Page 10 - AsianOil Week 29

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US sanctions Zhuhai Zhenrong
POLICY
to enforcement and to holding the Iranian regime accountable.”
China has criticised the decision and has called on the US to rethink the “illegal” sanctions. “We are opposed to the US’ bullying behav- iour of wantonly cracking down, suppressing and sanctioning Chinese companies and indi- viduals based on US domestic law. We are rmly opposed to it and strongly condemn it,” Foreign Ministry spokeswoman Hua Chunying told a press brie ng in Beijing. “We strongly urge the US to immediately rectify its wrong behavior, and stop imposing illegal sanctions against Chi- nese companies and individuals. China will take all necessary measures to rmly preserve the legitimate rights and interests of Chinese com-
panies and individuals.”
Zhuhai Zhenrong’s website claims that it
accounts for more than 60% of China’s trade with Iran.
Washington’s move is unsurprising given mounting speculation that China has been out- ing sanctions targeting Iranian oil exports. US Deputy Energy Secretary Dan Brouillette said on June 21 that while Washington was concerned China might be in breach of sanctions, there was no evidence to support this concern. His com- ments were followed shortly by TankerTrackers’ analysis that the National Iranian Tanker Co. (NITC)-owned SALINA oil tanker had arrived at PetroChina’s Jinxi re nery on June 20 carrying Iranian crude loaded a er May 2.
On June 28, Foreign Ministry official Fu Cong objected to Washington’s “unilateral” sanctions on Iranian oil exports and said Beijing rejectedtheUS’“zeropolicy”.v
AUSTRALASIA
THE US government has sanctioned China’s state-run oil importer Zhuhai Zhenrong over allegations that it “knowingly” imported Ira- nian crude.
A government statement on July 22 said Zhuhai Zhenrong had purchased a signi cant quantity of Iranian oil a er the US’ six-month waiver to China had expired on May 2. It did not provide further details.
“We said we would fully enforce our sanc- tions, and we are backing this up with real action,”USSecretaryofStateMikePompeosaid in the statement.
The sanctions bar both Zhuhai Zhenrong and its chief executive, Youmin Li, from US-gov- erned foreign exchange, banking or property transactions. Not only has the US market been closed to the company and its head, but Li has also been banned from entering the country.
Pompeo said: “Any entity considering evad- ing our sanctions should take notice of this action today. It underscores our commitment
USSecretaryofStateMikePompeo
Woodside’s Q2 production, revenue slide
PERFORMANCE
AUSTRALIAN developer Woodside Petrole- um’s production and revenue both slid in the April-June period owing to prolonged mainte- nance at the Pluto LNG project.
Production decreased from 21.7mn barrels of oil equivalent (boe) to 17.3mn boe in the rst quarter, while sales fell from $1.22bn to $738mn.
“[ emaintenanceworksatPluto]lasteda little bit longer than we thought but we’re back up and running at full capacity ... and our guidance for the year has been maintained,” the Sydney Morning Herald quoted CFO Sherry Duhe as saying.
Woodside warned investors in June that Pluto’s issues meant full-year production would likely be towards the lower end of the company’s 88-94mn boe guidance range.
On a more upbeat note, Woodside CEO Peter Coleman said the start of o shore com- missioning at the $1.9bn Greater Enfield oil development during the quarter meant the project was on schedule and budget. He added: “We restarted production from the Vincent wells in July and are working towards startup of the GreaterEn eldwellswithinthecomingweeks.”
e project encompasses the Laverda Can- yon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil accumulations. Pro- duction is being sent to the Vincent oilfield’s Ngujima-Yin oating, production, storage and o oading (FPSO) vessel via a 31-km pipeline. Woodside operates Greater En eld with a 60% stake, while Japanese trading giant Mitsui & Co. owns 40%.
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w w w . N E W S B A S E . c o m Week 29 24•July•2019