Latest news with #Shandong
Reuters
2 hours ago
- Business
- Reuters
Discounts deepen on Iranian oil in China as struggling teapots slow buying
SINGAPORE, June 20 (Reuters) - Sellers of Iranian oil to China are offering deeper discounts this month as they look to reduce inventories and as independent refiners slow their buying due to a jump in crude prices, traders and analysts said. Iranian Light crude oil is being traded at $3.30-$3.50 a barrel below ICE Brent for July deliveries, compared to a discount of around $2.50 for June, three traders said. Independent refineries, known as teapots, are the main Chinese buyers of Iranian crude. They are currently being squeezed by a $10 a barrel surge in crude prices since the Israel-Iran conflict began last week. Teapots in refining hub Shandong province are incurring their deepest losses this year, traders said. Consultancy Sublime China Information estimates average losses at 353 yuan ($49.15) per metric ton this week. Shandong refinery operations remained low at 51% of capacity as of June 18, down from 64% a year earlier, Sublime data showed. STORAGE RISING Meanwhile, stocks of Iranian oil, including in Chinese storage, in tankers near and off Chinese ports awaiting discharge, and in floating storage near Malaysia and Singapore, amount to roughly 70 million barrels, according to analytics firm Vortexa. That is enough for two months' demand for Iranian oil from China, the biggest buyer. Data from tanker tracker Kpler points to a stockbuild of more than 30 million barrels this year in floating storage. Both Kpler and Vortexa estimate total Iranian oil on the water, including floating storage, at nearly 120 million barrels, the most since at least 2023. Recent U.S. sanctions on three Chinese teapots curtailed buying from several mid-sized independents worried about being designated, Reuters has reported. One trader estimated the volume of Iranian supply to China replaced by non-sanctioned barrels at 100,000 barrels per day in the first half of 2025 - a fraction of the 1.4-1.5 million bpd of Iranian oil being delivered to China. ($1 = 7.1819 Chinese yuan renminbi)
Associated Press
4 hours ago
- Business
- Associated Press
Sixth Qingdao Multinationals Summit Held in Qingdao
QINGDAO, China, June 20, 2025 (GLOBE NEWSWIRE) -- On June 19, the Sixth Qingdao Multinationals Summit opened at the Qingdao International Conference Center. Centered on the theme 'Multinationals and China: Connecting the World for Win-Win Cooperation,' the summit serves as a high-level platform for policy dialogue, industrial alignment, and project collaboration among global multinationals. A Media Snippet accompanying this announcement is available in this link. Co-hosted by the People's Government of Shandong Province and Ministry of Commerce, the summit is jointly organized by the Department of Commerce of Shandong Province and the Qingdao Municipal People's Government, among others. This year's summit has drawn wide attention and active participation from the global business community. A total of 465 multinational companies attend the event, including 135 Fortune Global 500 companies and 330 industry-leading enterprises. These firms come from 43 countries and regions, with over 50% from emerging market economies. Reflecting the trend toward greater openness in the services sector, more than 20% of summit delegates represent multinational companies in modern finance, artificial intelligence, and other cutting-edge sectors. In addition to traditional markets such as Japan, South Korea, Singapore, the United States, Germany, and France, the summit has attracted increased participation from emerging regions including ASEAN, the Middle East, and Africa. Notably, enterprises from nine countries such as Vietnam and Egypt participate in the summit for the first time. The summit agenda includes an opening ceremony and high-level forum on the high-quality development of multinationals, three thematic activities, and multiple parallel sessions across four major segments. A new edition of the Multinationals in China research report series will also be released during the event. According to Wang Lei, director-general of the Department of Commerce of Shandong Province, since the launch of the inaugural summit, the past five editions have attracted 421 Fortune Global 500 companies and 967 industry-leading enterprises, with a cumulative attendance of over 3,000 delegates. Source: Qingdao Municipal People's Government Contact person: Ms. Zhang, Tel: 86-10-63074558.
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Business Standard
8 hours ago
- Business
- Business Standard
Taiwan prez instructs military to boost surveillance to counter China
Taiwan's President Lai Ching-te has instructed the Taiwanese military to bolster its security surveillance amid rising tensions between Israel and Iran, Focus Taiwan reported on Thursday. Notably, the order comes amid the rising Middle East tensions. Focus Taiwan reported that while speaking in a routine meeting with military officials on Thursday, the Taiwanese President observed that the conflict in the Middle East has not deterred China from continuing its pressure along the First and Second Island Chains, according to a statement released by the Presidential Office. It reported that on the contrary, the Chinese aircraft carriers, the Shandong and Liaoning, have recently been active in nearby waters, the President said. He added that Taiwan must remain in close contact with its allies to ensure it can respond swiftly under all circumstances. As per Focus Taiwan, President Lai said the United States Indo-Pacific Command has raised its Force Protection Condition level across the region. He directed the Ministry of National Defence and the national security team to monitor the situation and its impact on regional security closely. The frequent incursions and maritime operations reflect rising tensions between Taiwan and China, a relationship long fraught with geopolitical strain. Taiwan, officially the Republic of China (ROC), governs itself independently with its own political and economic systems. However, China continues to claim Taiwan as part of its territory under the "One China" principle, insisting there is only one China with its capital in Beijing. The dispute's roots trace back to the end of the Chinese Civil War in 1949, when the ROC government fled to Taiwan after the Communist Party, led by Mao Zedong, took control of mainland China. Since then, Beijing has maintained its goal of reunification, using military, diplomatic, and economic means to apply pressure on Taiwan and diminish its international space. Despite these efforts, Taiwan maintains its de facto independence with strong public support and continues to assert its sovereignty amid ongoing external pressures. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Bloomberg
9 hours ago
- Business
- Bloomberg
China's Record Oil Stockpile Offers Buffer as Iran Crisis Builds
Oil refiners in China — the largest takers of Iranian crude — are unfazed for now about the possibility of interruptions to Middle Eastern supplies given the nation has a record stockpile that provides a temporary buffer. At present, China's total onshore inventory stands at a record 1.18 billion barrels, according to Kayrros, which monitors stockpiling. That includes holdings in the private oil-refining region of Shandong, which reached a peak of 355 million barrels, with part of that build due to a new storage tank and refinery opening, according to Antoine Halff, co-founder and chief analyst.
Japan Times
12 hours ago
- Sport
- Japan Times
China set to deploy teenage 'Moving Great Wall' Zhang Ziyu at Women's Asia Cup
China looks set to unleash its 226-cm "moving Great Wall" at the Women's Asia Cup after teenager Zhang Ziyu put in another towering display days after her debut. The 18-year-old center scored 18 points as China beat rival Japan 101-92 on Wednesday in Xi'an in a warm up for the regional tournament next month on home soil. It was her third appearance for the senior Chinese squad, having helped China to blowout victories over Bosnia and Herzegovina over the weekend. Chinese state media dubbed her and gangly center Han Xu the "Twin Towers." Zhang's looming presence on court — footage showed her barely needing to jump to make a basket — seemed to stump Japan head coach Corey Gaines. Asked if he had figured out a way "to deal" with the teenager, the American former NBA guard told reporters: "We'll just say: Interesting. Very interesting." Zhang hails from northern China's Shandong province and had reached 210-cm by the end of primary school. She has been likened by Chinese fans to former Houston Rockets great Yao Ming. Yao, who at 229-cm was one of the tallest NBA players in history, was known as the "moving Great Wall" before retiring from basketball in 2011, and Zhang has now taken on the nickname. Both of Zhang's parents played professional basketball. Her father, Zhang Lei, played for the Chinese Basketball Association's Jinan Military Region while her mother, Yu Ying, was a center for Shandong, according to local media. The teenager may have a distinct height advantage, but she has been told she needs to sharpen up. Experienced center Yang Liwei said after Wednesday's win that Zhang "could have been tougher on some shots." "I think she played at her normal level," added Yang, who helped China win the Asian title in 2023.
