday night and come after four consecutive hikes.
Aviation fuel prices hiked againJune 30th, 2009 NEW DELHI - State-run oil companies Tuesday raised jet fuel prices by over 6 percent, the fourth hike in two months, after crude oil price at the global market reached a seven-month high of $72 per barrel. The aviation fuel would now cost Rs.2,307 more per kilolitre in Delhi at Rs.38,558.
China's Sinopec seeks crucial capacity, coveted reserves with $7.2B Addax bidJune 25th, 2009 Sinopec seeks capacity, reserves with Addax bidSHANGHAI — Sinopec, with its $7.2 billion bid for Addax Petroleum, is seeking crucial production capacity and coveted reserves in West Africa and the Middle East to help balance its heavy reliance on crude oil processing. News that Addax's board had approved the offer by Sinopec, formally known as China Petroleum & Chemical Corp., helped push the Beijing-based company's shares up more than 2 percent Thursday, though they later fell back to close just 0.4 percent higher at 10.56 yuan.
Chinese refiner Sinopec to buy Canada's Addax Petroleum for $7.2 billionJune 24th, 2009 China's Sinopec to acquire Addax Petroleum for $7BCALGARY, Alberta — Canadian oil and gas exploration company Addax Petroleum Corp says that it has agreed to be acquired by Chinese refiner Sinopec in a deal valued at $8.27 billion Canadian (US$7.2 billion). The wholly owned subsidiary of China Petrochemical Corp.
Chinese refiner Sinopec to buy Canada's Addax PetroleumJune 24th, 2009 China's Sinopec to acquire Addax PetroleumCALGARY, Alberta — Chinese refiner Sinopec agreed to acquire oil and gas exploration company Addax Petroleum Corp. in a deal valued at $8.27 billion Canadian (US$7.2 billion), gaining access to reserves in West Africa and the Middle East.
China's Sinopec puts up $7.2 billion for Addax Petroleum; largest overseas bid so farJune 24th, 2009 China's Sinopec makes $7.2B grab for AddaxTORONTO — China's Sinopec will acquire oil explorer Addax Petroleum for $7.2 billion, again flexing the country's economic clout in what would be the largest overseas takeover ever by a Chinese company. China has been aggressively pursuing major acquisitions or investments in commodity companies and the push-back from other countries has just as forceful.
Reports: Chinese refiner Sinopec mulling takeover of Addax Petroleum, in latest overseas bidJune 9th, 2009 Reports: China's Sinopec mulling takeover of AddaxSHANGHAI — Chinese refiner Sinopec is in preliminary talks on acquiring Canadian oil and gas exploration company Addax Petroleum Corp., reports said Tuesday. The potential takeover bid is the latest effort by Chinese energy and resource companies to expand and diversify overseas assets as Beijing seeks to secure resources for the country's future growth.
Valero Energy 1st-quarter profit climbs 18 pct, exceeds Wall Street expectationsApril 28th, 2009 Valero 1Q profit jumps 18 pct but revenue tumblesHOUSTON — Valero Energy Corp. said Tuesday its first-quarter profit rose more than 18 percent, easily beating Wall Street expectations as higher margins for turning crude into gasoline offset weak demand for a variety of refined products.
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