LNG

China Petroleum and Chemical Corp. (Sinopec) said it had completed the development of the first phase of the new Weirong shale-gas field in the southwest Sichuan province with an annual production capacity of 1 billion cubic metres of natural gas.

PetroChina, the Hong Kong-listed arm of China National Petroleum Corp. (CNPC), reported a drop of just over 23 percent in nine-month net profits to 37.25 billion yuan ($5.28 billion) due to a lower oil price and intensified competition in refining as it also faced revenue problems with LNG and pipeline gas imports.