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China oil giants enjoy profit rises despite weak economy

China's major onshore oil firms Sinopec and PetroChina said profits rose in 2013, despite weakness in the world's second largest economy. Sinopec -- a listed unit of China Petrochemical Corp -- saw net profit edge up 3.5 percent year on year to 66.1 billion yuan ($10.6 billion), it said in a statement on Sunday, with revenue up 3.4 percent at 2.9 trillion yuan thanks to "stable" domestic demand. "China's economy kept turning for the better, so demand for oil and petrochemical products in the domestic market grew stably," Sinopec chairman Fu Chengyu said in the statement.

Sinopec 'cooperating' in Hong Kong bribery probe

Sinopec, China's biggest oil refiner, said Friday it is cooperating with a Hong Kong graft investigation after reports accused the company of bribery relating to its petrol stations in the city. Executives at the state-owned company are suspected of taking bribes from prospective contractors who were bidding to run petrol stations in the Kowloon area of Hong Kong, the Chinese-language Apple Daily newspaper reported, citing an anonymous source.

China disciplines chief of state oil refiner Sinopec over November blast that killed 62 people

BEIJING, China - Chinese authorities are holding China's largest oil refiner and its top management responsible for a November pipeline explosion that killed 62 people and injured scores of others in the eastern port city of Qingdao. The State Council, China's Cabinet, decided Friday that an administrative demerit should be recorded against Fu Chengyu, chief of state oil company Sinopec, which operated the pipeline. Fu is one of the most prominent figures in China's oil industry.

China energy safety probe exposes 20,000 potential risks

BEIJING (Reuters) - China has uncovered nearly 20,000 disaster risks in its oil and gas sector during a nationwide safety probe following a pipeline blast that killed 62 people last year, the country's safety watchdog said on Thursday. Checks on some 3,000 petrochemical firms and oil storage sites found nearly 20,000 potential hazards, Wang Haoshui, an inspector with the safety agency, told reporters.

Probe 'blames Sinopec, city for deadly China pipeline blast'

An official inquiry blames China's state-owned oil giant Sinopec and local authorities in the city of Qingdao for a November pipeline explosion that killed 62 people, state media reported Thursday. The State Administration of Work Safety (SAWS) found that Sinopec and the Qingdao city government "are responsible for not identifying and correcting potential safety hazards", state broadcaster China Central Television reported, citing a summary of an investigation.

China says corrosion, sparks from jackhammer caused oil pipeline explosion that killed 62

BEIJING, China - A November pipeline explosion in northern China that killed 62 people was caused by sparks from a jackhammer igniting oil that had leaked into the sewage system, revealing major vulnerabilities in China's aging pipeline network, government safety officials said Thursday. The massive explosion Nov. 22 devastated a suburb of the port of Qingdao, leaving another 132 people injured. It ripped apart streets, tossed vehicles into the air and tore the fronts off buildings, causing at least 750 million yuan ($122.7 million) in damage.

Probe 'blames Sinopec, city for deadly China pipeline blast'

An official inquiry blames China's state-owned oil giant Sinopec and local authorities in the city of Qingdao for a November pipeline explosion that killed 62 people, state media reported Thursday. The State Administration of Work Safety found that Sinopec and the Qingdao city government "are responsible for not identifying and correcting potential safety hazards" related to the blast, state broadcaster China Central Television reported, citing a summary of an investigation.

Probe 'blames Sinopec, city for deadly China pipeline blast'

An official inquiry blames China's state-owned oil giant Sinopec and local authorities in the city of Qingdao for a November pipeline explosion that killed 62 people, state media reported Thursday. The State Administration of Work Safety found that Sinopec and the Qingdao city government "are responsible for not identifying and correcting potential safety hazards" related to the blast, state broadcaster China Central Television reported, citing a summary of an investigation.

China says poor performing SOEs to be 'severely dealt with'

SHANGHAI (Reuters) - China will evaluate the performance of its state-owned enterprises in 2014 and "severely deal with" companies that perform poorly, are continuously loss-making or do not meet safety standards, state news agency Xinhua said on Sunday. Beijing hopes to move towards a more efficient model for such enterprises where the state retains ownership but management is more focused on getting returns on investment than meeting policy goals.

Death toll in China pipeline blast climbs to 62

Beijing, Dec 3 (EFE).- Rescue teams reported on Tuesday the finding of seven more bodies of people killed in the Nov. 22 explosion of an oil pipeline in the eastern port city of Qingdao, raising the death toll in one of China's worst industrial accidents to 62. The last body was recovered on Monday, while 136 of the 150 people injured in the accident remain hospitalized, authorities told the official Xinhua news agency.
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