Bloomberg China’s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, increasing their bargaining power and avoiding bidding wars. Senior executives from China Petroleum & Chemical Corp, PetroChina Co, Cnooc Ltd and Sinochem Group Co are in advanced talks to iron out details of the plan, said people familiar with the initiative, who ...

Bloomberg BP Plc agreed to sell its chemicals business to Ineos Group Holdings SA, taking a big step in its transition away from being a traditional oil company, while also raising vital funds. The announcement comes just months after new Chief Executive Officer Bernard Looney set the London-based energy giant on course to eliminate its carbon emissions by 2050, a ...

Bloomberg Korea Electric Power Corp (Kepco) approved a plan to participate in an Indonesian coal power project despite mounting global pressure to move away from the most-polluting fossil fuel. The board of directors on Tuesday cleared the $51 million purchase of a 15% stake in the joint-venture developing the Jawa 9 & 10 project, according to a company spokesman. The ...