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International Trade

CNOOC Petrochemical Import & Export Co., Ltd. implements the development strategy of integration of sales, trading, storage, operation and financing, pays high attention to trade quality improvement and actively and effectively expands market, therefore, its overseas trade makes new high. Processing exporting trade helps the Huizhou Refinery products to increase value in exporting, and five business segments, including oil and gas sales, oil products trading, storage operation, cruise transportation and financing, keep great development trend.

In 2016, CNOOC Petrochemical Import & Export Co., Ltd. kept to deepen international oil product market and strengthened internal and external integration operation. In addition, key indexes like trade volume and total profit created new historic high. The annual trade volume exceeded 80 million tons. The sales income was nearly RMB 180 billion, and the total profit set a new record and realized the best performance since the company was founded.

Sales business vigorously upgraded oil and gas value. CNOOC Petrochemical Import & Export Co., Ltd. fully played its advantages in sales and trading integration, actively expanded market and effectively broadened sales channel. It conducted natural gas market research and judgment and gas price negotiation to create new benefit, and applied innovative cascade rate settlement and decreased sales cost.

The oil product trade industry made new high. The crude oil trade aimed at the resources need of the Phase II Project of Huizhou Refinery in advance and signed cooperation framework agreement with foreign oil companies. It also vigorously served refining market to build core client resource, and its refined oil product grasped the processing trade to realize win-win development and the trade profit made a historic high. Its chemical products realized highest trade volume and best revenue. Its Singapore branch realized the best performance in history based on “production and supply guarantee promotes trade”.

The connecting pipeline project of Daxie Storage and Daxie Petrochemical was completed and put into use, positioning to attract long-term clients. The integration project in Yantai was successfully put into operation, which efficiently pushed the healthy and coordinated development of the sales, trade, storage, transportation and finance integration strategy of CNOOC Petrochemical Import & Export Co., Ltd.

The shipping companies invested by CNOOC Petrochemical Import & Export Co., Ltd. mainly actively served the whole of offshore crude oil production, focused on improving governing level, and intensified market expansion and increased delivery income in the precondition of safety production, which made huge contribution to the offshore oilfield production.

With the full use of the associate attributes of trade and finance, CNOOC Petrochemical Import & Export Co., Ltd. conducted elaborate financial management and prudently selected financial products through expanding financing channels, made financial combination and cooperated with financial institutes for special financing products and finally achieved stable financial benefit.

CNOOC Petrochemical Import & Export Co., Ltd. implemented the idea of “Know It All, Strict Control and Semi-Bearing” and realized zero major risk through the whole year. The new trade system was launched by schedule, which greatly improved the level of futures and paper, broker reconciliation and quantitative risk management.

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