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International Trade

In 2015, CNOOC Petrochemical Import & Export Co., Ltd. continued to engage in international trade of oil products and strengthened integrated operation in domestic and foreign markets. The total trade volume reached 58.08 million tons, sales revenue RMB 140.5 billion, and total profit RMB 3.01 billion.

The company widened its trade business through a diversified purchasing strategy. It provided a variety of oil products for downstream costumers with more resource channels, created a import record for domestic refinery plants as an agent, and won new customers in regional refinery plants. Its overseas share oil was sold to CNOOC’s refinery plant. The Singapore branch actively participated in Oman crude oil transaction in Dubai Mercantile Exchange, enhanced involvement in the Middle East benchmark oil market, and promoted CNOOC’s influence in market.

Progresses were made in business integration. The approval procedures went smoothly for the project of 300,000 tons of crude oil wharf in Yantai, and most engineering work was completed. CNOOC Petrochemical Import & Export Co., Ltd. signed service agreements and framework agreements with several refinery plants on crude oil transfer, which created stable revenue from integration.

The shipping business made its highest profit in 2015. The affiliate shipping companies took advantage of declining fuel oil prices and implemented measures to reduce cost and improve efficiency.

CNOOC Petrochemical Import & Export Co., Ltd. improved the modes of financial transaction in the face of declining financial transaction scale resulted from dropping oil prices, RMB devaluation and decreasing investment return. It managed to make breakthroughs through continuous innovation in financial services.

CNOOC Petrochemical Import & Export Co., Ltd. enhanced risk control and adjusted the level of risk from “risk identified, controlled, and tolerant” to “risk wholly identified, strictly controlled, and semi-tolerant”. It strictly reviewed business contracts and controlled trade risks through a trade risk control system and Dun & Bradstreet Credit Evaluation System. The internal control management system was established and implemented, which included 18 institutions, 151 methods, and 194 articles.

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