August 12, 2009

China-Taiwan Oil Majors Team Up

State controlled oil giants Sinopec of China mainland (NYSE: SNP) and Chinese Petroleum Corp. of Taiwan are teaming up for oil exploration and development off Australia. Units of the two oil majors are already jointly developing an offshore area in the Taiwan Straits.

Meanwhile, oil prices spiked up on news of all-time record imports of oil in China to 4.6 million barrels/day in July....

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