Date: 2nd September, 2015
PetroChina’s H1 net profit slumps 63% (English)
Source: Shanghai Daily, 28th August 2015
Despite an increase in sales volume, China’s largest oil and gas producer, PetroChina Co, has seen net profit plunge by 63% in the first half of the year as falling oil prices squeeze earnings. As a sign of tough times ahead, a spokesperson from the company stated that growth and domestic demand for oil and gas will continue to slow down and competition will get tougher.
Source: Renew Economy, 1st September 2015
Australian investors looking to steer clear of fossil fuel companies will now have an easier option, with the launch this week of a Fossil Free Index. The index, a collaborative effort from Thomson Reuters and Future Super, was launched on Tuesday alongside the Thomson Reuters/Future Super Australia Sustainable Leaders Index. The new indices aim to give both institutional and retail investor’s improved access and investment transparency to ASX-listed companies considered to be fossil-fuel free and ahead of the pack in environmental, social and governance (ESG) practices.
Nuclear Power profits rise (English)
Source: Xinhua, 1st September 2015
Despite continued losses in most of the energy sector net profits for China National Nuclear Power, a subsidiary of key state nuclear reactor construction company China National Nuclear Corporation rose by 150 percent year on year in first half of 2015. Business revenue for the period stood at $12.89bn RMB, up 52.5% with net profits of $2.47bn RMB.
Source: 315i.com, 31th August 2015
In the next decade, Australia might become the No.1 LNG exporting country, exceeding Qatar. At the moment, China Customs’ tax rate on LNG is 20% which would decrease to 0% after implementing ChAFTA. Therefore, analysts believe that these two countries’ collaboration in LNG would be strongly enhanced, if they could take good care of some issues, including risk control, improving investment environment and introducing enterprise.
Big Quezon LNG plant pushed (English)
Source: manilastandardtoday.com, 31st August 2015
Energy World Corp. of Australia is pushing ahead with the construction of a liquefied natural gas terminal and a 650-megawatt power plant in Pagbilao, Quezon province despite delays.Energy World plans to phase in an additional 250-MW steam turbine package by the end 2015 or early 2016 to bring the total power plant capacity to 650 MW. Energy World earlier disclosed that the value of the project debt was equivalent to approximately US$550 million.
This brief summarises a range of publicly available news articles in both Chinese and English and AustCham takes no responsibility for the accuracy of the information in these articles. In addition, the views and opinions reflected in these articles are not necessarily representative of AustCham’s stance.
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