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Wall Street indexes rise after Fed lowers interest rates
Wall Street closed higher on Wednesday after the Federal Reserve cut rates by a quarter of a percentage point, as expected. Investors bet that the Federal Reserve will continue to ease interest rates in the future. However, the central bank indicated it would pause further cuts for the time being. Before making its next policy decision, the central bank will look for more clear signals on the direction the economy is taking and the inflation rate that "remains somewhat high." The Fed's two day meeting was followed by projections that showed a median expectation of another quarter point cut in 2026. This is in line with the expectations from the September meeting. Policymakers also raised their estimates of 2026 GDP growth from 1.8% to 2.3% and maintained their expectations for a 4,4% unemployment rate by the end of next year. Fed Chair Jerome Powell refused to give any indications in his press conference as to whether another rate cut will occur soon. Investors gained a 'little hope of easing? from Powell's comments about the significant downside risks in the labor market and the central bank not wanting its policy to slow down job creation. Lindsey Bell is the chief investment strategist of 248 Ventures in Charlotte, North Carolina. She said that Powell's discussion on the labor market was a good thing for the market, as it would support further cuts next year. U.S. Treasury Yields also "lost steam" when Powell spoke and this helped support stock price gains. Markets were muted before the Fed's statement, as investors feared that, despite widely expecting a rate cut, the Fed might adopt a more hawkish stance on policy. Even before Powell's remarks, some investors had been looking at more rate cuts because of labor market concerns. The market is picking up on the fact that the Fed's policy could be eased further, even though expectations for 2026 are unchanged with a 25 basis-point price in, said Michael Rosen, chief Investment Officer, Angeles Investments. The S&P 500 ended the day up 46.17, or 0.67% at 6,886.68, aiming to return to its record-breaking closing high of October 28, but falling short. The Dow Jones Industrial Average increased 497.46, or 1.5%, to 48.057.75. Meanwhile, the Nasdaq Composite rose 77.67, or 0.33 percent, to 23,654.16. Russell 2000, a small-cap index sensitive to interest rates, outperformed the large cap Russell 2000 with a gain of 1.3% and a record closing high. All but two of the S&P 500’s 11 major industries sectors showed growth. The Industrials sector saw the largest gain, gaining 1.8%. The biggest boost came from energy equipment maker GE Vernova. It surged by 15.6% following a forecast of higher revenue in 2026. This signaled strong demand for AI-related infrastructure. Consumer staples barely fell, while defensive utilities were the biggest losers. On the NYSE, there were 496 highs and 52 lows. On the Nasdaq 3,164 stocks rose, while 1,642 fell. The ratio of advancing issues to decliners was 1.93:1. The S&P 500 recorded 45 new 52-week lows and seven new highs, while the Nasdaq Composite registered 185 new highs. In the United States, 16.91 billion shares were traded compared to the 17.41 billion average moving price for the past 20 sessions. Reporting by Sinead carew, Laura Matthews and Caroline Valetkevitch, in New York; Johann M Cherian, Pranav Kashyap and David Gregorio, in Bengaluru. Editing by Tasimzahid, Shinjiniganguli and David Gregorio.
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Silver reaches all-time high after Fed rate reduction
After the Federal Reserve cut rates, gold prices rose on Wednesday, but uncertainty about next year's policies remained. Silver also reached a record high. At 3:17 pm, spot gold was up 0.7% to $4,236.57 an ounce. ET (2017 GMT). U.S. Gold futures for delivery in February settled at $4,224.70, down 0.3%. In another divided vote, the Fed reduced interest rates. However, it signaled that they will likely hold off on further reductions of borrowing costs until officials receive clearer signals regarding the direction the job market and inflation is taking. Metals trader Tai Wong said, "Gold traders are pleased with the results today. It's trading near its day-highs after having survived a bout of profit-taking." Investors are more likely to be interested in non-yielding investments when interest rates are lower. Majority of U.S. central banks believe that they will have to reduce short-term rates next year. However, the amount is widely divided. Three rate increases are penciled in by three central bankers, but a large majority of them oppose any interest rate cuts. Fed Chair Jerome Powell has said that the central bank's rate policy is positioned well to respond to the challenges facing the economy. He declined to give any further indication as to whether another cut will be made in the near future. "Powell danced around the raindrops and coaxed another rate reduction from a divided panel with only three dissenters, and major market are rallying through his press conference. "It is unclear whether gold will reach new highs," said?Wong. Spot silver reached a new record high of $61.85. The price of silver has risen 113% this year due to a combination of factors including a rising industrial demand, falling inventories and the designation by the U.S. as 'critical mineral. In a recent note, analysts at SP Angel stated that "in our opinion, the outperformance of silver is due to speculative funds flowing into a levered-up play after gold's decline." Silver is also benefiting from tightening physical markets, after a shortage in October. Palladium fell 2%, to $1475.94, while platinum dropped 2.4%, to $1654.55. (Reporting and editing by Shailesh Kuber and Krishna Chandra Eluri in Bengaluru. Ashitha Shivaprasad and Anushree Mukherjee, both from Bengaluru)
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Stocks continue to rise, while yields continue to fall as Fed lowers rates
The major stock indices gained on Wednesday, while U.S. Treasury Yields continued to decline after the Federal Reserve lowered interest rates. The U.S. Dollar remained lower. Projections issued after the U.S. central bank's two-day meeting showed the median policymaker sees just one quarter-percentage-point cut in 2026, the same outlook as in September. Policymakers are weighing the signs of a cooling labour market against inflation concerns. The recent U.S. shutdown has caused a lack of data, which will delay the November payroll report until December 16 while the inflation figures are due two weeks later. The 25 basis point rate cut was widely anticipated and economic projections are still optimistic. Peter Cardillo is the chief market economist of Spartan Capital Securities, New York. He said, "I would view this as semi-dovish and cautious." In his comments after the announcement, Fed Chair Jerome Powell stated that the U.S. Central Bank interest rate policy was well-positioned to'respond to what lies ahead in?the economic future, but he refused to give any indication as to whether another rate cut is imminent. The Dow Jones Industrial Average rose by 550.13 or 1.16 percent to 48,112.12, while the S&P 500 gained 50.67 or 0.74 percent to 6,891.18. And the Nasdaq Composite was up by 102.47 or 0.43 percent to 23,678.63. MSCI's global stock index rose by 2.00 points or 0.20% to 1,008.44. The pan-European STOXX 600 ended the day 0.07% higher. Market participants anticipated the Fed's decision. Three dissenters voted against the decision to reduce by 25 basis points. The dollar was down against the major currencies. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen and euro) fell by 0.23% at 98.99. Meanwhile, the euro rose 0.26%, reaching $1.1655. The dollar fell 0.17% against the Japanese yen to 156.6. U.S. Treasury yields continued to decline. The yield on U.S. benchmark 10-year notes dropped 4.1 basis points to 4.145% from 4.186% at the end of Tuesday. The yields on bonds have been rising around the world in recent weeks as central banks signalled that they are nearing the end of the easing cycle. It is expected that the Bank of Japan will raise rates next week at its policy meeting. Caroline Valetkevitch reported from New York with additional reporting from Amanda Cooper in London and Stephen Culp and Wayne Cole in Sydney. Mark Potter and Matthew Lewis edited the story.
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Combs, Berkshire's Combs, is the new face of JPMorgan in its national security bet
Todd Combs, Berkshire Hathaway's seniorest external hire, will?turbocharge JPMorgan Chase’s $1.5 trillion push towards national security. Combs is a longtime deputy of legendary investor Warren Buffett. He joined the nation's biggest bank this week to head a team which will invest over $10 billion in JPMorgan money into companies that are deemed "strategic" for the United States. He will be reporting directly to CEO Jamie Dimon. Sean Dunlop is a Morningstar banking analyst. He said, "It's hoped that the group of investors can help JPMorgan identify opportunities, and identify and overcome policy obstacles." Combs’ group will target smaller and midsized businesses rather than large-scale acquisitions. JPMorgan's investment in Perpetua Resources Corp., which raised $255 in equity investments recently, triggered the initiative in late October. DIMON'S BUS TOUR Dimon's annual bus tour, which took place this summer, was the catalyst for the bank's initiative on national security. He visited the L3Harris Technologies plant in Alabama which produces?critical propulsion system, solid rocket motors, and engines for major defence and space programs. Source: An executive told Dimon that their supply chain and vendors can be challenged by 'uncertainty about future orders volumes. Dimon asked bankers to explain how they could assist vendors of large defence companies facing similar challenges. L3Harris has declined to comment. JPMorgan has a 10-year, $1.5 trillion plan to finance, facilitate and invest in industries that are critical to the national economy. The bank will invest direct equity or venture capital of at least $10 billion to select companies in the United States as part of its new initiative. Sources said that Combs' new team at JPMorgan will include both external hires and employees who are being redeployed to the asset and wealth management and corporate and investment banking departments. Combs was previously on the board of JPMorgan. He led Geico, an insurer backed by Berkshire. Dimon chose him as his first choice, according to the source. Dimon stated in a Monday statement that Todd Combs was one of the most successful investors and leaders he had ever known. Combs, who ran a hedge-fund before joining Buffett's conglomerate, joined the company in 2010. "He really enjoys working here, and he knows the senior staff. He loves this company." Dimon said in a Financial Times report that Combs was a "natural fit" for the company. "I find it incredibly interesting that he uses his skills in so many different ways." Combs is "a very impressive long-term investor track record", according to Meyer Shields at Keefe Bruyette & Woods. Imagine (Combs), metaphorically, sitting at (Buffett)'s (Buffett) knee to understand how Warren Buffett views the world. It's likely that his background is a good one for the strategic role he will be undertaking at JPMorgan." Buffett's focus on executives running businesses, such as Combs when he was at Geico, helps them have a deeper understanding than other investors. Dimon has always linked economic strength and national security. He writes in his annual letters to investors, that America must invest in critical technologies and rebuild its industrial capacity to maintain leadership in the world. Dimon said that the U.S. is too dependent on China to provide essential resources such as semiconductors, pharmaceutical ingredients and rare earths. Dimon said that the U.S. is too dependent on China for essential resources like rare earths, semiconductors and pharmaceutical ingredients. Dunlop says it is still unclear how much of JPMorgan's $1.5 trillion commitment will be split between direct investment and loans, and what percentage will see JPMorgan acting as an intermediary. JPMorgan was both a lender and an advisor to MP Materials, in October. They arranged $1 billion in committed financing for the government-backed deal that aims to increase output of rare earth magnetic materials. (Reporting and editing by Lananh Nguyen, Nick Zieminski and Saeed Azhar)
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Congo rebels enter strategic city as peace deal falls apart
Sources told AFP that M23 rebels backed by Rwanda have invaded the town of Uvira in eastern Congo, near the Burundian border. This is the largest escalation of the war in recent months, they said. Uvira is located on the shores Lake Tanganyika and has been the headquarters for the Kinshasa appointed government in South Kivu Province as well as its regional military bases since the??provincial capitol, Bukavu fell to the M23 in Februrary. The rebels could advance further if they control Uvira. M23's latest advance in the mineral-rich area comes less than one week after Congolese president Felix Tshisekedi met with U.S. President Donald Trump and confirmed their commitment to an American-brokered deal. Congo and Rwanda accuse each other of having violated the agreement. Congo's Foreign Minister has called on Washington to increase targeted sanctions against Rwanda in order to "restore credibility" to its mediation efforts. Rwanda, which denies supporting?M23 and blames Congolese forces, as well as Burundi, for the renewed fighting. Human Rights Watch's Central Africa Director, Lewis Mudge, said that the violence in Uvira proves that signing agreements in Washington "is not enough" to guarantee the safety of civilians living in eastern Congo. CONTROL OF UVIRA IS DISPUTED According to the United Nations, 200,000 people fled their homes over the past few days. Scores of civilians were also killed. On Wednesday, it was unclear whether M23 controlled Uvira in its entirety. One resident, who asked to remain anonymous for safety concerns, said that "there's still firing". The resident claimed that M23 told residents to stay at home while its forces cleared any resistance. A source in the government of Congo said that the military wouldn't react to protect civilians. Lawrence Kanyuka said, "The city is liberated," on X. Edouard Bizimana is the Burundi foreign minister. He said that Uvira has not yet fallen. Fear of Regional Violence M23 made a rapid advance in eastern Congo, capturing more territory than any other time in the past, including Goma, one of the two largest cities in this region. Since then, the rebels have tightened their grip in areas they control. However, they had held back from major advances while taking part in Doha peace talks. On Monday, it was reported that M23 had taken Luvungi - a town which had been on the frontline since February - and that there were fierce battles taking place near Sange, Kiliba and other villages along the road to Uvira in the north. The?U.S. The United States and nine other members from the International Contact Group for the Great Lakes expressed "profound concerns" about the renewed violence in South Kivu. They warned that the violence would destabilise the region. Therese Kayikwamba said in an interview late on Tuesday that Washington should increase sanctions against Rwanda. She suggested targeting "individuals within the chain of command", and institutions like the Rwandan army to limit its ability to purchase weapons. Wagner stated that Washington must restore its credibility by being accountable. "It's not enough to condemn." "It is not enough just to be preoccupied, or to be worried." RWANDA DEFENDS ITS POSITION Rwanda claims its troops are in eastern Congo as "defensive actions," but Washington and the United Nations say that evidence of Rwandan backing for the rebels has been made clear. The Rwandan Foreign Ministry Olivier Nduhungirehe stated on Wednesday that additional sanctions will not stop the fighting. He blamed Kinshasa for failing to implement peace agreements or honour an agreement reached in Washington last week regarding an airstrike ban. He said that Congolese forces had been attacking local communities and rebel positions in South Kivu Province for "weeks and even months" prior to the recent escalation. The Rwandan foreign ministry stated that the international community had not called for an end to the attacks, which were planned by the DRC over months and launched in the last week. Burundi also said it was helping Congolese troops bomb towns near its border. The Burundian army is close to 20,000 strong in South Kivu, in service to the government of DRC. Burundi has not responded to Rwanda's announcement. Reporting by Ange A. Kasongo and Sonia Rolley, Congo Newsroom. Additional reporting by Robbie Corey Boulet, Clement Manirabarusha, and Robbie Corey Boulet. Writing by Silvia Aloisi and Robbie Corey Boulet. Editing by Frances Kerry and Ros Russell. Toby Chopra.
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Investors prepare for Fed, and stocks rise while the dollar falls
On Wednesday, the major stock indexes mainly edged up while the dollar fell as a divided Federal Reserve board faced crunch time. Oracle's earnings were eagerly awaited after the Wall Street closing bell. This and other results may test artificial intelligence valuations that are sky high. When the Fed announces its decision at 2 pm, it is expected that interest rates will be cut. Investors are worried about the outlook for rates next year. How many Fed members predict that there will be one, two, or no cuts in the next year? Analysts suspect that at least two out of 12 voters may be against a easing. This would put Chair Jerome Powell into a tough position. The policymakers are weighing the signs of a cooling labour market against inflation risks. Investors have recently reduced their expectations for rate cuts in the year 2026. The government shutdown will further complicate matters by delaying the important November payrolls report until December 16 while the inflation figures are due two weeks later. Eugene Epstein is the head of Trading and Structured Products at Moneycorp, New Jersey. He said that the Fed was "semi-blind" at the meeting as they didn't yet have a complete picture on the economy. According to CME's FedWatch Tool?, the markets are pricing in an approximately 90% chance of a cut of 25 basis points. Many market participants anticipate a "hawkish" cut in which they expect the Fed to indicate that it intends?to slow or stop?the rate reduction path. Oracle shares fell 0.8% on Wall Street while the S&P500 edged up. The Dow Jones Industrial Average rose 215 points or 0.45% to 47,776.05, while the S&P 500 gained 2.69 points or 0.04% to 6,843.20, and the Nasdaq Composite dropped 66.29 or 0.28% to 23,510.20. Santa Rally is the term used to describe the last two weeks of December, when the S&P 500 tends to perform better than the rest of the year. Investors are settling their accounts for the year. MSCI's global stock index rose 0.12% or 1.18 points to 1,007.62. The STOXX 600 Index rose by 0.07%. Spot silver prices rose 0.6%, to $61/oz. They had hit a high of $61.61 in the previous session. Silver prices have more than doubled in the past year due to a?dwindling of inventories and a bullish market that has attracted momentum funds. In a recent report, the Silver Institute, an industry association, said that there is a growing demand in sectors such as solar energy, electric cars and their infrastructure and data centers?and AI. Treasury yields in the U.S. fell ahead of Fed's announcement. The yield on the benchmark U.S. 10 year notes dropped 2.5 basis points from?4.186% at late Tuesday to 4.161%. In recent weeks, yields have risen around the world as central banks signalled that they are nearing the end of easing cycles. The Bank of Japan, meanwhile, is expected to raise rates next week at its policy meeting. Investors reduced their positions in anticipation for a Fed rate reduction, erasing two days of dollar gains. The dollar index, which measures greenbacks against a basket including the yen, euro and a few other currencies, dropped 0.25% at 98.97. Meanwhile, the euro rose 0.23% to $1.1652. The dollar fell 0.37% against the Japanese yen to 156.28. Caroline Valetkevitch reported from New York, and Amanda Cooper from London. Gertrude Chavez Dreyfuss and Wayne Cole contributed additional reporting in New York, Sydney, and Sydney. Alex Richardson edited the story. Alexander Smith, Mark Potter and Mark Potter).
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Silver drifts close to record high as gold slips before Fed rate decision
As investors booked profits in anticipation of the upcoming?U.S. Silver is hovering below record levels as investors await the Federal Reserve's rate decision and Jerome Powell’s remarks. At 11:40 am, spot gold was down by 0.2% to $4,201.45 an ounce. ET (16:40 GMT). U.S. gold for delivery in February fell by 0.1%, to $4,230.50 an ounce. Spot silver increased 0.3% to 60.82/oz after reaching an all-time high earlier in the day of $61.61. "All you want to note right now is some light profit taking ahead of the Fed Meeting- a highly anticipated event this afternoon," David?Meger said, director of metals trade at High Ridge Futures. The Federal Open Market Committee will announce their rate decision at 2 p.m. ET (1900 GMT), Powell is scheduled to speak at 2:45 p.m. ET (1930 GMT). According to CME's FedWatch Tool traders are pricing in an 89.6% probability of a 25-basis-point rate cut this week, and they expect more easing in the year 2026. Meger said: "We may be on a course of rate cuts and pause... but we still think we're in an uptrend sideways to higher, with a slight pause." The meeting will be one of the most controversial in recent years as policymakers balance the need to lower?borrowing rates' to support the labor markets against the danger of reigniting the inflation. The lack of new economic data after the 43-day shutdown and the uncertainty about who will be the Fed's leader next year adds to the problem. White House economic adviser Kevin Hassett is a leading candidate for the position. Hassett has been a supporter of rate reductions. Silver has risen by 110.5% this year so far, mainly due to the rising industrial demand and falling inventories. It was also designated as a "critical mineral" by the U.S. Meger stated that "we believe the gold/silver ratio is returning to some historical norm now." Now, it takes 69 ounces to purchase an ounce gold The number of ounces has dropped from 82 in October. Palladium dropped by 3.8%, to $1449.25, and platinum fell 3.5%, to $1631.77. (Reporting by Sarah Qureshi and Anushree Mukherjee in Bengaluru; Editing by Shailesh Kuber)
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Denmark compensates Greenlandic women who have undergone involuntary contraception
The Danish government announced on Wednesday that it had reached a deal in parliament for compensation to be paid to Greenlandic women who suffered from a decades-long, involuntary campaign of birth control. This is just one of many cases that have emerged in recent years regarding allegations of Danish authorities' misconduct against Greenland residents, now a Danish semi-autonomous territory. In 2022, records revealed that thousands of women as young as 13 years old were fitted with intrauterine device without their consent or knowledge between 1966 and 1991 when Greenland gained control over its healthcare system. Aaja Chemnitz said, "Now women get the compensation we've been fighting for since many years," in an Instagram post. In a press release, the Health Ministry said that under the agreement, eligible women would receive 300.000 Danish crowns (46,750 dollars) through a reconciliation account. Women who are eligible must have attended school or lived in Greenland during that period. They will also have to provide proof of their claims. "We cannot change the past. We have been 'blind to injustices committed against them for too long. Mette Frederiksen, Prime Minister of Denmark, said in an official statement that we could 'take responsibility. Frederiksen apologized in person, to some women who had been victims. The move was part of Denmark's increased?efforts? to repair its ties with Greenland after U.S. president Donald Trump announced his intention to seize control of the vast and resource-rich Arctic Island for security purposes. The ministry stated that applications will open in April of 2026. Approximately 4,500 women are eligible to apply. First payments should be expected in the fall of 2026.
China CNPC's international oil, gas financial investment
China National Petroleum Corp (CNPC), Asia's biggest oil and gas producer, has over the past 3 years built a worldwide portfolio with possessions in 33 nations.
The company's overseas production went beyond 100 million metric loads, or 2 million barrels per day of oil equivalent, for the first time in 2019 and has given that preserved that level, according to its Economics and Technology Research Study Institute.
CNPC and its noted car PetroChina has given that 2002 invested an approximated $38.6 billion in upstream possessions outside China, versus Sinopec's $49.7 billion and CNOOC Ltd's $36. billion, according to consultancy Wood Mackenzie.
The nationwide champ's most acquisitive period was. between 2009 and 2013 with 29 offers clinched worth almost $28. billion, according to LSEG's offer records.
Below lists some of the primary financial investments CNPC and PetroChina. have made consisting of refineries, according to business. sites, data from LSEG and Rystad Energy.
Central Asia:
Kazakhstan - In 2005, CNPC paid $4.1 billion for Canadian. firm PetroKazakhstan that is engaged in oil production, refining. and fuel marketing.
CNPC AktobeMunaiGas was the business's first oil and gas. financial investment in Central Asia and stays a significant source of equity. production and capital.
CNPC and KazMunaiGaz (KMG) each holds a 50% stake in. MangistauMunaiGas, Kazakhstan's fourth-largest oil firm. The 2. companies likewise each own half of the Shymkent Refinery.
In 2013, CNPC bought an 8.33% stake in the huge Chevron-led. Kashagan field for $5.4 billion.
Turkmenistan - Fully owns the Amu Darya task, CNPC's. initially abroad natural gas financial investment that began production in. 2007. Turkmenistan is China's biggest gas provider.
Russia
Owns 20% of Yamal LNG, and 10% in Arctic-2 LNG, both led by. Russia's largest LNG manufacturer Novatek.
Middle East
Iraq - The largest investor producing under service. agreements at significant oilfields Rumaila, West Qurna, Hafayi and. Ahdab with combined output of approximately 900,000 barrels each day. ( bpd).
UAE - In 2018 won 10% stake each in two ADNOC offshore. oilfield concessions under a 40-year deal that cost $1.2. billion. That followed an 8% interest won in 2017 for $1.8. billion in Abu Dhabi's huge onshore oilfield concession.
Qatar - Deal in 2023 for 5% stake in one export train of. melted gas (LNG), chained with a 27-year offtake. offer.
Iran - Entered production sharing contract at MIS oilfield. in 2005 and drilled very first exploration well in 2007.
Used billions of dollars developing the North Azadegan. oilfield, which began production in 2016 of about 80,000 bpd of. crude in addition to gas. Business nevertheless halted production. there after U.S. reimposed sanctions on Iran in 2018.
APAC:
Australia - PetroChina purchased Arrow Energy in 2010 for $2.5. billion by means of a joint venture with Shell, in its first investment. in Australia's coal-seam gas sector. In 2013 bought BHP's. stake in Browse, Australia's biggest untapped gas resource, for. $ 1.63 billion.
Indonesia - In April 2002, acquired Devon Energy's Indonesia. possessions for $249.9 million, consisting of oil and gas production. sharing contract of Jabung block in Sumatra.
Singapore - Via totally controlled Singapore Petroleum Corp . CNPC controls half of Singapore Refining Business in a joint. endeavor with Chevron.
Japan - Owns 49% of a 115,000-bpd refinery in Chiba
Europe:
Formed 2 joint endeavors in 2011 with British firm INEOS,. PetroIneos Trading and PetroIneos Refining. The joint ventures. run France's 210,000-bpd Lavera Refinery and Scotland's. 200,000-bpd Grangemouth refinery.
Americas:
Canada - Wholly-owned MacKay River Oilsands and Dover. Oilsands projects in Canada that process tar-like fuel into. bitumen, along with Duvernay shale gas and Groudbirch tight gas. jobs.
Own 15% interest in Shell-led LNG Canada, located in. Kitimat, British Columbia, that has an annual gas export. capacity of 7 million lots due for very first gas in 2025.
Brazil - Holds 10% stake in sub-salt deepwater Libra. field in a consortium led by Petrobras.
Peru - CNPC's very first investment destination where in 1993. the company became operator of three oil obstructs in the Talara. oilfield. In 2002 bought 45% stake in Pluspetrol for about $200. million.
Venezuela - CNPC started purchasing the South American. country 3 years ago with an objective to establish large resources. in the Orinoco belt which holds the world's biggest heavy oil. reserves.
These financial investments were financed by $50 billion in loans. China extended to Venezuela because 2007 under former President. Hugo Chavez, but CNPC stopped fresh investments in 2009, focusing. instead on preserving a small number of existing projects.
CNPC holds 40% in Sinovensa, a joint venture with PDVSA that. produces tar-like crude from the Orinoco.
Relationship in between the 2 nations began to fray in 2015. as Venezuela asked for a modification in payment terms on its debts. amidst a thrashing of oil prices and decreasing oil production.
Africa
Sudan and South Sudan - One of CNPC's very first financial investment. areas starting in 1996.
In 2009 CNPC acquired 41% of block 3/7 that produces Dar. Mix crude and 40% of the 1/2/4 field which produces Nile Blend. crude.
Also operates in block 6 and owns half of the 100,000-bpd. Khartoum refinery.
Chad - Controls Block H and owns 60% stake in 20,000-bpd. N'Djamena refinery
Niger - Began producing oil at Agadem field in 2011; built a. 1,950-km pipeline that carries crude from Agadem basin to Port. Seme of Benin for export.
Mozambique - Bought in 2013 a 20% stake for $4.2 billion. in gas-focused Rovuma venture establishing overseas block 4 in the. offshore Rovuma basin in collaboration with Eni and Exxon Mobil.
CNPC likewise holds a 20% stake in Eni-operated Coral South. floating liquefied natural gas job that sources gas from. Rovuma.
Libya - checked in 2005 an expedition and production. sharing agreement with Libya National Oil Co for block 17-4 in. offshore Pelagian basin.
(source: Reuters)