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On June 2nd, Alibaba released Qwen3.7-Plus, a multimodal large-scale model in its Qianwen 3.7 series, achieving a new breakthrough in multimodal hybrid intelligent agents. Beyond understanding images and videos, it can also perform deep reasoning, self-programming, tool invocation, verification testing, and autonomous iteration. Currently, Qwen3.7-Plus is available on Alibaba Clouds Bailian platform, providing API services to external users.The main contract for the container shipping index (European route) reversed its gains and fell during the day, with the current decline widening to 1.97% at 3779 points, after rising by more than 3% earlier.June 2nd – The inaugural meeting of the Express Service Standards Committee (ISO/TC344/SC2) of the International Organization for Standardization (ISO) Technical Committee on Innovative Logistics (ISO/TC344) was held today in Hangzhou, Zhejiang Province. Zhao Chongjiu, Director of the State Post Bureau; Deng Zhiyong, Vice Minister of the State Administration for Market Regulation and Director of the Standardization Administration of China; and He Zhongwei, Vice Governor of Zhejiang Province, attended the meeting and delivered speeches. Chen Kai, Vice Minister of the State Post Bureau, presided over the meeting. In June 2024, at the suggestion of the State Post Bureau, the Standardization Administration of China submitted a proposal to the International Organization for Standardization (ISO) to establish an Express Service Technical Committee. After more than a year, on July 11, 2025, the ISO, following review and voting procedures, decided to establish the Express Service Subcommittee under the Technical Committee on Innovative Logistics (ISO/TC344), with its secretariat located in China.An Amazon (AMZN.O) spokesperson responded to the Australian Competition and Consumer Commission (ACCC) investigation by saying that the company has implemented a policy prohibiting the sale of magnetic board games, regardless of whether the products are sold in Australia.On June 2nd, local time, a bear appeared and attacked people in an office building and nearby residential area in Sasakino, Fukushima City, Fukushima Prefecture, Japan, injuring four people. The number of bear attacks on people in Japan has been increasing in recent years. Preliminary statistics released by the Japanese Ministry of the Environment in early April this year showed that from early April last year to the end of March this year, a total of 238 people were attacked by bears nationwide, of whom 13 died, both figures being record highs. Current data from the Japanese government estimates that there are more than 19,000 Asiatic black bears in the Tohoku region and 11,600 brown bears in Hokkaido.

Sources suggest that PetroChina might sell assets in Australia and Canada to stem its losses

Aria Thomas

Jun 29, 2022 10:42


According to two persons with knowledge of the matter, PetroChina may sell natural gas projects in Australia and oil sands in Canada to minimize losses and shift financing to more lucrative regions in the Middle East, Africa, and central Asia.


PetroChina's plan follows a similar strategy shift by a smaller state rival, CNOOC (NYSE:CEO) Ltd, which was prepared to abandon its operations in the United Kingdom, Canada, and the United States because of concern that these assets may become susceptible to Western sanctions.


The transactions are the outcome of an internal examination of PetroChina's global portfolio that began last year, according to two unidentified individuals who refused to be identified due to the sensitivity of the subject.


As it does not own any oil and gas assets in the United States, unlike CNOOC, PetroChina's divestments are driven more by the assets' poor economics than by a fear of U.S. sanctions, but political tensions with Australia and Canada also played a part, they noted.


According to sources, the state-owned oil and gas firm intends to sell some of these assets, which have lost billions of dollars and are situated in uncompetitive locations, over the next two years.


"Australian gas assets Arrow Energy and Browse are among the top "negative assets" in PetroChina's global portfolio. According to one report, CNPC has a small competitive edge in this industry.


In 2010, PetroChina purchased Arrow Energy for $2.5 billion in a joint venture with Shell (LON:RDSa), marking its first investment in Australia's coal seam gas sector. It paid $1.63 billion in 2013 for BHP's investment in Browse, the largest undeveloped gas reservoir in Australia.


According to reports, the company is also contemplating selling its Canadian oil sands assets, MacKay River Oilsands and Dover (NYSE:DOV) Oilsands, owing to losses incurred from producing and processing bitumen. PetroChina declined to comment.


China's state-owned energy companies were among the most acquisitive in the industry during the beginning of the 2010s, as shown by CNOOC's $15 billion purchase of Canadian oil and gas company Nexen in 2013. However, they grew more subdued with the oil price fall in 2014-2015 and the government's financial audit.


In addition, economic worries may have caused PetroChina to reevaluate its acquisitions spree.


Arrow is PetroChina's most unprofitable offshore investment. If Browse receives final approval, it is unlikely to enter production until 2030 because to its technical complexity.


In 2020, Arrow made a final investment decision to construct the 5 trillion-cubic-foot Queensland Surat Gas Project. A dispute between PetroChina and Shell over the pricing of gas to a Shell-operated export facility reportedly caused the delay.


Arrow experienced losses of about A$3.3 billion ($2.29 billion) between 2018 and 2021, including A$2.2 billion in impairments.


When reached by Reuters, a representative for Arrow said, "The investment decisions of our shareholders are their responsibility, and Arrow would neither comment nor speculate on such topics."


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