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2014 Inter Lubric China: 15th Anniversary, A New Start for Us

SHANGHAI, Aug. 29, 2014 /PRNewswire/ -- With its successful conclusion in Guangzhou in 2013, Inter Lubric China is heralding its 15 years anniversary. The 15th China International Lubricants and Technology Exhibition (Inter Lubric China) wil...

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Sasol, EDM Inaugurate New Gas-to-Power Plant in Mozambique

RESSANO GARCIA, Mozambique, Aug. 29, 2014 /PRNewswire/ --

Earlier today, the President of the Republic of Mozambique, Armando Guebuza, and the Mozambican Minister of Energy, Salvador Namburete, joined the chairman of the Mozambican state power utility, Electridade de Mozambique (EDM), Augusto Fernando de Sousa and the President and CEO of Sasol, David Constable, at the inauguration of Central Termica de Ressano Garcia (CTRG).

The CTRG power plant, which is a partnership between EDM (51%) and Sasol (49%), represents Mozambique's first permanent large-scale gas-to-power facility in Ressano Garcia, which is on the border between Mozambique and South Africa.

Natural gas will be supplied to the new power plant from the Sasol-operated central processing facility (CPF) in Temane in the Inhambane province. Together with its partners, Sasol has expended approximately US$3 billion in capital investments, which include the development and expansion of the CPF and natural gas fields in Southern Mozambique, the construction of a cross-border pipeline, and the completion of the CTRG gas-to-power project.

The 175MW gas-fired power plant will supply electricity to more than two million Mozambicans - this equates to 23% of the country's current demand. The Mozambican economy is one of the fastest growing on the African continent, and is seeing electricity demand increasing by approximately 14% annually.

The opening of the CTRG power facility comes as Sasol celebrates its 10th anniversary of developing the Temane and Pande stranded gas fields in Mozambique, through strong in-country partnerships and its technical expertise. The company's investments over the past decade have contributed to the creation of a favourable investment climate for Mozambique, while establishing an exploration and natural gas production sector in the region. These investments also serve to support economic growth and development in both Mozambique and South Africa.

Sasol President and CEO, David Constable said, "By working together with our Mozambican and South African partners, we are well-placed to unlock the ultimate potential of Mozambique's hydrocarbon resources in an integrated and sustainable manner, which will benefit not only the country but the broader region."

EDM Chairman Augusto Fernando de Sousa commented, "Despite Mozambique's extensive hydrocarbon resources, EDM is currently experiencing an electricity deficit which necessitates importing power. CTRG will help enhance the country's energy self-sufficiency and will also help to diversify our energy base."

The gas-fired power plant is expected to reach beneficial operation in October this year.

About Sasol:

Committed to excellence in all we do, Sasol is an international integrated energy and chemical company that leverages the talent and expertise of our more than 33 000 people working in 37 countries. We develop and commercialise technologies, and build and operate world-scale facilities to produce a range of product streams, including liquid fuels, high-value chemicals and low-carbon electricity.

While remaining committed to our home-base of South Africa, Sasol is expanding internationally based on a unique value proposition.

Issued by: 

Alex Anderson, Head of Group Media Relations
Direct telephone +27-(11)441-3295
Mobile +27-(0)71-600-9605
alex.anderson@sasol.com

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Sinopec Announces 2014 Interim Results

-- Operating Profit Records Double Digit Growth in the First Half of 2014

-- Marketing Business Restructuring and Shale Gas Development on Track

BEIJING, Aug. 22, 2014 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec" or "the Company") (HKEX: 386; CH: 600028;NYSE: SNP) today announced its interim results for the six months ended 30 June 2014.

Financial Highlights:

  • In accordance with the International Financial Reporting Standards (IFRS), in the first half of 2014, the Company's turnover, other operating revenues and other income was RMB1,356.17 billion, down 4.2% year-on-year. However, the Company still maintained double digit growth in operating profit of RMB52.27 billion, up 11.8% year-on-year. Profit attributable to equity shareholders of the Company was RMB32.54 billion, up 7.5% year-on-year. Basic earnings per share were RMB0.279.
  • In accordance with the PRC Accounting Standards for Business Enterprises (ASBE), in the first half of 2014, the Company's operating profit was RMB44.83 billion, up 2.6% year-on-year. Net profit attributable to equity shareholders of the Company was RMB31.43 billion, up 6.8% year-on-year. Basic earnings per share were RMB0.269.
  • Net cash flows from operating activities was RMB582.14 billion, up 76.9% year-on-year.

  • The Board of Directors proposed an interim dividend of RMB0.09 per share.

Business Highlights:

In the first half of 2014, global economic growth slowed down while China's economy maintained moderate growth. Despite slowing growth in demand for refined oil products and tumbling prices for chemical products, the Company achieved a double digit increase in operating profit, thanks to increased production and sales volume of high quality oil products which led to a year-on-year operating profit growth in its refining and marketing businesses.

  • The Company achieved further progress in domestic oil and gas exploration and development.  Sinopec maintained its fast-track momentum in the construction of shale gas capacity in Fuling in the Sichuan Basin. By the end of June, daily shale gas production hit 3.2 million cubic meters. As of the end of 2013, the Company had completed its acquisition of overseas upstream assets from China Petrochemical Corporation, which significantly increased Sinopec's crude production on a year-on-year basis.
  • Benefitting from further optimized production structure and increased production of high value-added oil products production such as GB IV & GB V gasoline and diesel production, the refining margin rose 43.4% in the first half of 2014 on a year-on-year basis.
  • In the first half of 2014, Sinopec carried out the restructuring and reform of its marketing business as planned. The Company established Sinopec Marketing Company Ltd. and completed the auditing and evaluation of its assets, laying the foundation for marketing business reform. Sinopec established Sinopec Easy Joy Sales Co., Ltd. to take another big step in the development of its non-fuel business. Sinopec significantly increased sales of premium products and recorded 10% growth in non-fuel operating revenues through optimising marketing strategies, expanding retail scale and enhancing integrated service levels for its clients.
  • Sinopec proactively responded to the severe market conditions for the chemical industry. The Company adjusted the raw material and product structure, optimised the utilisation rate of its facilities, and shut down non-profitable units.

Fu Chengyu, Chairman of Sinopec said: "Focusing on improving the quality and efficiency of development in the first half of 2014, Sinopec has accelerated business restructuring, emphasizing market-oriented reform and the specialized development of various business lines. Sinopec is committed to building a people-oriented, world-class energy and chemical company as well as enhancing shareholders' long term returns through business transformation and more effective management."

Business Review

Exploration and Production

In the first half of 2014, Sinopec achieved further progress in oil and gas exploration and development by focusing on five key domestic areas. In exploration, the Company made further discoveries in west Sichuan, with a number of  discoveries in the west rim of the Zhungar Basin, the Qintong sag of Jiangsu Province and North Erdos. In development, Sinopec strengthened its efforts in progressive exploration and reservoir characterisation, implemented a number of projects to build oil and gas production capacity and actively carried out gas production capacity building projects in Yuanba, middle-shallow layer of west Sichuan and Daniudi. We sustained our rapid growth in conventional gas production.

In unconventional resource development, we maintained our fast track momentum in the construction of shale gas capacity in Fuling in the Sichuan Basin. By the end of June, average daily shale gas production hit 3.2 million cubic meters. As of the end of 2013, the Company had completed its acquisition of overseas upstream assets from China Petrochemical Corporation, which significantly increased its crude oil production. In the first half of 2014, our oil and gas production was 237.01 million barrels of oil equivalent, up 8.00% from the same period in 2013, of which crude oil was 177.88 million barrels, representing an increase of 7.52% from the same period last year, and natural gas output was 354.8 billion cubic meters, an increase of 9.46%.

Due to lower crude oil realisation and lower overseas sales volumes due to maintenance to our Angola project, operating revenue of the Exploration and Production segment was RMB113.8 billion, representing a decrease of 2.9% over the first half of 2013. The segment operated fairly smoothly in the first half of 2014, realising RMB28.3 billion of operating profit, down 8.7% on a year-on-year basis. This was mainly attributable to lower realized crude price caused by factors including exchange rate fluctuation.

Summary of Operations for the Exploration and Production Segment


Six-month period

ended 30 June

Change

2014

2013

%

Oil and gas production (mmboe)

237.01

219.46

8.00

Crude oil production (mmbbls)

177.88

165.44

7.52

       China

154.15

153.66

0.32

       Overseas

23.73

11.78

101.44

Natural gas production (bcf)

354.80

324.14

9.46

Refining

In the first half of 2014, we adjusted our refinery products mix in response to changes in domestic demand; optimised resource allocation and reduced procurement costs of crude oil; strengthened coordination of production and marketing to increase production and export of gasoline, jet fuel and other high-value-added products. We actively promoted quality upgrading in our oil products and significantly increased output of GB IV standard diesel. We took advantage of our centralised marketing for other oil products and increased sales of LPG, asphalt and petroleum wax. In the first half of 2014, we processed 116 million tonnes of crude oil, up 0.32% year-on-year, and increased oil product output by 2.68%, of which gasoline production was up by 9.63%, kerosene up by 19.74% and light yield up by 0.63 percentage points.

Operating revenue for the refining segment was RMB652 billion, up 1.2% year-on-year. Benefitting from further optimized production structure and increased production of high quality oil product, the segment achieved an operating profit of RMB9.8 billion in the first half of 2014, representing an increase of RMB9.5 billion over the same period of 2013, and the refining margin rose 43.4% on a year-on-year basis,

Summary of Operations for the Refining Segment   



Unit: million tonnes


Six-month period

ended 30 June

Change

2014

2013

(%)

Refinery throughput

115.81

115.44

0.32

Gasoline, diesel and kerosene production

71.62

69.75

2.68

       Gasoline

24.94

22.75

9.63

       Diesel

36.67

38.64

(5.10)

       Kerosene

10.01

8.36

19.74

Light chemical feedstock production

19.96

18.82

6.06

Light yield (%)

76.83

76.20

0.63

percentage points

Refining yield (%)

94.63

94.61

0.02

percentage points

Note: includes 100% production of joint ventures



Marketing and Distribution

In the first half of 2014, we carried out the restructuring and reform of our marketing business as planned. We established Sinopec Marketing Company Ltd. and completed the auditing and evaluation of its assets and laid the foundations for marketing business reform. We established Sinopec Easy Joy Sales Co., Ltd., as another big step towards the specialized development of our non-fuel business. In light of sufficient market supply and fierce competition, we focused on resource allocation and optimised our marketing strategies to concentrate on premium products. We focused on our customer base and the retail market, enhancing the comprehensive services at Sinopec retail stations and maximized the scale of our retail business. With the launch of our online store for refuelling cards and self-service apps and devices, we improved customer experience by providing a one-stop service. In the first half of 2014, the total sales volume of oil products grew by 0.2% to 88.26 million tonnes, of which domestic sales were 81.04 million tonnes, up 0.4% from the previous year. Retail volume increased by 1.9% to 56.55 million tonnes. Sales from our non-fuel business reached RMB7.19 billion, an increase of 10% from the same period in 2013.

Operating income of the segment was RMB726.9 billion, down 0.8% year-on-year, mainly due to the revenue drop in diesel and fuels oil. Operating profit was RMB18.8 billion, representing an increase of 11.5% over the same period of 2013.

Summary of Operations for Marketing and Distribution Segment



Unit: million tonnes


Six-month period

ended 30 June

Change

2014

2013

%

Total sales volume of oil products

88.26

88.05

0.2

Total domestic sales volume of oil products

81.04

80.75

0.4

       Retail

56.55

55.52

1.9

       Direct and wholesale

24.49

25.23

(2.9)

Annualised average throughput per station (tonne/station)

3,712

3,620

2.5






As of 30 June

2014

As of 31 December

2013

Change

from the end

of last year (%)

Total number of Sinopec-branded service stations

30,467

30,536

(0.23)

       Company-operated

30,454

30,523

(0.23)

Chemicals Business

In the first half of 2014, facing oversupply in the market, high and volatile feedstock costs and a continued decline in chemical prices, we adjusted our feedstock and product mix as well as the configuration of facilities in order to process more low-cost, light feedstock into high-value-added products. In addition, we strengthened our efforts in the research, development, production and marketing of new products, integrated production with marketing and research and optimised the utilisation rate of facilities while shutting down non-profitable units. Furthermore, we strengthened our supply-chain management to ensure stable production and sales. In the first half of 2014, ethylene production reached 5.084 million tonnes, up 5.0% from the same period in the previous year and chemical sales volume was 29.2 million tonnes, up 4.1% year-on-year.

In the first half of 2014, operating revenue of the chemicals segment was RMB213.4 billion, representing an increase of 0.9% from the same period in 2013. This was primarily due to a 6.4% year-on-year increase in the sales volume of chemical products thanks to proactive marketing activities. Fierce competition in the domestic market and decreased chemical product prices led to an operating loss of RMB4 billion for the reporting period.

Summary of Operations, Chemicals Segment                                                                 



Unit: thousand tonnes


Six-month period ended 30 June

Changes

2014

2013

(%)

Ethylene

5,084

4,841

5.0

Synthetic resin

6,965

6,730

3.5

Synthetic fiber monomer and polymer

4,105

4,539

(9.6)

Synthetic fiber

646

699

(7.6)

Synthetic rubber

483

457

5.7

Note: Includes 100% of production of joint ventures.



Capital Expenditures

The Company has focused on improving the investment quality and returns and has made progress in a number of key projects. Total capital expenditure in the first half of 2014 was RMB39.186 billion. The Exploration and Production Segment accounted for a capital expenditure of RMB20.743 billion. This was primarily for oil and gas production capacity building, including at the Shengli oil field, Tahe oil field, Yuanba and Daniudi gas fields, Fuling shale gas field, the South Yanchuan Coal-bed-methane project, the Shandong and Guangxi LNG projects as well as at natural gas pipeline projects and overseas upstream projects. The Refining Segment accounted for a capital expenditure of RMB6.592 billion, which primarily supported the completion of revamping projects at the Shijiazhuang, Yangzi, Tahe and Jiujiang refineries and for quality improvements in our oil products. The Chemicals Segment accounted for a capital expenditure of RMB4.67 billion. This was primarily used for the acquisition of equity interests in the Ningdong coal chemical project and an investment in ZhongAn coal-chemical project, as well as to support product mix adjustments and basic chemical projects including Qilu acrylonitrile and Maoming polypropylene projects. The Marketing and Distribution Segment accounted for a capital expenditure of RMB5.83 billion, which primarily supported the building and revamping of service stations and the construction of oil product pipelines and depots. We added 261 new service stations in the first half of 2014. Corporate and Others accounted for a capital expenditure of RMB1.351 billion, which primarily supported R&D facilities and IT projects.

Special Highlights

Fuling Shale Gas Project

Following the significant breakthrough in the Fuling shale gas exploration project and after trial development and appraisal, the Company has set an overall production capacity target of 10 billion cubic meters for the Fuling shale gas field, and a planned capacity of 5 billion cubic meters per year for the first phase. In accordance with the guidance of overall deployment and step-by-step development, the first project in the first phase, which is the North Block development, is scheduled for 2014. This project mainly consists of drilling 91 new wells and constructing shale gas gathering and transmission facilities. The new production capacity is expected to be 1.8 billion cubic meters for this year.

Restructuring of the Marketing Business

In the first half of 2014, the Company accelerated the restructuring of Sinopec Corp.'s marketing business. The establishment, property audit and assessment of Sinopec Marketing Company Ltd., have been completed as planned. The Capital Introduction will be subject to market conditions and will be administered with impartiality, fairness and openness. The process of Capital Introduction will be divided into two phases and will include multiple rounds of bidding and competitive negotiations. The main objectives of the Capital Introduction are to promote and optimize a modern enterprise system, improve its market-oriented operational system and management mechanism, facilitate business innovation and vitality, enhance the competitiveness and sustainability of the enterprise, promote the transformation of Sinopec Marketing from a refined oil products supplier into an integrated services provider and develop Sinopec Marketing into a comprehensive lifestyle services provider which is trusted by consumers and which satisfies the needs of the general public.

Health, Safety, Environment and Low-carbon Growth

We improved and strictly implemented our Safe Production Accountability System, implemented the Occupational Safety and Health Administration (OSHA) standard, and initiated safety inspections throughout the Company to identify potential risks and emergency response team building. As a result, we maintained safe production on the whole. The Company increased its efforts in environmental protection, energy conservation, emissions reduction, green and low-carbon growth, and initiated energy performance contracting as well as an energy management system. Our Clean Water and Blue Sky campaign is well underway and is working towards a plan of Double the Energy Efficiency. In the first half of 2014, our chemical oxygen demand (COD) in wastewater discharge fell by 3.84% year-on-year and SO2 emissions fell by 4.73% year-on-year.

Corporate Governance Improvement

During the reporting period, Sinopec Corp. has complied with the applicable securities laws and regulations in and outside mainland China and further improved its corporate governance. Throughout the restructuring of its Marketing and Distribution business, the Company has and continues to strictly following the principles of public, fair, impartial and transparent. The Company has also provided training to newly appointed members of senior management in order to support the performance of their duties. The independent non-executive directors strengthened their communication with management and the external auditors and actively participated in the on-site research and evaluation of the subsidiaries. Sinopec Corp. has actively strengthened its internal control system, which has been implemented effectively, it has organised several reverse roadshows and has achieved continued improvements in relation to the information disclosure and investor relations. The Company initiates and leads green and low carbon development, and launches Energy Conservation Campaign. Sinopec Corp. continuously acts as Chairman of UNGC China Network and proactively supports its 2014 Caring for Climate China Summit. As at the date of this report, the Company has established the Policy Concerning Diversity of Board Members aiming to help maintain rational board structure and revised the Insiders' Registration Rules for the Company aiming to strengthen the management of Insiders.

Business Prospects

In the second half of the year, we expect the global economic recovery to slow while China will maintain steady economic growth. We expect international oil prices to fluctuate at a high level during the second half of 2014. Domestic demand for oil products, especially for gasoline, is expected to grow rapidly and demand for chemicals to grow slightly.

We will focus on efficiency and profitability based on market dynamics and on safety and reliable operations. To achieve full-year production and operation targets, we will undertake initiatives in the following key areas:

In exploration and production, we will promote efficient and effective exploration in frontier areas, secure acreage for commercial development, continuously advance overseas crude oil development, and step up capacity building in Yuanba, Daniudi, middle-shallow layer of west Sichuan and Fuling shale gas projects.

In refining, we will optimise procurement and allocation of crude oil to reduce costs. We will readjust our product mix and raise the output of high-value-added products. We will continue to upgrade the quality of oil products including our GB IV highway diesel and GB V gasoline, and will strengthen the marketing of LPG, asphalt and petroleum wax.

In marketing and distribution, we will push forward the reform and restructuring of our marketing business. We will optimise resources allocation, improve business efficiency, and take full advantage of our brand and existing network to expand retail volume. We will promote market-oriented development of non-fuel and other emerging businesses, and enhance the value-creation capability of our sales network.

In chemicals, we will take advantage of integration production, and further adjust our feedstock to reduce costs, modify our product mix and unit structure through better integration of production, marketing and research to produce more marketable products. We will also strengthen business operations and marketing optimisation to further enhance marketing ability.

Appendix

Principal financial data and indicators

FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH ASBE



Principal accounting data





Changes



over the same


Six-month periods ended 30 June

period of the


2014

2013

preceding year

Items

RMB million

RMB million

(%)





Operating income

1,356,172

1,415,244

(4.2)

Net profit attributable to equity shareholders of the Company

31,430

29,417

6.8

Net profit attributable to equity shareholders of the Company
     
after deducting extraordinary gain/loss items

31,354

29,196

7.4

Net cash flows from operating activities

58,214

32,903

76.9








Changes


At 30 June

At 31 December

from the end


2014

2013

of last year


RMB million

RMB million

(%)





Total equity attributable to equity shareholders of the Company

587,604

570,346

3.0

Total assets

1,429,543

1,382,916

3.4









Principal financial indicators





Changes



over the same


Six-month periods ended 30 June

period of the


2014

2013

preceding year

Items

RMB

RMB

(%)





Basic earnings per share

0.269

0.254

5.9

Diluted earnings per share

0.268

0.239

12.1

Basic earnings per share after deducting extraordinary

 gain/loss items

0.269

0.252

6.7

Weighted average return on net assets (%)

 

 

5.37

 

5.49

(0.12)

percentage points

Weighted average return on net assets after deducting

 extraordinary gain/loss items (%)

5.36

 

5.45

(0.09)

percentage points

Net assets per share attributable to equity shareholders

 of the Company (fully diluted)

5.031

4.687

7.3

 

 


FINANCIAL DATA AND INDICATORS PREPARED IN ACCORDANCE WITH IFRS





Principal accounting data







Changes


Six-month periods ended 30 June

over the same


2014

2013

period of the

Items

RMB million

RMB million

preceding year (%)





Operating profit

52,268

46,741

11.8

Net profit attributable to owners of the Company

32,543

30,281

7.5

Net cash generated from operating activities

58,214

32,903

76.9








Changes


As of 30 June

As of 31 December

from the end


2014

2013

of last year


RMB million

RMB million

(%)





Equity attributable to owners of the Company

586,110

568,803

3.0

Total assets

1,429,543

1,382,916

3.4









Principal financial indicators











Changes




over the same


Six-month periods ended 30 June

period of the


2014

2013

preceding year

Items 

RMB

RMB

(%)





Basic earnings per share

0.279

0.262

6.5

Diluted earnings per share

0.277

0.246

12.6

Net assets per share

5.018

4.664

7.6

Return on capital employed (%) *

 

4.19

3.88

0.31

percentage points

Return on capital employed=operating profit × (1-income tax rate)/capital employed (not annualized data)

The following table sets forth the operating revenues, operating expenses and operating profit/(loss) by each segment before elimination of the inter-segment transactions for the periods indicated, and the changes between the first half of 2014 and the first half of 2013.



Unit: RMB millions


Six-month periods ended 30 June

Change

2014

2013

(%)

Exploration and Production Segment




Operating revenues

113,827

117,242

(2.9)

Operating expenses

85,564

86,293

(0.8)

Operating profit

28,263

30,949

(8.7)

 Refining Segment




Operating revenues

651,969

644,246

1.2

Operating expenses

642,214

644,033

(0.3)

Operating profit

9,755

213

4,479.8

Marketing and Distribution Segment




Operating revenues

726,927

732,752

(0.8)

Operating expenses

708,133

715,900

(1.1)

Operating profit

18,794

16,852

11.5

Chemicals Segment




Operating revenues

213,392

211,521

0.9

Operating expenses

217,360

211,930

2.6

Operating loss

(3,968)

(409)

Corporate and others




Operating revenues

645,690

681,911

(5.3)

Operating expenses

645,951

682,925

(5.4)

Operating loss

(261)

(1,014)

Elimination of inter-segment profits

(315)

150

About Sinopec:

Sinopec Corp. is one of the largest integrated energy and chemical companies in China. Its principal operations include the exploration and production, pipeline transportation and sale of petroleum and natural gas; the sale, storage and transportation of petroleum products, petrochemical products, coal chemical products, synthetic fibre, fertiliser and other chemical products; the import and export, including an import and export agency business, of petroleum, natural gas, petroleum products, petrochemical and chemical products, and other commodities and technologies; and research, development and application of technologies and information.

Sinopec sets 'powering beautiful life' as its corporate mission, puts 'people, responsibility, integrity, precision, innovation and win-win' as its corporate core values, pursues a strategy of resources, markets, integration, international operation, differentiation, and low-carbon, and strives to achieve its corporate vision of building a world leading energy and chemical company.

Disclaimer:

This press release includes "forward-looking statements". All statements, other than statements of historical facts that address activities, events or developments that Sinopec Corp. expects or anticipates will or may occur in the future (including but not limited to projections, targets, reserve volume, other estimates and business plans) are forward-looking statements. Sinopec Corp.'s actual results or developments may differ materially from those indicated by these forward-looking statements as a result of various factors and uncertainties, including but not limited to the price fluctuation, possible changes in actual demand, foreign exchange rate, results of oil exploration, estimates of oil and gas reserves, market shares, competition, environmental risks, possible changes to laws, finance and regulations, conditions of the global economy and financial markets, political risks, possible delay of projects, government approval of projects, cost estimates and other factors beyond Sinopec Corp.'s control. In addition, Sinopec Corp. makes the forward-looking statements referred to herein as of today and undertakes no obligation to update these statements.

Investor Inquiries:

Beijing

Tel: (86 10) 5996 0028

Fax: (86 10) 5996 0386

Email: ir@sinopec.com

Media Inquiries:

 

Tel: (86 10) 5996 0028

Fax: (86 10) 5996 0386

Email: ir@sinopec.com



Hong Kong

Tel: (852) 2824 2638

Fax: (852) 2824 3669

Email: ir@sinopechk.com

Tel: (852) 3512 5000

Fax: (852) 2259 9008

Email: sinopec@brunswickgroup.com

Logo - http://photos.prnewswire.com/prnh/20140428/81089                           

 

 

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Honeywell’s UOP Technology Selected to Clean Offshore Natural Gas in the United Kingdom

Gas treating technology includes first membrane-based system on a Floating Production, Storage and Offloading (FPSO) vessel in the North Sea

JAKARTA, Aug. 22, 2014 /PRNewswire/ -- UOP LLC, a Honeywell (NYSE: HON) company, announced today that it has been selected by BW Offshore to remove contaminants from natural gas aboard a new Floating Production, Storage and Offloading (FPSO) vessel off the coast of Scotland.

The vessel, which will be leased to Premier Oil, will include a UOP SeparexTM Membrane System to remove carbon dioxide. While the technology has been successfully used elsewhere, this will be the first FPSO in the North Sea to use a membrane-based treatment system. UOP guard bed adsorbents will also be used to remove mercury and hydrogen sulfide. These contaminants must be removed to meet export and end-user specifications, and to protect downstream equipment.

Vast quantities of recoverable natural gas lie under the Earth's oceans. Accessing, treating and recovering these natural resources can be challenging due to ocean movement, environmental regulations, and space and resource constraints on offshore production facilities. 

"UOP is continually innovating to create lightweight, compact, chemical-free equipment that is ideal for complex offshore gas environment," said Rebecca Liebert, senior vice president and general manager of Honeywell's UOP Gas Processing and Hydrogen business unit. "By integrating UOP Separex membrane technology and guard bed adsorbents into a single system, we are able to create a solution that improves gas processing efficiency while reducing operating costs for FPSO operators."

Scheduled for start-up in 2017, BW Offshore's FPSO will be located approximately 125 miles east of Aberdeen, Scotland, in the Catcher oil field, in which Premier Oil has a 50 percent operating interest. It will have a processing capacity of 60,000 barrels per day of oil and a storage capacity of 650,000 barrels.

UOP Separex technology upgrades natural gas streams by removing carbon dioxide and water vapor. These contaminants must be removed to meet the quality standards specified by pipeline transmission and distribution companies as well as natural gas end users. Decades of operation in natural gas service have demonstrated that Separex membranes are the most robust for natural gas service and can achieve the longest membrane life in the industry. They eliminate the need for solvents, which could spill and damage the marine ecosystem. To date, more than 130 of UOP's membrane systems have been installed worldwide.

UOP guard bed adsorbents allow the removal of trace amounts of sulfur or mercury. These high-loading metal oxide adsorbents provide reliable protection for downstream equipment and consistently meet pipeline gas specifications, with no moving parts and no operator intervention.

Honeywell offers a broad range of technologies for natural gas production, processing and transportation. Its UOP Gas Processing and Hydrogen business has supplied technology to more than 3,600 individual process units for gas processing in a broad range of applications throughout the world. The business offers technology, equipment and materials to treat and process natural gas, and to purify hydrogen used in refineries. Its gas technologies extract contaminants such as water, mercury, sulfur and carbon dioxide from raw natural gas. UOP also offers technologies to recover natural gas liquids (NGLs). UOP gas processing solutions are offered as efficient pre-engineered equipment packages or licensed technology.

Honeywell Process Solutions provides advanced automation, monitoring, safety and security systems for the entire gas supply chain to help operators increase plant reliability and efficiency, while reducing costs and risk.

BW Offshore is a leading global provider of floating production services to the oil and gas industry. BW Offshore is the world's second largest contractor of its kind with a fleet of 14 FPSOs and one Floating Storage and Offloading unit represented in all major oil regions worldwide.

Premier Oil plc is a leading independent exploration and production company with oil and gas interests in the North Sea, South East Asia, Pakistan and the Falkland Islands, as well as exploration interests in Brazil, Iraq and Kenya.

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Atonarp Inc. Raises $8M Series A Round Led by Walden Riverwood Ventures

Atonarp announces $8 million in funding led by Walden Riverwood Ventures to accelerate the development of its Smart Spectrometer platform, which will enable next-generation oil & gas and healthcare measurement instruments

TOKYO, August 20, 2014 /PRNewswire/ -- Tokyo-based Atonarp Inc. announced today $8 million in a Series A funding round led by Walden Riverwood Ventures with participation from other co-investors. The funding accelerates the development of Atonarp's Smart Spectrometer technology platform, which will enable a broad range of applications. The company has targeted the oil & gas and healthcare industries for its initial products.

"We are excited to partner with Atonarp in pursuing the commercialization of its Smart Spectrometer platform. Atonarp has a unique combination of engineering, semiconductor and data analysis talent and fundamental technologies. These are being used by Atonarp to create disruptive, next generation measurement instruments," said Nicholas Brathwaite, co-founder of Walden Riverwood Ventures and Chairman of Atonarp, Inc.

Atonarp is pioneering the field of chemical composition analysis by combining state-of-the-art electronics and data processing algorithms. Atonarp's Smart Spectrometer will enable manufacturers of gas-composition analysis instruments, such as field-based gas chromatography equipment, to achieve breakthrough improvements in cost, size, accuracy and maintenance-free operation. The Smart Spectrometer platform is also enabling novel use cases and applications for manufacturers of medical equipment and patient devices, including non-invasive personal healthcare monitoring.

Atonarp is currently sampling its Smart Spectrometer platform to leading manufacturers of oil & gas and healthcare instruments, and will enter volume production early next year.

About Walden Riverwood Ventures

Walden Riverwood Ventures is a venture capital firm focused on investing in core technology companies globally. It was formed as a collaboration between Walden International, a leading international venture capital firm, and Riverwood Capital, a global, technology-focused private equity firm. The firm's founding partners provide its portfolio companies with unique access to deep industry knowledge, relationships and management experience. The two firms have an established history of investing together in several successful companies such as GoPro, Ambarella, Inc., and Aptina Imaging, Inc. Walden Riverwood Ventures leads early stage investments in companies developing fundamental technologies that have the potential to benefit multiple industry verticals. For further information, please visit www.waldenintl.com and www.riverwoodcapital.com.

For more information, please contact:
Cesar Lee
cesar@rwcm.com
70 Willow Road, Suite 100
Menlo Park, CA 94025
(650) 618-7313

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Frost & Sullivan Recognises Companies in Africa for Precedent-Setting, Best-In-Class Practices

-- Winners felicitated at the prestigious annual awards banquet held at Cape Town

CAPE TOWN, South Africa, Aug. 19, 2014  /PRNewswire/ -- Africa's top industry performers were acclaimed at Frost & Sullivan's influential Awards Banquet held in Cape Town last week, 14 August 2014. Thriving in the current business environment indicates an approach that is visionary, incorporating innovation and game-changing strategies. Frost & Sullivan's best practice awards, based on a rigorous selection methodology, highlight the achievements of market-leading companies that deliver excellence and best practices in their respective industries.

Delivering the welcome speech and keynote address, Hendrik Malan, Operations Director, Frost & Sullivan, Africa, noted, "The Frost & Sullivan Best Practice Awards Programme acknowledges exceptional industry achievements. The selected awardees have demonstrated innovation, competitiveness and leadership in meeting the particular demands of doing business in Africa."

Twenty three awardees were drawn from diverse sectors including information and communication, chemicals and materials, energy, transportation, healthcare and finance. The ICT sector was strongly represented with Mi-Fone, T-Systems, ZTE, Intersec, Global Voice Group, Skyvision, Mahindra Comviva, Djibouti Data Center, EOH Cloud Services, Xlink, IBM, Health Window, and Orange, among the awardees.

Recipients were honoured for enabling technology, technology innovation, customer value enhancement, competitive strategy leadership, outstanding entrepreneurial spirit, and vertical market penetration, among other categories.

Following is a complete list of award recipients:

  • DHL Express – 2013 Sub-Saharan African Transport and Logistics Market Penetration Leadership Award
  • ZTE – 2013 African ICT Green Power Solution Technology Leadership Award
  • Intersec – 2014 African Big Data Solutions Customer Value Leadership Award
  • Global Voice Group – 2014 Sub-Saharan African Telecommunications Management and Supervision Technology Innovation Award
  • Skyvision – 2014 African ICT in Oil and Gas Vertical Market Penetration Leadership Award
  • Mahindra Comviva – 2014 African Digital Music Customer Value Leadership Award
  • Standard Bank – 2014 South African Small and Medium Enterprises Support Customer Value Leadership Award
  • Djibouti Data Center – 2014 East African Data Center Enabling Technology Leadership Award
  • T-Systems – 2014 South African IT Services Industry Company of the Year Award
  • Barloworld Logistics – 2014 Southern African Sustainable Logistics Technology Leadership Award
  • EOH Cloud Services – 2013 South African Cloud Computing Customer Value Enhancement Award
  • Elegant Line Chemicals – 2013 South African Commodity Chemicals Entrepreneurial Company of the Year Award
  • Xlink – 2014 South African Machine-to-Machine in Retail and Finance Technology Leadership Award
  • Mi-Fone – 2014 Sub-Saharan Africa Mobile Phone Entrepreneurial Company of the Year Award
  • IBM – 2014 Sub-Saharan African Big Data Solutions Competitive Strategy Leadership Award
  • Musoni – 2014 African Mobile Microfinance Technology Leadership Award
  • PTiP – 2014 South African Solar Photovoltaic Technology Innovation Leadership Award
  • Health Window – 2014 South African Medical Adherence Management Customer Service Leadership Award
  • Rex Investment – 2014 Tanzanian Solar Power Generation Industry Customer Value Leadership
  • MicroClinic Technologies – 2014 Kenyan Healthcare Information Technology Customer Value Leadership Award
  • Orange – 2013 African Telecommunications Company of the Year Award
  • Sasol – 2014 African Chemicals and Materials Visionary Innovation Award
  • Samsung – 2014 Kenyan Mobile Phones Competitive Strategy Innovation and Leadership Award

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us: Start the discussion

Join Us: Join our community

Subscribe: Newsletter on "the next big thing"

Register: Gain access to visionary innovation

Contact:
Samantha James
Corporate Communications – Africa
P: +27-21-680-3574
F: +27-21-680-3296
E: samantha.james@frost.com
T: @FrostSullivanSA

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Frost & Sullivan Honours Sasol for Continuing to Evolve its Innovation Strategy to Serve New Markets and Stay Relevant

- Sasol has had an undeniable impact on the South African society and economy and continues to expand rapidly into a multinational company

CAPE TOWN, South Africa, Aug. 19, 2014 /PRNewswire/ -- Based on its recent analysis of the chemicals and materials market in the energy sector, Frost & Sullivan recognises Sasol with the 2014 African Frost & Sullivan Award for Visionary Innovation. Through its Group Technology function, Sasol's continuous search for new ways of innovation places it among the cream of South African innovators and underlines its commitment to understanding and leveraging the Mega Trend of 'Innovation to Zero'.

Companies in the energy sector are expected to increasingly become a part of the 'Innovation to Zero' movement through zero emission technologies (wind power, renewables) and full beneficiation of resources (coal, steel, platinum). Sasol, for its part, innovates around its own environmental footprint, resources capital, people, as well future business. By focusing on lower-carbon technologies, it has demonstrated a robust understanding of the concept of Innovation to Zero. The company's closest competitor, although a pioneer of a number of best practice innovation concepts, has limited its focus to sectors that support only incremental innovation.

"Central to innovation are the three principles of: innovation process, knowledge and competency, and organisational support; Sasol has a strong foundation in all three," said Frost & Sullivan Team Leader for Chemical Materials & Food, Avril Harvey. "It has comprehensive knowledge management tools in place and the main body of the organisation supports innovation as a core function."

Owing to its determination to address market requirements, Sasol's services and products have evolved to suit current needs. It has ensured a constant high standard of research facilities and systems to deliver technical opportunities and excellence as well as guarantee sustainable growth and profits. It also has a strong intellectual property (IP) portfolio, which currently boasts more than 300 active patent families.

Sasol is growing at an impressive rate, and is already in the top 10 most valuable companies on the Johannesburg Stock Exchange. It is also the world leader in coal-to-liquids (CTL) and operates the second largest commercial gas-to-liquids (GTL) facility.

"Sasol is currently building a world-scale ethane cracker and downstream derivatives units and a 96 000 barrels per day GTL facility in the US; the largest ever foreign direct investment in Louisiana," noted Harvey. "In Southern Africa, it is involved at all levels of the development of human capital through its various programs that extend from schools to advanced post graduate programmes."

Overall, Sasol's history of innovation and unceasing focus on keeping pace with market needs make it a worthy recipient of the 2014 African Frost & Sullivan Award for Visionary Innovation in the chemicals and materials market in the energy sector.

Each year, Frost & Sullivan presents this award to the company that has demonstrated the understanding to leverage global Mega Trends, integrate the vision into processes to achieve strategic excellence. The award recognises the efficacy of the recipient's innovative process and the impact it has on business and society at large.

Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.

About Sasol

Sasol was established in 1950 in South Africa and and was a global frontrunner in developing commercial ability to convert coal to liquid fuels and chemicals (CTL). Sasol remains a large investor in South Africa and contributes significantly to skills development and technological research and development in the country.  The company is listed on the JSE Limited in South Africa and on the New York Stock Exchange in the US.

Sasol is a global producer of synthetic fuels and is also involved in coal mining in South Africa; natural gas and condensate production in Mozambique, oil extraction in Gabon and exploitation of shale gas in Canada. Sasol also has a retail presence, currently only in South Africa, for liquid fuels and industrial gas and provides fuel wholesale to other countries in the region.

For over 60 years, Sasol has been developing and commercialising innovative energy-related technologies, first with coal as a feedstock, then with gas. Into the future, Sasol plans to continue to develop, along with changing market needs and expectations, moving toward the current need for energy. 

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.

Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.

For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

Contact Us:   Start the discussion

Join Us:      Join our community

Subscribe:    Newsletter on "the next big thing"

Register:     Gain access to visionary innovation

Contact:

Samantha James
Corporate Communications – Africa
P: +27-21-680-3574
F: +27-21-680-3296
E: samantha.james@frost.com 
T: @FrostSullivanSA 
http://www.frost.com

Alex Anderson
Head | Group Media Relations
P: +27-11-441-3295 
F: +27-11-219-1126 
E: alex.anderson@sasol.com 
www.sasol.com

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