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Sinopec units suspended from trading, restructuring expected HONG KONG: Shares of two listed units of Chinese oil giant Sinopec Group - drilling equipment maker Kingdream and Sinopec Yizheng Chemical Fibre Co Ltd 1033.HK - were suspended from trading on Wednesday, pending announcements on transactions related to their parent.Shanghai-based Yizheng said in a filing with the Hong Kong stock exchange it had received notice from Sinopec Group that the state-owned giant was "planning a material transaction related to the company." Shenzhen-listed Kingdream made a similar stock exchange announcement, saying its shares were suspended from trading pending a notice about a significant matter from its ultimate controlling shareholder - Sinopec Group. No further details were given.Neither Sinopec Group nor Yizheng and Kingdream could be reached for comment. The suspension fuelled speculation among securities analysts that the two listed companies were planning asset restructuring, such as asset injections, involving Sinopec Group.In its 2013 annual report, Kingdream said Sinopec Group had ...
Oil prices mixed with Ukraine crisis in focus SINGAPORE: Oil prices were mixed in Asia Wednesday, underpinned by concerns about the Ukraine crisis as fierce armed confrontation between government forces and pro-Moscow separatists continued unabated, leaving dozens dead.US benchmark, West Texas Intermediate (WTI) for delivery in July, eased four cents to $104.07 in afternoon trade. Brent North Sea crude for July gained 13 cents to $110.15 per barrel. Ukraine's interim pro-Western government said Tuesday it had recaptured an airport in the eastern city ...
China CNPC sees to invest at least $2bn in Peru after Petrobras deal LIMA: The China National Petroleum Corporation (CNPC) expects to invest at least $2 billion in Peru over the next 10 years, after having recently bought Petrobras' assets in the country, a top CNPC executive told Reuters on Tuesday. "We are looking for more opportunities in Peru, to acquire companies or to participate in the bidding of oil fields," Gong Bencai, head of CNPC's Latin America division, said in an interview at CNPC's Lima offices. Peru ...
US oil may test support at $103.14 SINGAPORE: US oil may test support at $103.14 per barrel, a break below which will lead to a further loss to $102.30.The support is provided by the 23.6 percent Fibonacci retracement on the rise from the May 1 low of $98.74 to the May 27 high of $104.50. The bearish divergence on the hourly RSI and the shallow fall from $104.50 indicate a possible reversal of the uptrend and progress of a downtrend.This downtrend may ...
Brent gains above $110 as US data boosts growth prospects SINGAPORE: Brent futures rose on Wednesday, holding above $110 a barrel on renewed optimism over steady demand growth in the world's top oil consumer the United States following healthy economic data, with supply disruption concerns providing additional support. Orders for long-lasting US manufactured goods unexpectedly rose and consumer confidence perked up, underpinning risk assets and bolstering US equity markets to another record close. Some analysts see the sharp gains in shares possibly prompting more profit-taking, ...

 





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