Page 6 - AsianOil Week 18 2021

AsianOil SOUTHEAST ASIA AsianOil

Philippine official blasts China over border dispute

POLICY PHILIPPINE Foreign Secretary Teodoro Locsin Wang Yi. He said: “I won’t plead the last provo-
has lashed out at China’s continued presence within cation as an excuse for losing it. But if Wang Yi is
waters the Southeast Asian country claims. following Twitter, then I’m sorry for hurting his
Commenting on the continued presence of feelings, but his alone.”
more than 200 Chinese vessels in the Philippines’ The Philippine government has been vacil-
200-nautical mile (370-km) exclusive economic lating over its position of the South China Sea
zone (EEZ), Locsin tweeted on May 3: “China, dispute, which also involves Vietnam, Indone-
my friend, how politely can I put it? Let me see.... sia, Malaysian, Brunei and Taiwan to greater
Philippine Foreign O.... GET THE F**K OUT.” or lesser degrees. Philippine President Rodrigo
Secretary Teodoro Locsin He added: “What are you doing to our friend- Duterte has largely tried to downplay the Perma-
ship? You. Not us. We’re trying. You. You’re like nent Court of Arbitration’s (PCA) ruling in 2016
an ugly oaf forcing your attentions on a hand- that most of Beijing’s claims to the South China
some guy who wants to be a friend; not to father Sea, including the area that Manila refers to as
a Chinese province ...” the West Philippine Sea, are invalid.
Locsin responded to some of his critics by While the president has at times tried to push
saying that “usual suave diplomatic speak gets the Southeast Asian nation’s claim to the dis-
nothing done”. puted territory, he has also warned that antago-
Reports emerged in early March that hun- nising China could lead to a war the Philippines
dreds of Chinese ships had arrived at Whitsun is incapable of winning.
Reef, which is located about 320 km west of Pal- Commenting on Locsin’s tweets during a
awan Island. The Philippine Coast Guard then televised speech on May 3, Duterte said: “Just
revealed last month that at least 240 Chinese ves- because we have a conflict with China does not
sels remained in the surrounding waters. mean to say that we have to be rude and disre-
Some hours after his outburst, Locsin then spectful. We have many things to thank China,
tweeted an apology to Chinese Foreign Minister for help in the past and its assistance now.”™

EAST ASIA

PetroChina posts strong Q1 results

PERFORMANCE STATE-RUN PetroChina has posted a first-quar- 0.5% y/y to 185.8mn barrels from 186.9mn bar-
ter net profit of CNY27.72mn ($4.28bn), a return rels, while foreign production slumped 22.4% to
to the black after the previous year’s CNY16.23bn 35.5mn barrels from 45.8mn barrels.
($2.51bn) loss. China’s largest oil and gas producer PetroChina’s upstream division recorded a
said on April 29 that the result was its best quarterly first-quarter operating profit of CNY12.88bn
net profit in the past seven years. ($1.99bn), which was 13.4% lower than last
The company noted that its revenue for the year’s CNY14.88bn ($2.3bn). The company
period had increased by 8.4% year on year to mainly attributed the slide to a 1.4% y/y decline
CNY551.92bn ($85.26bn), with the improved per- in its domestic realised oil price to $55.62 per
formance attributed to China’s ongoing economic barrel. The average domestic realised gas price,
recovery as well as a rebound in oil and gas demand. meanwhile, rose by 9% to $6.32 per 1,000 cubic
PetroChina said that it had boosted its feet ($223.16 per 1,000 cubic metres).
domestic production of oil and gas by 4.3% y/y In the downstream, PetroChina upped its
to 373mn barrels oil equivalent. Production first-quarter run rates by 7.8% y/y to 298mn
from overseas assets, however, declined 21.7% barrels of crude, with oil product production
to 44.1mn boe in the first quarter from 56.3mn climbing by 6.9% to 26.95mn tonnes.
boe in the year-earlier period. The company’s refining division posted a
PetroChina celebrated an 8% increase in CNY10.21bn ($1.58bn) operating profit, up
overall gas output to 1.17 trillion cubic feet from a CNY6.29bn ($971.6mn) loss in the same
(33.13bn cubic metres). Domestic projects deliv- period of last year. The major attributed the turn-
ered 9.6% more gas at 1.12 tcf (31.72 bcm) from around to an increase in oil product sales as well
1.02 tcf (28.89 bcm), while foreign fields saw as inventory gains.
production slide 18.2% to 51.6bn cubic feet (1.46 The petrochemical division also bounced back
bcm) from 63.1 bcf (1.79 bcm) a year earlier. to the black, recording a first-quarter operating
The company’s overall crude production, profit of CNY4.47bn ($69.1bn), compared with a
however, shrank by 4.9% y/y to 221.4mn barrels CNY2.41bn ($372.3mn) loss in the same period
in the first quarter from 232.7mn barrels in Jan- of 2020. The company again attributed the turna-
uary-March 2020. Domestic output declined by round to increased sales in the segment.™

P6 www. NEWSBASE .com Week 18 06•May•2021