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Buy Kunlun Energy
23 August 2017 Utilities Kunlun Energy Deutsche Bank Markets Research Rating Company Date Buy Kunlun Energy 23 August 2017 Results Asia China Reuters Bloomberg Exchange Ticker Price at 21 Aug 2017 (HKD) 7.45 Utilities 0135.HK 135 HK HSI 0135 Price target - 12mth (HKD) 8.50 Utilities 52-week range (HKD) 7.95 - 5.55 HANG SENG INDEX 27,155 Core profit growth in line; robust volume with slightly lower margin Valuation & Risks Kunlun's 1H17 core net profit rose by 14% yoy to Rmb2.7bn, in line with our Hanyu Zhang expectations and accounting for 58/62% of DBe/consensus full year forecast. Research Analyst Volume was as strong as expected with 12-184% yoy growth in four gas related +852-2203 6207 segments. Similar with gas utilities peers, Kunlun recorded a Rmb2cents/cm Michael Tong, CFA yoy (flat hoh) decline in EBITDA margin for gas sales segment due to market competition and failure to pass through PetroChina's winter citygate price hike. Research Analyst Mgmt expect the volume momentum to continue and margins to recover a bit +852-2203 6167 HoH in 2H17. Kunlun is the beneficiary of China's structural growth in both piped gas and the LNG value chain and is trading at an undemanding valuation of 11x Price/price relative 2018E P/E. Maintain Buy. 10 7.5 By segment results review 5 Kunlun's 1H17 reported net profit was flat yoy at Rmb2.4bn. If adding back 2.5 Rmb325mn attributable impairment loss, core net profit rose by 14% yoy to Jan '16 Jul '16 Jan '17 Jul '17 Rmb2.7bn. -
China's Petrochemical Industry
M5-851-16-003.qxd 20.02.2007 14:03 Uhr Seite 14 BASF-YPC Co. Ltd. is a 50–50 joint venture between BASF and SINOPEC with a total investment of $ 2.9 billion and was established at the end of 2000. Using state-of-the-art technology, the joint ven- ture operates a steamcracker (600,000 metric tons ethylene per year) and nine downstream plants on its 220-hectare site in Nanjing on the Yangtze River. Picture: BASF China, the fastest growing econ- ly in the petrochemical sector as omy in the world, is witnessing one of the basic industries. Es- massive investments in new pecially, growth in ethylene and projects and plant upgrades in coal conversion technologies almost all segments of the chem- will play important roles in fu- icalprocessindustries,especial- ture. Equipment, technology and know-how for the process industries will be highlighted at China’s AchemAsia. petrochemical industry China is now the 6th largest economy in the For foreign process-industry investors, such rap- world, boasting a Gross Domestic Product (GDP) id growth is even more enticing when China’s of $2.23 trillion in 2005. Measured on a pur- current appetite for petrochemicals is factored chasing power parity (PPP) basis, China would in. China has been a major importer of petro- Crankasthesecond-largesteconomyintheworld, chemical products for many years,importing $70 after the U.S.Likewise,China’s rising status is im- billion of chemicals in 2005, and having a $41- pressive in the context of its $264-billion chem- billion chemicals trade deficit, says ACC.And, in icals market. -
14TH OGIF Participant List.Xlsx
14th U.S. ‐ CHINA OGIF PARTICIPANT LIST No. First Name Last Name Title Organization CHINA DELEGATION 1 Zhangxing Chen General Manager Calgary International Oil and Gas Technology Co. Ltd 2 Li He Director Cheng Du Development and Reforming Commission 3 Zhaohui Cheng Vice President China Huadian Engineering Co. Ltd 4 Yong Zhao Assistant President China Huadian Engineering Co. Ltd 5 Chunwang Xie General Manager China Huadian Green Energy Co. Ltd 6 Xiaojuan Chen Liason Coordinator China National Offshore Oil Corp. 7 Rongguang Li Vice President China National Offshore Oil Corp. 8 Wen Wang Analyst China National Offshore Oil Corp. 9 Rongwang Zhang Deputy GM China National Offshore Oil Corp. 10 Weijiang Liu Director China National Petroleum Cooperation 11 Bo Cai Chief Engineer of CNPC RIPED‐Langfang China National Petroleum Corporation 12 Chenyue Feng researcher China National Petroleum Corporation 13 Shaolin Li President of PetroChina International (America) Inc. China National Petroleum Corporation 14 Xiansheng Sun President of CNPC Economics & Technology Research Institute China National Petroleum Corporation 15 Guozheng Zhang President of CNPC Research Institute（Houston） China National Petroleum Corporation 16 Xiaquan Li Assistant President China Shenhua Overseas Development and Investment Co. Ltd 17 Zhiming Zhang President China Shenhua Overseas Development and Investment Co. Ltd 18 Zhang Jian deputy manager of unconventional gas China United Coalbed Methane Corporation Ltd 19 Wu Jianguang Vice President China United Coalbed Methane Corporation Ltd 20 Jian Zhang Vice General Manager China United Coalbed Methane Corporation Ltd 21 Dongmei Li Deputy Director of Strategy and Planning Dept. China Zhenhua Oil Co. Ltd 22 Qifa Kang Vice President China Zhenhua Oil Co. -
Working with Vietnam, Russia's Rosneft Draws China's
Working with Vietnam, Russia's Rosneft Draws China’s Ire Rosneft is a crucial arm of Russian foreign policy, yet functions at times without direct Kremlin involvement. By Nicholas Trickett May 19, 2018 China has been the driving force behind Russia’s “Pivot to Asia,” becoming the largest individual consumer of Russian Russian President Vladimir Putin, right, and Vietnamese oil among its energy trade partners. Early this month, it President Tran Dai Quang attend a news conference was reported that Russia had completed the delivery of its following their meeting in the Kremlin in Moscow, Russia first S-400 regiment – the country’s most advanced air Thursday, June 29, 2017. defense system for export – to China. Beijing’s Ministry of Image Credit: Natalia Kolesnikova/Pool Photo via AP Commerce is signaling that trade turnover with Russia may reach $100 billion this year Russia and that investment under the aegis of the Belt and Road Initiative (BRI) is growing fastest in percentage terms in Russia. Trade is up because oil prices are up, not necessarily because of an economic breakthrough, but the messaging is part of a broader commitment to making it appear as though all is well between the two countries. Two recent developments mark a significant change in the relationship. First, CEFC China Energy walked away from a deal to acquire 14.16 percent of Rosneft’s shares. Mired in scandal, the company has come under heavy scrutiny about its international expansion at home. Qatar stepped in to buy the shares instead as Rosneft changed its corporate strategy to provide better returns for shareholders and entice Qatar. -
Master's Thesis
Faculty of Science and Technology MASTER’S THESIS Study Program / Specialization: Fall semester, 2012 Offshore Technology / Industrial Restricted access Economics Author: Sun, Gang (Signature author) Faculty Supervisor: Professor Jayantha P. Liyanage, PhD Title of Thesis: Choosing Appropriate Commercial Models for Overseas Business: A case study of a Chinese oil service provider towards Internationalization Credits (ECTS): 30 ETCS Key Words: Commercial Models; Internationalization; Pages: 48 Spin off; China, June 2014 Liability; Restructure; Benchmark. Acknowledgements I want to express my greatest gratitude to my supervisor Professor J.P Liyanage for his extraordinary patience and wisdom guiding me through this process. Writing the thesis was not easy, but rather challenging and time-consuming, with the help of his feedback I could find the interesting topics and look at my work more critically and improve it. I would like to thank Professor Tore Markeset, Professor O.T Gudmestad, and Mr. Frode Leidland for their kind instructions during my study in Norway. I am very thankful to Mr. Chen, Zongjiang, as the Director of PT COSL INDO, who has offered me a lot of newest updates relevant to the restructuring of PT COSL INDO. Besides, Mr. Wang, Tongyou and Mr. Wang, Jin as my Colleagues, and Mr. Peng, Guicang as my ex-coworker, have given me a hand on how bridging the gap between me and the required academic level. I would also like to take the chance to express my appreciation to Mr. Li, Yong, Mr. Zi, Silong, Mr. Li, Zhi and Mr. Zhang, Xingyun who on behalf of the company COSL to sponsor my graduate study in University of Stavanger, without their good faith and deeds for the youth of their company, I could not finish the study in good wellbeing. -
Energy China Forum 2019 9Th Asia-Pacific Shale Gas & Oil Summit 25-27 September, 2019 | Shanghai China
Energy China Forum 2019 9th Asia-Pacific Shale Gas & Oil Summit 25-27 September, 2019 | Shanghai China Opportunities in China Shale Gas & Oil OPPORTUNITY IN CHINA SHALE GAS & Oil MARKET As a fast growing market, China shale gas & oil industry has been proved with great resource potential, high government support and increasing drilling and fracturing operations, which makes the market full of opportunities for global technology, equipment and service providers. • Abundant shale resources: China is currently the 3rd largest shale gas producer in the world with a top reserve of 30 tcm. Meanwhile, China has nearly 100 billion tons of shale oil(tight oil) resources. • Highly valued and supported by the government: The country requires vigorous enhancement of domestic oil and gas development and formulate various supportive policies for shale development. • Surging production – It is the two most critical years of 2019-2020 for China to achieve its ambitious 5 years shale gas production target of 30 bcm. • Increasing capital investment: Both CNPC and Sinopec are increasing investment and expenditure with total expenditure for E&P of 216.1 billion CNY in 2018, up by 12% yoy. They are expected to stay high investment in 2019-2020 despite the market fluctuation. • Increasing operations - Starting from 2018, CNPC and Sinopec were accelerating their shale gas production. CNPC plans to drill 6,300 shale gas wells in total during 2018-2035. Sinopec plans to drill around 700 shale gas production wells during 2019-2020. • Cost/efficiency orientation – Chinese shale players are more eager than ever looking for cost-reducing and efficiency-optimizing solutions. -
Summary of Solvency Report
Summary of Solvency Report China Pacific Insurance (Group) Co., Ltd. 2020 Interim Contents I. BASIC INFORMATION .........................................................................................1 II. GROUP OWNERSHIP STRUCTURE AND CHANGES TO MEMBER COMPANIES ........1 III. KEY INDICATORS ..............................................................................................1 IV. ACTUAL CAPITAL ..............................................................................................1 V. REQUIRED CAPITAL ...........................................................................................2 VI. MATERIAL EVENTS ...........................................................................................2 VII. GROUP SPECIFIC RISKS……………………………………………………………………………………..2 I. Basic information (1) Registered address: 1 Zhongshan Road (South), Huangpu, Shanghai, PRC. (2) Legal representative： KONG Qingwei (3) Business scope Invest in controlling stakes of insurance companies; supervise and manage the domestic and international reinsurance business of the insurers under its control; supervise and manage the investments by the insurers under its control; participate in international insurance activities as approved. (4) Contacts for solvency information disclosure： Contact person：HUANG Danyan Office number: +86-21-33968093 Email address：[email protected] II. Group ownership structure and changes to member companies Please refer to our 2020 Interim Report for detailed information. III. Key indicators As at the end of As at -
Mineral Facilities of Asia and the Pacific," 2007 (Open-File Report 2010-1254)
Table1.—Attribute data for the map "Mineral Facilities of Asia and the Pacific," 2007 (Open-File Report 2010-1254). [The United States Geological Survey (USGS) surveys international mineral industries to generate statistics on the global production, distribution, and resources of industrial minerals. This directory highlights the economically significant mineral facilities of Asia and the Pacific. Distribution of these facilities is shown on the accompanying map. Each record represents one commodity and one facility type for a single location. Facility types include mines, oil and gas fields, and processing plants such as refineries, smelters, and mills. Facility identification numbers (“Position”) are ordered alphabetically by country, followed by commodity, and then by capacity (descending). The “Year” field establishes the year for which the data were reported in Minerals Yearbook, Volume III – Area Reports: Mineral Industries of Asia and the Pacific. In the “DMS Latitiude” and “DMS Longitude” fields, coordinates are provided in degree-minute-second (DMS) format; “DD Latitude” and “DD Longitude” provide coordinates in decimal degrees (DD). Data were converted from DMS to DD. Coordinates reflect the most precise data available. Where necessary, coordinates are estimated using the nearest city or other administrative district.“Status” indicates the most recent operating status of the facility. Closed facilities are excluded from this report. In the “Notes” field, combined annual capacity represents the total of more facilities, plus additional -
Environmental Information from the Listed Companies (Main Board) In
Environmental The reports published annually to report the Hang Seng Stock Information company 's environmental performance No. Company Industry Code published on the Previous Classification 2019 2018 2017 website Report(s) 1 0043 C.P. Pokphand Company Ltd. 20 N/A N/A N/A N/A N/A Year 2016 2 0341 Café de Coral Holdings Ltd. 30 EI N/A SR SR and / or before Year 2016 Canvest Environmental Protection Group 3 1381 40 N/A N/A SR SR and / or Company Limited before Year 2016 4 0510 CASH Financial Services Group Ltd. 50 EI N/A AR AR and / or before Year 2016 5 0293 Cathay Pacific Airways Ltd. 30 EI AR SR SR and / or before Year 2016 Celestial Asia Securities Holdings Ltd. 6 1049 80 EI AR AR AR and / or (Net2Gather (China) Holdings Ltd.) before Year 2016 CGN New Energy Holdings Co., Ltd 7 1811 40 N/A N/A ER ER and / or (CGN Meiya Power Holdings Co., Ltd.) before Environmental The reports published annually to report the Hang Seng Stock Information company 's environmental performance No. Company Industry Code published on the Previous Classification 2019 2018 2017 website Report(s) CK Hutchison Holdings Limited N/A N/A N/A N/A N/A (Cheung Kong (Holdings) Ltd.) Citybase Property Management Ltd 8 0001 80 N/A N/A N/A N/A N/A (member of Cheung Kong Property Group) Goodwell Property Management Ltd EI N/A N/A N/A N/A (member of Cheung Kong Property Group ) Year 2016 9 2778 Champion Real Estate Investment Trust 50 EI AR AR AR and / or before Year 2016 10 0092 Champion Technology Holdings Ltd. -
Credit Trend Monitor: Earnings Rising with GDP; Leverage Trends Driven by Investment
CORPORATES SECTOR IN-DEPTH Nonfinancial Companies – China 24 June 2021 Credit Trend Monitor: Earnings rising with GDP; leverage trends driven by investment TABLE OF CONTENTS » Economic recovery drives revenue and earnings growth; leverage varies. Rising Summary 1 demand for goods and services in China (A1 stable), driven by the country's GDP growth, Auto and auto services 6 will benefit most rated companies this year and next. Leverage trends will vary by sector. Chemicals 8 Strong demand growth in certain sectors has increased investment requirements, which in Construction and engineering 10 turn could slow some companies’ deleveraging efforts. Food and beverage 12 Internet and technology 14 » EBITDA growth will outpace debt growth for auto and auto services, food and Metals and mining 16 beverages, and technology hardware. As a result, leverage will improve for rated Oil and gas 18 companies in these sectors. A resumption of travel, outdoor activities and business Oilfield services 20 operations, with work-from-home options, as the coronavirus pandemic remains under Property 22 control in China will continue to drive demand. Steel, aluminum and cement 24 Technology hardware 26 » Strong demand and higher pricing will support earnings growth for commodity- Transportation 28 related sectors. These sectors include chemicals, metals and mining, oil and gas, oilfield Utilities 30 services, steel, aluminum and cement. Leverage will improve as earnings increase. Carbon Moody's related publications 32 transition may increase investments for steel, aluminum and cement companies. But List of rated Chinese companies 34 rated companies, which are mostly industry leaders, will benefit in the long term because of market consolidation. -
Asia's Energy Security
the national bureau of asian research nbr special report #68 | november 2017 asia’s energy security and China’s Belt and Road Initiative By Erica Downs, Mikkal E. Herberg, Michael Kugelman, Christopher Len, and Kaho Yu cover 2 NBR Board of Directors Charles W. Brady Ryo Kubota Matt Salmon (Chairman) Chairman, President, and CEO Vice President of Government Affairs Chairman Emeritus Acucela Inc. Arizona State University Invesco LLC Quentin W. Kuhrau Gordon Smith John V. Rindlaub Chief Executive Officer Chief Operating Officer (Vice Chairman and Treasurer) Unico Properties LLC Exact Staff, Inc. President, Asia Pacific Wells Fargo Regina Mayor Scott Stoll Principal, Global Sector Head and U.S. Partner George Davidson National Sector Leader of Energy and Ernst & Young LLP (Vice Chairman) Natural Resources Vice Chairman, M&A, Asia-Pacific KPMG LLP David K.Y. Tang HSBC Holdings plc (Ret.) Managing Partner, Asia Melody Meyer K&L Gates LLP George F. Russell Jr. President (Chairman Emeritus) Melody Meyer Energy LLC Chairman Emeritus Honorary Directors Russell Investments Joseph M. Naylor Vice President of Policy, Government Lawrence W. Clarkson Dennis Blair and Public Affairs Senior Vice President Chairman Chevron Corporation The Boeing Company (Ret.) Sasakawa Peace Foundation USA U.S. Navy (Ret.) C. Michael Petters Thomas E. Fisher President and Chief Executive Officer Senior Vice President Maria Livanos Cattaui Huntington Ingalls Industries, Inc. Unocal Corporation (Ret.) Secretary General (Ret.) International Chamber of Commerce Kenneth B. Pyle Joachim Kempin Professor; Founding President Senior Vice President Norman D. Dicks University of Washington; NBR Microsoft Corporation (Ret.) Senior Policy Advisor Van Ness Feldman LLP Jonathan Roberts Clark S. -
The Next Wave of Chinese Lng Importers
THE NEXT WAVE OF CHINESE LNG IMPORTERS Jenny Yang Xizhou Zhou (Presenter) Director, IHS Markit Greater China Power, Gas, Coal, and Renewables Managing Director, IHS Markit Many new and potential LNG importers have emerged in China, thanks to a combination of policy support and market fundamentals. Together, these new players present an important new source of LNG demand in the global market and significant opportunities for suppliers. However, further reforms are needed to transform the current market structure and remove obstacles for these new players. What are the challenges facing new LNG importers? What is being done to release their full potential? How will international suppliers get familiar with them? Jenny Yang, IHS Markit Key implications1 Chinese government policies allowing more players in wholesale natural gas supply had and will continue to affect the global LNG market. The country’s three national oil companies (NOCs) have traditionally monopolized China’s gas importing business, but this has changed. The Chinese non-NOCs have been increasingly active in LNG importing activities. Several non-NOCs have procured new LNG supply agreements and successfully imported cargoes. Many more companies are building or proposing new LNG receiving terminals. Together, China’s non-NOCs will provide significant opportunities for suppliers. These companies vary from large end-users and citygas distributors seeking to minimize their gas procurement costs to energy companies looking for new market opportunities. However, China will need to carry out further reforms to remove obstacles for these new players. Allowing midstream access, removing barriers to downstream gas market, and reducing pricing regulations are critical steps toward realizing the full potential of China’s domestic natural gas industry.