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International Trade

Key performance indicators of CNOOC Petrochemical Import & Export Co., Ltd. created historical new high, such as annual trading volume reaching 92.95 million tons and sales revenue RMB 251.2 billion. It continuously improved competitiveness in sales by simultaneously enhancing domestic and international trade, made all efforts to improve quality and profitability, and managed to ensure supply of crude oil to the Phase II Project of Huizhou Refinery, provided integrated and comprehensive services by optimization of resource allocation, ship chartering, execution process and financial factoring on the basis of visiting customers. Cooperated with Huizhou Refinery, the exports greatly added value to the refined oil products and helped the maximization of the Company’s overall value. The Import & Export Company made unremitting efforts to expand channels for resource acquisition and optimized the purchase ratios of imported resources for CNOOC and Shell Petrochemicals Company Limited (CSPC). It fully played the role of window for overseas markets and achieved new breakthroughs in first hand resources acquisition and customer development in the international market.

The warehousing business has also made great achievements. Yantai Integration project promoted the transfer volume of oil products to a large extent through enhancing market development and implementing lean management. Xinhai oil storage Co., Ltd., subsidiary of Daxie Petrochemical, raised storage rents under long-term contracts by adjusting the market development strategy and continuously implemented the cost-reduction and efficiency activity.

Taking serving oilfield production as the primary task, the shipping business actively tapped potentials. The shipping companies were subject to the overall situation of offshore oil production and transportation, approached challenges of the world shipping market, optimized and expanded their shipping capacities in a coordinated way so as to promote the contribution of high profitability to the Company.

The financial business has made positive contributions to the task of “Ensuring Growth”. It took opportunities to collect low interest funds, obviously reduced the cost of financing and improved the yield of financial products.

The Import & Export Company implemented the idea of “creating value from service” and lean management, and made special contributions to the Company. The financial sector implemented financial management rules required by the Company to further strengthen the financial infrastructure and normalize and optimize financial accounting and tax management. The legal and risk management sector strictly controlled market risks and credit risks. The transaction examination rate, the admittance of counterparty examination rate and the recovery rate of the account receivable were all up to 100%. There were zero illegal transactions and zero major risk events in the whole year of 2017.

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CNOOC Annual Report 2017
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