DOCSLIB.ORG

CNOOC 2016 Annual Report Worldreginfo

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CNOOC 2016 Annual Report Worldreginfo CNOOC 2016 Annual Report CNOOC Office for Policy Research Address: CNOOC Building, No. 25 Chaoyangmenbei Dajie, Dongcheng District, Beijing 100010, P. R. China E-mail: [email protected] BV-COC-010509 Website: www.cnooc.com.cn WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 REPORT DESCRIPTIONS CNOOC Annual Report Contents Reporting Scope: 2016 The entire China National Offshore Oil Corporation (CNOOC) group of companies. BUSINESS Reporting Period: January 1 – December 31, 2016. Considering the consistency and comparability of the disclosed 02 Oil and Gas Exploration and Development 30 information, part of the information was extended with its disclosure time brought forward or CHAIRMAN’S LETTER Engineering and Technical Services 33 backward. PRESIDENT’S LETTER 04 Refining and Marketing 36 Principles of Preparation: MAIN ACHIEVEMENTS 06 Natural Gas and Power Generation 39 To meet the needs of stakeholders and the general public, by disclosing key information on the ABOUT US 08 Financial Services 42 Company in a true, objective, timely and comprehensive manner. Internationalization 44 Alternative Reference: China National Offshore Oil Corporation is hereinafter also referred to as CNOOC, the Company, CORPORATE GOVERNANCE MANAGEMENT the Corporation, “we”, “our” or “us”. Resumes of the Board Members 12 Technology Innovation 50 Data Used in the Report: Operation of the Board 14 Management Innovation 53 All disclosed financial data or information related to the Company is the final accounting data audited by third parties. Unless otherwise specified, all amounts are expressed in Renminbi (RMB). Risk Management 16 QHSE 54 Resumes of other Senior Executives 17 Informatization Progress 62 Information Sources: Human Resource Management 63 The Company’s official documents, statistical reports and our subsidiaries’ fulfilment of Corporate Culture 67 responsibilities. All information has been reviewed by our management, supervision department Corporate Citizenship 69 and the various subsidiaries. Language: PERFORMANCE OVERVIEW This report is published in both Chinese and English. In case of discrepancies, the Chinese version shall prevail. Auditors’ Report 22 MILESTONES 2016 72 Consolidated Income Statement 23 Accessibility: GLOSSARY 75 Consolidated Balance Sheet 24 This report is available in print and electronic formats. The digital version can be downloaded from AGENCY DIRECTORY 78 the Company’s website at www.cnooc.com.cn. To obtain a print version of the report, please email Consolidated Cash Flows Statement 26 FEEDBACK 80 [email protected]. Notes to the Financial Statements 27 ABOUT THE COVER “Ya 13-1” Gasfield production platform WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 CNOOC 2016 ANNUAL REPORT MAIN ACHIEVEMENTS MAIN ACHIEVEMENTS Total Assets （Unit: RMB 100 million） Operating Revenue （Unit: RMB 100 million） 2016 11,578 2016 4,377 2015 11,624 2015 4,261 2014 11,194 2014 6,116 Total Profit （Unit: RMB 100 million） Net Assets （Unit: RMB 100 million） 2016 105 2016 6,750 2015 451 2015 6,692 2014 1,052 2014 6,439 Capital Investment （Unit: RMB 100 million） Taxes & Bonuses （Unit: RMB 100 million） 2016 811 2016 741 2015 1,057 2015 821 2014 1,550 2014 1,143 1.3% Total Profit in 2016 （Unit: RMB 1 billion） 20 14.1% 7.5% 15 17.06 23.6% 10 10.5% Total Operating Assets 49.1% Revenue in 5 in 2016 2016 3.24 0 26.3% 67.6% -5 -5.62 -9.23 -10 Upstream Upstream Upstream Mid-and downstream Mid-and downstream Mid-and downstream Engineering technologies and services Engineering technologies and services Engineering technologies and services Others Others Others 06 07 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 CNOOC 2016 ANNUAL REPORT PRESIDENT’S LETTER Our Vision Development Goals ABOUT US Energy for All International first class energy company with chinese characteristics China National Offshore Oil Corporation (“CNOOC”), the largest offshore oil & gas producer in China, is a mega state-owned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People’s Republic of China (herein referred to as “SASAC” in the Report). The Company was founded in 1982 and is headquartered in Beijing. After 30 years of reform and development, CNOOC has become an international energy company with promising primary businesses and a complete industrial chain, and business Development Principles covers more than 40 countries and regions. The Company has formed oil & gas exploration and development, engineering and technical services, refining and marketing, natural gas and power generation, financial services—five main business segments, Cooperation, steadiness, and differentiation and its sustainable development capacity has been significantly improved. In 2016, it was ranked 109th in Fortune Global 500 and 30th in Petroleum Intelligence Weekly (PIW)’s World’s Top 50 Oil Companies, respectively down by 37 slots and up by 2 from the previous year. By the end of 2016, Moody’s and Standard & Poor’s rated the Company with credit ratings of Aa3 and A+. Core Development Strategies Main Business Corporate Philosophy Synergetic development strategy Oil & Gas Exploration Technology-driven strategy and Development People-oriented, responsibilities, Talent development strategy ◆ Exploration win-win benefits, credibility, ◆ Development Cost-Priority strategy innovation ◆ Production Low-carbon green strategy Financial Services ◆ Finance Company Engineering & ◆ Trust Technical Services ◆ Insurance ◆ Oilfield Services ◆ Financial and Strategic ◆ Offshore Oil Investment China National Engineering Services ◆ Finance Leasing Offshore Oil ◆ Professional Services Corporation (CNOOC) Natural Gas and Power Generation ◆ LNG Receiving Terminals ◆ Natural Gas Pipelines ◆ Natural Gas-fired Power Generation Refining and Marketing ◆ Urban Gas Supply ◆ Oil Refining ◆ Vehicle/Vessel Gas ◆ Petrochemistry ◆ Natural Gas Liquefaction and ◆ Chemical Fertilizer Distribution ◆ Business Development & Marketing 08 09 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 WorldReginfo - 141d18af-e9bf-4fda-9ca5-ac22d2606311 CNOOC 2016 ANNUAL REPORT CORPORATE GOVERNANCE Resumes of the Board Members Zhang Chengjie Outside Director Born in June 1953, Mr. Zhang Chengjie had served as Vice Party Committee Secretary of the CPC of North China Electric Yang Hua Power College, Vice President of North China Electric Power University (NCEPU), Party Committee Secretary of CPC of NCEPU Chairman and Party Leadership Group Secretary Baoding, Vice Party Committee Secretary of the CPC and Secretary of Commission for Discipline of NCEPU. Mr. Zhang was Born in May 1961, Mr. Yang Hua graduated from China University of Petroleum (the former East China Petroleum Institute) with a then appointed as Deputy Director and Party Branch Secretary of HR Department of China Guodian Corporation, Director of HR Bachelor of Science degree in Petroleum Engineering in August 1982. He received an MBA degree from Massachusetts Institute Department, Assistant President, Vice President and Party Leadership Group Member of China Guodian Corporation. Mr. Zhang of Technology in May 2004. He is a Sloan Fellow of MIT and professor-level senior economist. Mr. Yang joined CNOOC in August was appointed as outside director of CNOOC in April 2014. 1982 and had served in a number of positions including Manager of Field Development Department of CNOOC Research Center, Deputy Chief Geologist and Deputy Director of Overseas Development Department of CNOOC, President of Overseas Oil & Gas Corporation Ltd., and Senior Vice President, Chief Financial Officer and EVP, President, CEO, Vice Chairman of Xia Dawei Outside Director CNOOC Ltd., and Assistant President of CNOOC. In April 2010, Mr. Yang served as Vice President and Party Leadership Group Member of CNOOC. In August 2011, he served as CNOOC Director, President and Party Leadership Group Member. In April Born in 1953, Mr. Xia Dawei graduated from Changchun University of Technology with a Bachelor of Science degree in 2015, he took positions of Chairman of the Board of CNOOC and Party Leadership Group Secretary. In May 2015, he served Engineering Management in 1982 and received Master’s degree in Industrial Economics from Shanghai University of Finance as Chairman of CNOOC. He served as the CEO of CNOOC in June 2016, and the Chairman of Board of Nexen Energy ULC. in and Economics in 1985. Mr. Xia started his career in 1969, and had been a visiting researcher at Osaka City University, Dean October 2016. of the School of International Business Administration, Assistant President, Vice President and Executive Vice President of Shanghai University of Finance and Economics successively. Mr. Xia is currently President and Party Committee Secretary of Shanghai National Accounting Institute. He is a professor and an instructor for doctoral candidates Shanghai National Liu Jian Accounting Institute and an honorary professor of the Chinese University of Hong Kong. Mr. Xia also holds posts including Vice Director, President, Vice Secretary of Party Leadership Group President of Chinese Industrial Economic Association, consultant of China Accounting Standards Committee of the Ministry of Born in March 1958, Mr. Liu graduated from Huazhong University of Science and Technology with a Bachelor of Science degree Finance, member of the Corporate Internal Control Standards Committee of the Ministry of Finance and member of the Expert
Load more

Recommended publications
  • Subsequent Initial Study of Environmental Impact
    Cayucos Sanitary District 200 Ash Avenue Cayucos CA 93430 www.cayucossd.org • 805-773-4658 Cayucos Sustainable Water Project (CSWP) Subsequent Mitigated Negative Declaration for the Estero Marine Terminal Ocean Outfall Project Component Subsequent Initial Study of Environmental Impact I. ENVIRONMENTAL DETERMINATION FORM 1. Project Title: Cayucos Sustainable Water Project Ocean Outfall 2. Lead Agency Name and Address: Cayucos Sanitary District 200 Ash Avenue / PO Box 333 Cayucos CA 93430 3. Contact Person and Phone Number: David Foote, c/o firma, (805) 781-9800 4. Project Location: Chevron Estero Marine Terminal 4000 Highway 1, Morro Bay, California 93442 5. Project Sponsor's Name and Address: Cayucos Sanitary District 200 Ash Avenue / PO Box 333 Cayucos CA 93430 6. General Plan Designation: The proposed pipeline tie-in site is designated Agriculture. The effluent pipeline conveyances are within public right-of-way (State Route 1) and Waters of the U.S. and State. 7. Zoning: Agriculture (County) and Open Area I/PD (City of Morro Bay west of State Route 1 and the mean high tide line) Cayucos Sustainable Water Project Ocean Outfall Initial Environmental Study Final January 2019 1 Cayucos Sanitary District 200 Ash Avenue Cayucos CA 93430 www.cayucossd.org • 805-773-4658 Cayucos Sustainable Water Project (CSWP) Subsequent Mitigated Negative Declaration for the Estero Marine Terminal Ocean Outfall Project Component 8. Project Description & Regulatory and Environmental setting LOCATION AND BACKGROUND The Project consists of the reuse of an existing ocean conveyance pipe for treated effluent disposal from the proposed and permitted Cayucos Sustainable Water Project’s (CSWP) Water Resource Recovery Facility (WRRF) by the Cayucos Sanitary District (CSD).
    [Show full text]
  • Subsea Pipelines Collaboration Cluster Advancing Our Knowledge of Subsea Pipeline Technology to Support the Oil and Gas Industry
    WEALTH FROM OCEANS www.csiro.au Subsea Pipelines Collaboration Cluster Advancing our knowledge of subsea pipeline technology to support the oil and gas industry Final report 2 Executive summary 17 Putting the Cluster’s research into practice 4 Introduction to the Subsea Pipelines Cluster 21 Commissioning experimental equipment 6 Training the offshore for ongoing pipeline pipeline engineers testing in Australia of the future 28 Publications and 10 Scientific and dissemination engineering challenges 34 Key papers 12 Scientific outcomes of the Flagship 46 Awards Collaborative Cluster 48 Keynote presentations, invited lectures and papers 49 Hosting international conference ISFOG 50 The Partners 51 Flagship Collaboration fund 1 Executive summary Offshore subsea pipelines are used to export oil and gas from the field to platform and then from the platform to the mainland. As they are the sole conduit for the hydrocarbons their stability and integrity are of critical economic and environmental importance. More than 80 per cent of Australia’s gas resources exist in deep, remote, offshore areas and being able to realise the full potential of these remote resources relies on the development of economically viable transportation solutions. Technical solutions for Australia’s offshore pipelines must maintain structural integrity and continuous supply of products across hundreds of kilometres of seabed. Such technology is also vital to Australia achieving the vision of “platform free fields”, a CSIRO Wealth from Oceans Flagship initiative. Platform free fields research investigates ways to replace traditional oil and gas platforms with subsea technologies for production of gas resources which may lie as far as 300 km offshore, at a depth greater than 1 km.
    [Show full text]
  • Routes Showcase Top Tourist Spots Chinese Mainland on July 7
    CHINA DAILY TUESDAY, JULY 30, 2013 zhanjiangspecial 7 what’son District gets bank loans Potou district signed a loan agreement with the Zhanjiang Branch of China Construction Bank (CCB) on July 11, according to Zhanjiang Daily. Under the agreement, the bank will loan 5 billion yuan ($806 million) to Potou district over , ve years to fund the construction of urban facil- ities and infrastructure as well as scienti, c and indus- trial zones. Liu Xiaohua, Party chief of Zhanjiang, said innovation will be the focus in the near future. Construction starts on highway PHOTOS PROVIDED TO CHINA DAILY Huguangyan Maar Lake in the port city of Zhanjiang, Guangdong province. Known as a top tourism destination in China, Zhanjiang has made big strides in natural preservation. Construction on the long- awaited Leizhou Peninsula Loop highway kicked oF in Zhanjiang’s Xuwen county in the southern tip of the Routes showcase top tourist spots Chinese mainland on July 7. 7 e 325-kilometer-long Tours highlight er five islands—Techeng, eight-lane highway will Nansan, Donghai, Naozhou have a speed limit of 100 and Nanping. kilometers per hour and natural beauty, is expected to be complete Of them, the smallest is in three years. It will link Techeng, with a land area cultural heritage the cities of Zhanjiang of 3.6 square kilometers. and Leizhou as well as By XU JINGXI Around half of the island is the counties of Lianjiang, [email protected] covered in forests. Getting Xuwen and Suixi in the there from the city center is Leizhou Peninsula to the One of China’s top travel only an eight-minute trip.
    [Show full text]
  • Itraxx Asia Ex-Japan Series 30 Final Membership List
    iTraxx Asia ex-Japan Series 30 Final Membership List 13th September 2018 iTraxx Asian ex-Japan Series 30 Contents iTraxx Asia ex-Japan Series 30 Final Membership List ............................................................................................ 3 iTraxx Asia ex-Japan Series 30 Final vs. Series 29 ................................................................................................... 4 iTraxx Asia ex-Japan Series 30 Coupon and Recovery Rate ................................................................................... 4 Copyright © 2018, Markit Group Limited. All rights reserved. www.ihsmarkit.com 2 iTraxx Asian ex-Japan Series 30 iTraxx Asia ex-Japan Series 30 Final Membership List Markit Ticker Markit Long Name ALIBGRO Alibaba Group Holding Limited BCHINL BANK OF CHINA LIMITED BNKIND Bank of India CAPLSP CAPITALAND LIMITED CHINDEAC China Development Bank CNOOC CNOOC LIMITED DBSSP-DBSBank DBS BANK LTD. GSCO GS Caltex Corporation HUWHY Hutchison Whampoa Limited HYNMTR Hyundai Motor Company ICICIB ICICI Bank Limited ICBCHN INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED INDKOR Industrial Bank of Korea KEBHA KEB Hana Bank THAI Kingdom of Thailand CITNAT Kookmin Bank KORELE Korea Electric Power Corporation KOREAT KT Corporation MALAYS Malaysia OCBC OVERSEA-CHINESE BANKING CORPORATION LIMITED CHINA People's Republic of China PETROL PETROLIAM NASIONAL BERHAD (PETRONAS) POHANG POSCO RELIND RELIANCE INDUSTRIES LIMITED INDON Republic of Indonesia KOREA Republic of Korea PHILIP Republic of the Philippines STSP SINGAPORE TELECOMMUNICATIONS LIMITED SKM SK Telecom Co., Ltd. SBIIN-StateBkIn State Bank of India SUNHUN-Prop SUN HUNG KAI PROPERTIES LIMITED SWIRE Swire Pacific Limited TELMAL TELEKOM MALAYSIA BERHAD TENCHOL Tencent Holdings Limited EIBC THE EXPORT-IMPORT BANK OF CHINA EIBKOR The Export-Import Bank of Korea HKLAND-Co THE HONGKONG LAND COMPANY, LIMITED KDB The Korea Development Bank UOBSP UNITED OVERSEAS BANK LIMITED CMBKKO Woori Bank Copyright © 2018, Markit Group Limited.
    [Show full text]
  • Yinggehai-Song Hong Basin Case Study Fieldtrip Study in Northeast
    CCOP-DANIDA Institutional Capacity Building Project ICB-CCOP 1 Yinggehai-Song Hong Basin Case Study Fieldtrip Study in Northeast Vietnam, May 15-17, 2006 Date and Venue: The fieldtrip was held from 15th to 17th May 2006 around Hanoi area, northeast Vietnam Local Organizer: Vietnam Petroleum Institute Participants: Twelve (12) geoscientists from five (5) different agencies/institutes in Vietnam and China attended the fieldtrip. The represented agencies/institutes were: Vietnam Petroleum Institute Geological Society of Vietnam Qingdao Institute of Marine Geology Guangzhou Marine Geological Survey China National Offshore Oil Corporation (CNOOC) CCOP TS The detailed list of participants is attached as Annex 1. Agenda: The detailed agenda of the fieldtrip is provided as Annex 2. Background of the Fieldtrip: Yinggehai-Song Hong Basin Case Study Field Study was proposed during the ICB-CCOP1 Project 1st Vietnam Workshop December 2005 and conformed during the ICB-CCOP1 Project 1st Malaysia Workshop February 2006. This field study is composed of two parts, one part is the field study in Hainan Island, China, the eastern on shore area to the Yinggehai-Song Hong basin, another part is the field study in Hanoi Though, northeast Vietnam, the western on shore area to the Yinggehai-Song Hong basin. All these two fieldtrips are kindly financial sponsored and supported by Chinese and Vietnamese partner agencies. The objectives are as followed: 1. Building confidence between the Chinese and Vietnamese case study research team; 2. Enhancing the existing knowledge toward the case study; 3. Sharing the existent experience; 4. Exchanging the geoscientific views through the fieldtrip observation and discussion; 5.
    [Show full text]
  • Company Information
    CNOOC LIMITED ANNUAL REPORT 2003 115 Company Information Board of Directors: Department Management Chengyu Fu Chairman & CEO Guohua Zhang General Manager, Exploration Longsheng Jiang Executive Director Department (concurrently) Shouwei Zhou Executive Director & President Jian Liu General Manager, Development & Han Luo Executive Director Production Department (concurrently) Sung Hong Chiu Independent Non-executive Director Ning Li General Manager,Engineering & Dr. Kenneth S. Courtis Independent Non-executive Director Project Department (concurrently) Dr. Erwin Schurtenberger Independent Non-executive Director Quan Zeng Controller, Controllers Department Evert Henkes Independent Non-executive Director Liguo Zhao General Manager, Legal Department Lisong Song General Manager,Health, Safety & Company Secretary Environmental Department Yunshi Cao Hua Zhong General Manager, Strategic Development & Planning Department Audit Committee Chen Hezhi Human Resources Manager, Sung Hong Chiu Human Resources Department Dr. Kenneth S. Courtis (Financial Advisor) Baoguo Zheng General Manager, Marketing Department Chi Cheng General Manager, Treasury Department Remuneration Committee Zongwei Xiao General Manager, Investor Relations Sung Hong Chiu Department Dr. Erwin Schurternberger Jianbo Sheng Acting Director, Mergers and Evert Henkes Acquisitions Office Nomination Committee Branch Offices & Subsidiaries Management: Han Luo Bi Chen General Manager, Sung Hong Chiu CNOOC China Limited - Tianjin Branch Dr. Erwin Schurternberger Weilin Zhu General Manager,
    [Show full text]
  • Appointment of PMM for Stock Options Market
    編號 MO/DT/143/21 Ref. No.: 日期 Date: 30/06/2021 香港聯合交易所有限公司 (香港交易及結算所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 CIRCULAR Subject: Appointment of Primary Market Makers for Stock Options Market Enquiry: Ms. Yorko Kan 2211 6366 The Exchange is pleased to announce the appointment of the following Primary Market Makers (PMMs) for the period from 2 July 2021 to 30 June 2022: Akuna Hong Kong Limited Citadel Securities (Hong Kong) Limited Eclipse Options (HK) Limited IMC Asia Pacific Limited Optiver Trading Hong Kong Limited PMM is required to provide continuous quotes in not less than 150 option series for at least 80% of the trading hours and respond to at least 80% of the quote requests for each option class. The list of stock option classes under the PMM program and details of PMM obligations are specified in Attachments I and II respectively. Sanly Ho Co-Head Trading Operations Markets Division This circular has been issued in the English language with a separate Chinese language translation. If there is any conflict in the circulars between the meaning of Chinese words or terms in the Chinese language version and English words in the English language version, the meaning of the English words shall prevail. 2 Attachment I List of Stock Option Classes under the PMM Program No Underlying Stock Name Primary Market Maker Akuna Hong Kong Limited Citadel Securities (Hong Kong) Limited 1 Agricultural Bank of China Limited * Eclipse Options (HK) Limited IMC Asia
    [Show full text]
  • Table of Codes for Each Court of Each Level
    Table of Codes for Each Court of Each Level Corresponding Type Chinese Court Region Court Name Administrative Name Code Code Area Supreme People’s Court 最高人民法院 最高法 Higher People's Court of 北京市高级人民 Beijing 京 110000 1 Beijing Municipality 法院 Municipality No. 1 Intermediate People's 北京市第一中级 京 01 2 Court of Beijing Municipality 人民法院 Shijingshan Shijingshan District People’s 北京市石景山区 京 0107 110107 District of Beijing 1 Court of Beijing Municipality 人民法院 Municipality Haidian District of Haidian District People’s 北京市海淀区人 京 0108 110108 Beijing 1 Court of Beijing Municipality 民法院 Municipality Mentougou Mentougou District People’s 北京市门头沟区 京 0109 110109 District of Beijing 1 Court of Beijing Municipality 人民法院 Municipality Changping Changping District People’s 北京市昌平区人 京 0114 110114 District of Beijing 1 Court of Beijing Municipality 民法院 Municipality Yanqing County People’s 延庆县人民法院 京 0229 110229 Yanqing County 1 Court No. 2 Intermediate People's 北京市第二中级 京 02 2 Court of Beijing Municipality 人民法院 Dongcheng Dongcheng District People’s 北京市东城区人 京 0101 110101 District of Beijing 1 Court of Beijing Municipality 民法院 Municipality Xicheng District Xicheng District People’s 北京市西城区人 京 0102 110102 of Beijing 1 Court of Beijing Municipality 民法院 Municipality Fengtai District of Fengtai District People’s 北京市丰台区人 京 0106 110106 Beijing 1 Court of Beijing Municipality 民法院 Municipality 1 Fangshan District Fangshan District People’s 北京市房山区人 京 0111 110111 of Beijing 1 Court of Beijing Municipality 民法院 Municipality Daxing District of Daxing District People’s 北京市大兴区人 京 0115
    [Show full text]
  • Quarterly Top 10 Holdings
    Fidelity China Fund Quarterly top 10 stock positions The Fidelity China Fund invests in a diversified portfolio of typically 60 to 80 holdings across Chinese companies and draws on the research capability of Fidelity’s analysts based on the ground in China. Fidelity China Fund Quarterly top 10 stock positions provides a high-level snapshot of companies held in the portfolio as at 30 June 2021. Fidelity China Fund quarterly top 10 stock positions* 1 China Life Insurance Co Ltd, established in Beijing, is a leading life insurance company. The company is one of the largest institutional investors in China and becomes one of the largest insurance asset management companies in China through its controlling shareholding in China Life Asset Management Company Limited. The company also has a controlling shareholding in China Life Pension Company Limited. 2 China Mobile Ltd is the largest telecommunications company in China, with a 60% market share in mobile and a 41% market share in fixed broadband – making it the number one provider. 3 Alibaba Group Holding Ltd is the largest e-commerce platform in China, with around 60% online retail share. Other businesses include offline commerce, lifestyle services, entertainment, financial services and Cloud. 4 Tencent Holdings Ltd is currently the largest social network company in China, providing online games, digital content, online advertising services and other internet related services. Its social communication eco-system of active users includes QQ, Weixin and WeChat. 5 China Construction Bank is headquartered in Beijing and is one of the ‘big four’ banks, making it one of the largest in the world.
    [Show full text]
  • June 2021 Trade Bulletin
    June 21, 2021 Highlights of This Month’s Edition • U.S.-China Trade: In April 2021, U.S. goods exports to China were up 36.7 percent year-on-year, continuing a marked recovery from the pandemic in spite of ongoing bilateral trade tensions. • New EO Redefines and Expands Investment Restrictions: The Biden Administration has revised and expanded prohibitions on U.S. investment in Chinese companies which act contrary to U.S. national security; the list of companies subject to restrictions has grown from 44 to 59, with 18 companies removed and 33 added.* • Multilateral and Bilateral Developments: G7 joint statement highlights shared concerns about Chinese economic and human rights policies; APEC communiqué expresses common desire to improve vaccine access for Asia-Pacific economies; U.S. economic trade officials hold calls with their Chinese counterparts. • Commodity Prices Surge: China’s National Development and Reform Commission published a five-year action plan on pricing reform while regulators attempt to address spiking commodities prices. • In Focus – Wealth Management: Wall Street seizes on China’s $18.9 trillion asset management market as the Chinese government accelerates regulatory approvals to attract foreign capital and expertise. Contents U.S.-China Goods Trade Continues to Show Strong Recovery .................................................................................2 U.S. Ban on Investment in Chinese Military Companies Expands ............................................................................2 On China, Biden Administration Rallies Partners and Initiates Bilateral Dialog .......................................................5 CCP Seeks to Strengthen Commodity Price Controls ................................................................................................6 In Focus: Wall Street Seizes on China’s Burgeoning Wealth Management Sector ...................................................7 * Correction: An earlier version of the June 2021 Economics and Trade Bulletin said 17 companies were removed and 32 added.
    [Show full text]
  • Method of Determining
    Hydrotransport 19 Conference, Sept 24-26, 2014, Denver, USA Options for fixed mechanical sand bypassing at river entrances N.T. Cowper1, L. Nankervis2 and A.D. Thomas3 Slurry Systems Pty Limited, Sydney, Australia 1, [email protected] 2, [email protected] 3 [email protected] ABSTRACT Littoral drift of sand along coastlines can result in sand bars forming off ocean entrances causing navigational problems. Conventional management of these sand bars involves regular dredging. Two alternative fixed sand bypassing technologies are considered. The world’s first large scale fixed bypass system at Nerang, Queensland, Australia, is described. Since 1986 it has bypassed around 17 million m3 of sand. The system consists of 10 jet pumps mounted along an offshore jetty. An alternative option, not requiring a jetty, is to use a Submarine Sand Shifter (SSS) buried beneath the sand. The development, pilot plant testing, and operational experience of the Sand Shifter is described. 1. INTRODUCTION Littoral drift is a natural process due to sand being suspended by the energy dissipated in breaking waves. The resulting sand movement is predominantly towards the beach shore. However, when waves strike the beach at an oblique angle there is a shore parallel component of sand movement, or littoral drift. The quantity of littoral drift sand varies depending on wave climate. Depending on the prevailing wave direction, sand bars may build up across river entrances, inhibiting navigation. The conventional solution involves regular dredging of the entrance. A fixed sand bypassing system can provide a more economical alternative. Fixed sand bypassing involves a system to intercept the littoral drift sand before it reaches the entrance and pump it ashore to an on-shore pump station.
    [Show full text]
  • Hydrodynamic Forces on Subsea Pipes Due to Orbital Wave Effects
    Hydrodynamic Forces on Subsea Pipes due to Orbital Wave Effects Lisa King Jeremy Leggoe1, Liang Cheng2 1School of Mechanical and Chemical Engineering 2School of Civil and Resource Engineering CEED Client: Woodside Energy Ltd Abstract Pipeline stability design relies on an accurate prediction of the hydrodynamic forces induced by wave and current motion. The motion of wind generated waves is generally orbital, and the orbit paths flatten to an ellipsoid with depth. This leads to the assumption in deepwater that the vertical components of the wave motion tend to zero near the seabed. Due to this simplification wave motion is often modelled as rectilinear for the purposes of analysing on-bottom pipeline stability. This simplification predicts that the magnitudes of the hydrodynamic forces are equal on the forward and reverse half wave cycle. In computational fluid dynamics (CFD) modelling results have shown the drag force exerted on an on-bottom pipeline was 7% higher than expected on the forward half wave cycle, and 5% lower on the reverse half-wave cycle when waves were modelled as orbital rather than rectilinear. This paper describes CFD modelling to be conducted to investigate this phenomenon and verify the validity of this result. 1. Introduction Pipeline stability is an integral part of the offshore oil and gas industry and in particular is a major challenge for pipeline operators in the Australian North West Shelf (NWS). Due to the severity of the environmental conditions in the NWS, pipeline stabilisation can be a significant project cost, contributing up to 30% of the capital expenditure (Zeitoun et al.
    [Show full text]