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Yanchang Petroleum International Announces 2022 Interim Results

Sales Volume of Novus in Canada Soared by Nearly 60% Oil and By-product Trading Business in the PRC Affected by Lawsuits

Financial Highlights:

  • Overall revenue amounted to approx. HK$9.34 billion (1H2021: approx. HK$10.21 billion)
  • The upstream oil and gas production business in Canada, Novus’s sales volume of oil and gas amounted to 322,754 barrel of equivalent, which represented an increase of 59.4% yoy; contributed income of approx. 205 million (1H2021: approx. HK$75.3 million)
  • Revenue of the oil and by-product trading business in the PRC amounted to approx. HK$9.13 billion (1H2021: approx. HK$10.13 billion)

HONG KONG SAR – Media OutReach – 26 August 2022 – Yanchang Petroleum International Limited (“Yanchang Petroleum International” or the “Company”, together with its subsidiaries, the “Group”; Stock code: 346.HK) today announced its unaudited consolidated interim results for the six months ended 30 June 2022 (“period under review”).

During the period under review, the Group’s overall revenue reached approximately HK$9.34 billion (1H2021: HK$10.21 billion). Benefitted from the higher commodity prices as well as increased production volume, Novus Energy Inc. (“Novus”) contributed an income of approximately HK$205 million (1H2021: approx. HK$75.3 million) during the period under review. Net income in the first half of the year was CAD8.13 million (approximately HK$49.4 million), nearly the double of the same period last year. In addition, the revenue of oil and by-products trading business in the PRC was HK$9.13 billion as compared to HK$10.13 billion from the corresponding period last year. Although Henan Yanchang Petroleum Sales Co Ltd (“Henan Yanchang”) performed well and remained profitable during the period under review, Yanchang Petroleum (Zhejiang FTZ) Ltd. (“Yanchang Zhejiang”) has been involved in a number of pending litigations, which offset the sales growth brought by Novus, resulting in a loss of approximately HK$35.8 million for the period under review. Stripping off the Yanchang Zhejiang operation which was suspended for certain months due to litigations during the period under review, the Group’s performance in other operations recorded considerable improvements.

Upstream Oil and Gas Production Business in Canada

In the first half of 2022, Novus engaged in the business of exploration, exploitation and production of crude oil and natural gas in Western Canada, with overall operation remaining stable. During the period under review, sales volume of oil and gas increased by 59.4% year-on-year to 322,754 barrel of equivalent, contributed a revenue of approximately HK$205 million, representing an increase of 172% year-on-year. The net revenue per barrel reaching a record high of CAD25.2 per barrel.

By making reference to market analysis, Novus reasonably adjusted its inventory and implemented development programmes. Through advanced planning and maintaining good relationships with service providers, Novus brought together its capital resources to purchase oil casing in advance which achieved cost savings. During the period under review, operating expenses in Novus’s well fields were CAD6.18 million, with average operating costs of CAD19.2 per barrel, representing a decrease of 15.5% year-on-year.

Downstream Oil and By-product Sales Business in the PRC

During the period under review, Henan Yanchang sold a total of 1.76 million tonnes of refined oil products cumulatively and achieved an operating revenue of RMB7.35 billion. In the first half of the year, Henan Yanchang leveraged its oil depot resources and established cooperation with Shaanxi Xing Hua and Sinofert Henan, respectively, adding new profit drivers. In addition, Henan Yanchang also entered into cooperation with a number of listed and premier companies such as Hunan Guochu for storage, and successfully became a supplier of refined oil products in the Hunan high-speed service region. In the first half of 2022, the cumulative sales volume of Henan Yanchang in the Hunan and Hubei markets amounted to 95,400 tonnes, with sales revenue of approximately RMB800 million. However, the processing business of Yanchang Zhejiang came to a halt due to litigations of its processing plant in the first half of the year, it is actively handling and striving to resolve the litigation issue currently.

Mr. Feng Yinguo, Chairman of Yanchang Petroleum International, concluded, “In the second half of 2022, the geopolitical crisis is anticipated to take a positive turn. The Organization of Petroleum Exporting Countries (OPEC) is expected to maintain its strategy of raising oil production, or even plans to adjust upward the production level. Given that the US interest rate hikes will put the global economic growth under pressure, the outlook for the international crude oil market will be gloomy. Yanchang Petroleum International will seize the opportunity in times of high oil prices to accelerate its growth in production in an efficient and effective manner and strengthen risk management. The Group will also adhere to the development strategy of ‘focusing on both production and trading, equal emphasis on oil and gas and new energy’, striving to become a first-class integrated green and low-carbon energy service provider.”

Hashtag: #YanchangPetroleum

About Yanchang Petroleum International Limited (Stock code: 346.HK)

Yanchang Petroleum International is principally engaged in the following activities (i) exploration, exploitation, and operation of oil and gas; and (ii) fuel oil trading and distribution. In its upstream operations, Yanchang Petroleum International possesses operating oilfields in Saskatchewan and Alberta, Canada, through its wholly owned subsidiary Novus Energy Inc., a Canadian enterprise. Novus engages in the business of acquiring, exploring for, developing and producing crude oil and natural gas. In its downstream operations, Yanchang Petroleum International is principally engaged in wholesale, retail, storage and transportation of oil products through its 70% owned subsidiary, Henan Yanchang Petroleum Sales Co., Limited, and which has been granted valid licenses for distribution and sales of oil products in China. The Group also established oil products trading companies in Zhoushan, Zhejiang and Shenzhen, China, respectively, for expanding its oil products trading business which become a new profit driver.

For details, please refer to

New Times Energy recorded revenue of 10,403 million and profit of 215 million for the first half of 2022

Highlights

  • Recorded revenue of HK$10,402.8 million, representing a growth of 111.1% YOY
  • Recorded a profit of HK$214.9 million, the turnaround in the Group’s profitability was primarily attributable to the operating profits generated by NTEC, the Group’s wholly owned Canadian oil and gas subsidiary, and higher energy commodity prices during the period
  • Earnings per share were HK2.45 cents
  • Operates over 800 active wells in Canada with current average daily oil and gas production of over 12,700 boe per day (95% natural gas)
  • The Group has set up vertical farming operations at Discovery Park and it is expected to commence operations in 2023
  • The Group is exploring ways to work with local authorities and governing bodies to achieve the common goal of net zero emissions, through eco-investment opportunities such as Blue & Green Hydrogen and Carbon Capture, Utilization and Sequestration

Financial Highlights

Six months ended 30 June

HK$ ‘000 2022 2021 Change
Revenue 10,402,767 4,928,637 111.1%
Gross Profit 294,881 5,421 5,339.6%
Profit (loss) for the period 214,868 (21,681)
Basic earnings (loss) per share (HK cents) 2.45 (0.25)

HONG KONG SAR – Media OutReach – 26 August 2022 – New Times Energy Corporate Limited (“the Company” or “New Times Energy”, together with its subsidiaries, the “Group”, HKSE stock code: 166) announced its annual results for the six months ended 30 June 2022. During the period, the Group recorded total revenue of HK$10,402.8 million (2021 first half: HK$4,928.6 million), representing a growth of 111.1% year-on-year, and recorded a profit of HK$214.9 million (2021 first half : loss of HK$21.7 million). The turnaround in the Group’s profitability was primarily attributable to the operating profits generated by NTE Energy Canada Ltd. (“NTEC”), the Group’s wholly owned Canadian oil and gas subsidiary, and higher energy commodity prices in the first half of 2022.

During the periord, earnings per share were HK2.45 cents (2021 first half: loss of HK0.25 cents per share).

BUSINESS REVIEW

CANADA

Greater Sierra Area, Horn River Basin, Wapiti and Willesden Green

The Group’s Canadian oil and gas assets, consisting over 800 active wells and spanning approximately 761,000 acres (3,080 km2) of land. During the six months ended 30 June 2022, NTEC’s average daily oil and gas production was approximately 12,700 boe per day (95% natural gas) and the average realized price was C$38.7 per boe. Optimization programs to enhance production rates of NTEC’s existing wells have demonstrated positive results in the first half of 2022, with the Group anticipating continued material increases in production, revenues and profits in the coming year. Drilling of NTEC’s 6 development wells commenced in June 2022 which will further enhance the financial performance of the Group towards the fiscal year end of 2022.

Meanwhile, the Group is exploring ways to work with local authorities and governing bodies to achieve the common goal of net zero emissions, through eco-investment opportunities such as Blue & Green Hydrogen and Carbon Capture, Utilization and Sequestration (“CCUS”).

Discovery Park

The Group operates Discovery Park at Campbell River, British Columbia, providing industrial land parcels, buildings, and warehouses for businesses to lease. The multi-use site is currently leased to tenants in industries including but not limited to green data centres, modular construction, marine services, and steel fabrication. The Group has already engaged the services of a world-renowned consulting group, Stantec Inc., to provide a master plan for a complete redevelopment of Discovery Park into a green-tech hub to attract new tenants that align with the Group’s ESG mandate. The site is an ideal candidate for aquaculture as well as green hydrogen, given the low-cost electricity on site and ample supply of ocean and fresh water. The Group is actively exploring ways to bring such projects to fruition through support and cooperation from local and federal government.

On 25 June 2022, the Group signed a definitive agreement with CubicFarm Systems Corp. (TSX:CUB) to set up vertical farming operations at Discovery Park. When the vertical farming commences operations in 2023, the Group anticipates that over a million kilograms of green vegetables will be produced monthly.

ARGENTINA

In Argentina, the Group is experiencing a significant positive cash flow from operation of approximately HK$40.5 million, although the financial statements at local level still reflect a net deficit of approximately HK$17.7 million, due primarily to the effects of depreciation, foreign exchange losses and deferred tax charges. Monthly cash surpluses from the Argentina operation are being repatriated.

COMMODITIES TRADING

During the six months ended 30 June 2022, the Group’s physical gold and silver trade business managed a total trading volume of HK$9,813.7 million. However, net margin for the period was reduced by the fixed costs incurred from the delayed opening of the Group’s new precious metals refinery in Hong Kong. Due to global supply chain issues, hindering the timely delivery and installation of specialized equipment at the plant, the target commencement date of operation for the Group’s refinery of gold, silver and other precious metals is now deferred to October 2022.

The Group believes that the business of commodity trading of precious metals will restore to profitability, once the new gold and precious metals refinery is operational. By bringing the refining process in-house, the Group anticipates higher margins in the long term.

Looking ahead, Mr. CHENG, Kam Chiu Stewart Chairman of the Group said, “As recent global events have demonstrated, the necessity for stable energy sources like oil and gas while the world transitions to renewables will remain strong. NTEC has an inventory of no less than 12 highly economic drilling locations within its lands that will augment existing cashflow. The optimization program of the NTEC’s existing wells will also have positive effects on the profitability and cashflow in the Group’s oil and gas segment. The Group is particularly optimistic about the potential for involving in activities that will significantly reduce carbon emissions with a goal of achieving net-zero. We are prepared and excited about our ability to create long term value for our shareholders. ”
Hashtag: #NewTimesEnergy

About New Times Energy Corporation Limited

New Times Energy Corporation Limited (HKSE stock code: 166), headquartered in Hong Kong, is an international resource company that operates natural gas weighted assets in Alberta and British Columbia and is taking steps to transform its business model into clean and sustainable energy, in its effort to be a part of the global “Energy Transition” that is underway, with social responsibility towards the environment and climate change at the forefront.

Tim Page, Famed Photographer of War in Vietnam, Dies At 78

Image source: Tim Page on Facebook

Tim Page, a British photojournalist whose humanist coverage changed how the world saw the American Wars in Indochina, has died at the age of 78

Investing in Ethnic Midwives to Protect Maternal Health, UNFPA

Vida at her working place with other colleagues and a young mother.

Op-ed in line with UNFPA’s report. 

Vida is a 28-year-old midwife from the Akha community who is proud of her role in ensuring women in Lao PDR realize positive maternal health outcomes. Based at Long District hospital in Luang Namtha province, this Akha midwife graduated from the Oudomxay UNFPA-MOH supported midwifery program in 2017.

In Laos, supporting the training and deployment of midwives from ethnic groups is a key component of UNFPA’s wide-ranging engagement in midwifery program that recognizes the significant role of midwives in saving lives and changing harmful norms, they are even more critical due to impact of COVID-19 on health services.

“In the past, Akha women gave birth without assistance and they did not come to the health center. As most of the pregnancies and births were unattended among Akha women, there was a high risk of complications” said Vida. “But since we have Akha midwives, Akha clients are comfortable to come and seek support”.

This positive trend is a result of newly-trained ethnic midwives returning to their home villages to support their communities. Their cultural insights combined with newly-learnt skills adhering to international standards means they are trusted and well placed to deliver essential maternal health care to ethnic mothers who traditionally would face health risks, especially during delivery.

UNFPA and MOH backed interventions have played a significant role in reducing maternal mortality as well as ensuring safe pregnancies, childbirth and family planning in Lao PDR during the past decade.

Together with district teams, Vida conducts health education outreach in villages surrounding Long District hospital to provide information and mobilize women to visit health facilities. Now, many women come to seek healthcare at such facilities and are less reluctant to seek guidance on birth spacing and contraceptives.

“For example, every time I provide health education, I also encourage them [Akha ethnic women] to exclusively breastfeed for at least six months,” said Vida, who reported that many ethnic mothers in the past were reluctant to breastfeed as they juggle motherhood with cultivating crops in the field, and didn’t know about the health benefits of breastfeeding for the infant and the mother.

Raising awareness on the importance of antenatal care to ensure health and safety of mothers and babies is a key task for Vida and other ethnic midwives.

“I encourage women to make at least four antenatal care visits [international standards are 8 ANC visits per pregnancy] and give birth at health facilities to keep mothers and babies safe. The proudest moment for me is to see women giving birth at a health facility assisted by qualified health personnel, so they don’t suffer any complications,” said Vida.

To provide a full spectrum of care, counseling for youth and adolescents is delivered as part of family planning services. Vida encourages women to learn more about long-acting reversible contraceptives. More couples are seeking long-acting methods such as injectables and implants so that women do not need to travel to the health facility often.

Midwives like Vida are being gradually deployed all over Lao PDR for community awareness raising. Their role is crucial in applying skills acquired through the midwifery courses adapted to international standards through MOH and UNFPA collaboration.

While development of midwifery capacity has benefited women and children in Lao PDR in the past decade, midwives such as Vida still face challenges in countering harmful cultural practices for childbirth and child care, such as dietary restrictions, roasting (lying on a bed above a fire) for 15 days after giving birth and the belief that giving birth to twins is bad luck.

Following training, Vida and other midwives are connected to a midwifery helpline where they can access peer support, to discuss difficult cases and develop response strategies.

UNFPA is supporting Lao PDR to realize its commitment to the 25th anniversary of the International Conference on Population and Development (ICPD25) to have at least one midwife per health facility. The support includes training, curricula development and equipping health facilities.

The Maternal Health Trust Fund, KOFIH and Luxembourg, the midwifery program is accelerating the role of midwives in saving lives and changing harmful norms and practices.

According to the State of the World Midwifery Report 2021, investing in midwives is cost-effective as a fully educated and trained midwife can provide about 90 percent of essential reproductive maternal neonatal child adolescent health care.

Must Smuggled Food Be Destroyed? Perhaps It Could Go to the Needy

Smuggled vegetables buried by authorites in Vientiane Capital on 20 January, 2021
Smuggled vegetables buried by authorities in Vientiane Capital on 20 January, 2021.

Police and provincial authorities in Laos have the authority to inspect and seize all illegal goods along the border, but why has food been dumped and burned?

Savannakhet Cracks Down On Corrupt Volunteer Emergency Service

 A Volunteer Emergency Service in Savannakhet Province has been permanently suspended, following notices issued by the governor of the province. 

New UK Initiative to Boost Trade with Laos

UK announces new Developing Countries Trading Scheme

A new initiative announced by the UK aims to promote the growth and prosperity of developing nations through the power of trade.

Extrusion Workshops of LESSO Indonesia Have Been Officially Put into Operation, Accelerating the Expansion of Global Markets

JAKARTA, INDONESIA – Media OutReach – 26 August 2022 – On August 25, the extrusion workshops of the first-stage production base of PT. Lesso Technology Indonesia officially went into operation, marking Lesso Indonesia the cornerstone for China Lesso ( https://en.lesso.com/ ) to accelerate its expansion in the Southeast Asian market, further improve the overseas market layout, and expedite the pace of localization development.

The production base of Lesso Indonesia is located in Semarang. The first stage of the project covers an area of 114,400 square meters. It is an advanced production base of plastic piping that primarily consists of automated manufacturing centers and comprehensive supporting areas. Products manufactured in the extrusion workshops include PVC water supply and drainage pipes, PVC conduits, PE water supply pipes, PPR hot and cold water pipes, and HDPE double-wall corrugated pipes that are planned to be produced in succession. The annual production capacity is expected to exceed 30,000 tones.

The localized production in Indonesia will serve local customers more efficiently, increase the popularity and influence of the Lesso brand in the local area, and at the same time create hundreds of job opportunities for the locals.

In addition, Lesso Indonesia’s first-stage injection molding intelligent production workshops have been operating since August 2021, with an annual production capacity of 9,800 tones, providing a good solid base for expanding overseas production scale.

The complete trial and official launch of the first stage of the production base in Indonesia will enrich the overseas portfolio of China Lesso Group, deepen the service foundation and sales pattern covering the whole country and the world, and promote the localized development of the brand overseas gradually.

China Lesso has more than 30 years of experience in this field and is dedicated to creating a relaxing life for thousands of families worldwide. By bringing top-notch goods and services to people all around the world, China Lesso will strive to fulfil its brand slogan, “Envisioning the Better, Building the Future.”

Hashtag: #LESSO