Situación en Oriente Medio | China National Petroleum Corporation: Actualmente, las operaciones generales de la empresa son normales

PetroChina (00857) 's chairman, Dai Houlian, said that regarding the situation in the Middle East, at present the company’s operations are generally normal. The crude oil and natural gas imported through the Strait of Hormuz account for about 10% of the company’s total operating volume. Therefore, the company’s two major industry chains in oil and gas can ensure long-term stable operations, but the company’s investment business in the Middle East has been affected to varying degrees. He said that last year the company, in order to maintain the security and stability of its industry chain and supply chain, formulated an economic contingency plan for trade and supply assurance. It is currently being implemented in an orderly manner, and it is continuously testing and improving.

He said that, with regard to the preliminary planning outline released by the Chinese government, in the next five years China’s economy will continue to grow. The planning outline clearly sets forth major initiatives such as building a new energy system and building energy intensity, which will provide the company with excellent strategic opportunities and broad market space. He pointed out that the company’s overall goal is that by the end of the “15th Five-Year Plan period” (15th Five-Year Plan), the company will fully achieve high-quality development, and will generally build itself into a world-class enterprise. In oil and gas and new energy, the company will further strengthen its capability to provide energy efficiently, continue to increase the strength of domestic exploration and development and efforts to increase reserves and production, consolidate the development of domestic crude oil production, and increase domestic natural gas production and overseas oil and gas equity production.

Regarding China’s domestic chemical industry’s “anti-inner卷” (anti-squeezing from within), he believes that currently it is being promoted and has seen results. In the chemical market, competition in low-end segments is fierce, while high-end demand still outstrips supply. And he indicated that the key is to resolve structural contradictions. The company is accelerating adjustments to its industrial structure, actively responding to market changes through strategic deployments, further optimizing existing capacity, and will also closely follow government policies.