Landmark Sanmen Nuclear project expected to be online in 2016
Chinese nuclear officials confirmed yesterday that the world’s first unit using Westinghouse Electric Company LLC’s AP1000 nuclear reactor design is anticipated to be online this year in China, with a second unit operational by June the following year. The Sanmen project, located in Zhejiang province, will have a total of six nuclear reactors at its completion. Following a delay period of more than three years as a result of the Japanese Fukushima disaster and subsequent slow down in the global nuclear industry in general, the president in Asia for Westinghouse Gavin Liu has emphasized that the project is now firmly on track. Click here for the full article.
Mechanical setback for Chevron’s Australia gas project
Chevron’s Gorgon liquefied natural gas (LNG) project off Australia’s northwest coast will stop production for 60 days due to mechanical issues, the latest setback to affect the US$54 billion plant. The project has come across a number of issues due to labour shortages, its isolated location and strict environmental conditions which all contributed to a two year delay in its inception period. The plant is one of the world’s and Australia’s largest resource projects and the energy company reports that it is expected to lift output to full capacity over the next six to eight months. Australia currently has several LNG plants in the pipeline and is expected to overtake Qatar as the world’s largest liquid natural gas producer by 2020. Click here for the full article.
China aims for 13% increase in non-fossil fuel consumption
The National Energy Administration (NEA) announced late last week that it aims to maintain standard coal energy consumption at 4.34 billion tons, noting that a 13 percent increase in non-fossil fuel consumption is expected. Gas is predicated to sit at 6.3 percent of total energy consumption. In order to meet these targets, the NEA has advised a renewed focus on promoting alternate energy sources and emission reduction. A repercussion of this has been a 30 billion yuan effort to promote electric vehicle usage amongst its population, with 2 000 charging stations, 100 000 public changing posts and 860 000 private charging posts expected by the end of the year. Click here for the full article.
30% net profit plunge for Sinopec
Sinopec has announced a 30 percent drop in net profits for 2015, mostly due to the global collapse in oil prices. Its net profit filing on the Shanghai Stock Exchange shifted from 46.5 billion yuan in 2014 to 32.4 billion yuan. However, this drop did not reach estimates of an even lower net profit of 29.97 billion made earlier by Bloomberg. It’s not just Sinopec that’s been hit by the oil drop, most international energy firms have felt the heat, and companies are increasingly noting near-13-year lows. PetroChina and CNOOC also registered significant profit falls, with Sinopec actually coming away less damaged thanks to it’s refining business. Click here for the full article.