Energy Insider: China Certifies First Shipment of Carbon Neutral Oil

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In today’s Caixin energy news: Chinese regulators commit to stabilizing fertilizer supplies; prices of paper products rise as costs rise; Cosco unit to acquire stake in Hamburg container terminal; businesses have closed in Zhejiang to reduce their energy consumption.

China certifies first shipment of carbon neutral oil

Chinese oil major Sinopec, Cosco Shipping Holdings Co. and China Eastern Airlines Corp. jointly received China’s first carbon neutral oil shipment certification, as the state’s three giants collaborated to offset the carbon dioxide produced throughout the entire cargo cycle, from production to production. ‘shipping. The 30,000-ton cargo was produced by Sinopec in Angola and shipped by Cosco to a Sinopec refinery based in eastern China for processing, Sinopec said. To offset carbon dioxide emissions, companies have purchased emission reduction allowances to fund carbon reduction projects such as tree planting, solar, wind and biomass power generation.

Regulators pledge to secure fertilizer supply to stabilize prices

The National Development and Reform Commission (NDRC) joined 12 other central government agencies in issuing a notice calling on companies to prioritize the supply of raw materials and energy to fertilizer manufacturers in order to stabilize supply and market prices. Fertilizer suppliers have been urged to improve production efficiency and secure energy allocations for major producers, according to the NDRC. Beijing is reportedly taking various measures to secure fertilizer supplies, including freeing up reserves of potassium fertilizers and securing imports to boost food security, the NDRC said.

Paper Manufacturers Raise Prices Amid Rising Costs

Many Chinese paper mills raised factory prices for corrugated cardboard products in August amid rising raw material costs, state broadcaster CCTV reported. Prices for AA-level corrugated board reached 3,870 yuan ($ 598) per ton, up 15% year-on-year. The key raw material for corrugated board is waste paper, the supply of which has declined dramatically in China as the government banned all imports of solid waste.

Cosco unit to pay $ 116 million for stake in Hamburg terminal

Traded in Hong Kong Cosco Shipping Ports Ltd., a terminal operator of China Cosco Shipping Corp, pay 65 million euros ($ 76 million) to Hamburger Hafen und Logistik (HHLA) for a 35% stake in Container Terminal Tollerort (CTT) in the port of Hamburg, expanding the Chinese shipping giant’s terminal network in Europe. Cosco Shipping Ports also agreed to assume CTT’s 34 million euros debt to HHLA, bringing the total value of the deal to 99 million euros ($ 116 million).

GCL-Poly denies fallout reports

GCL-Poly Energy Holdings Ltd., a Hong Kong-listed polysilicon supplier, denied reports that it was considering splitting its wholly owned subsidiary Jiangsu Zhongneng Polysilicon Technology Development Co. Ltd. The media recently reported that GCL-Poly is considering a separate listing for Jiangsu Zhongneng. GCL-Poly said that Jiangsu Zhongneng was not expected to launch a fundraiser or public registration.

Goldwind’s largest shareholder to sell its stake

Wind turbine manufacturer Xinjiang Goldwind Science & Technology Co. Ltd. stated that its major shareholders Hexie Health Insurance Co. Ltd. planned to sell up to 5% of Goldwind over the next six months. Hexie Health, which currently owns 12.5% ​​of Goldwind, will no longer be the major shareholder after the transaction, and there will remain a vacancy for the absolute controlling shareholder of the company.

Shaanxi (northern China) cuts gas prices

Shaan Xi Province, Natura, has announced that it will reduce pipeline transportation prices by 2.4 yuan ($ 0.37) per cubic meter on the orders of the Shaanxi Development and Reform Commission. The adjustment will result in a loss of 35 million yuan ($ 5.4 million) this year. Lowering prices are part of Shaanxi’s actions to lower the cost of gas for its non-residential sectors amid soaring prices, according to a recent notification from the provincial government.

Zhejiang shuts down businesses due to power shortage

The publicly traded curtain manufacturer Xidamen New Material Co. Ltd. and dye company Zhejiang Yingfeng Technology in southeast China’s Zhejiang Province have announced weeklong shutdowns on orders from the local government. The companies said Zhejiang was rationing electricity use and coal consumption amid an electricity shortage and tight coal supply. The province was classified as a “second level advance warning” in the first half of the year under China’s energy monitoring performance system, saying it failed to meet energy monitoring targets. . Meanwhile, a few listed companies in provinces like Jiangsu, Guangdong and Yunnan have also announced temporary shutdowns for the control of energy consumption.

Contact the editors Han Wei ([email protected]) and Bob Simison ([email protected])

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