Event:
Recently, Petrochina Company Limited(601857) , China Petroleum & Chemical Corporation(600028) and CNOOC have held working meetings in 2022 to summarize and analyze the work achievements in 2021 and the opening year of the 14th five year plan, and deploy the key work in 2022, mainly focusing on structural adjustment, quality and efficiency improvement, reform and innovation, green and low carbon, digital transformation and risk prevention to promote the high-quality development of enterprises.
Comments:
1. The three major petrochemical groups have achieved remarkable results in the past 21 years and achieved a good start in the 14th five year plan
Recently, Petrochina Company Limited(601857) , China Petroleum & Chemical Corporation(600028) and CNOOC have held working meetings in 2022 to summarize and analyze the work achievements in 2021 and the opening year of the 14th five year plan. The three major petrochemical groups handed over brilliant answers in the first year of the 14th five year plan, creating a new situation of high-quality development.
PetroChina: the operating performance in 2021 reached a new milestone, and the net profit reached the best level in nearly seven years; The two industrial chains of oil and gas operate safely and stably; Solid steps have been taken in green and low-carbon transformation; The three-year action objectives and tasks of state-owned enterprise reform have been overfulfilled; A number of landmark achievements have been made in high-level scientific and technological self-reliance and self-improvement; Creating an “upgraded version” with improved quality and efficiency has achieved remarkable results; Solid progress was made in safety, environmental protection and epidemic prevention and control; Go all out to ensure the supply of natural gas and diesel oil, and take multiple measures to serve the Beijing Winter Olympic Games.
Sinopec: the operating performance in 2021 reached the best level in history, and all business segments achieved profits. The quality and efficiency of production and operation have been significantly improved; Tackling tough market problems and maintaining an enterprising trend; Major breakthroughs have been made in transformation and upgrading; Fruitful achievements in tackling key scientific and technological problems; Reform management and promote efficiency improvement in depth.
CNOOC: in 2021, it will unswervingly promote the increase of reserves and production, and the oil and gas production will reach a new level; Promote cost reduction, quality improvement and efficiency increase, and achieve the best operating performance in history; Promote innovation and development, and achieve new results in tackling key core technologies; Promote and deepen reform and effectively stimulate domestic vitality; Promote green development and make a steady start in low-carbon transformation.
Energy bottlenecks are increasingly apparent, and the three major petrochemical groups hold the lifeline of energy security
Energy security is an overall and strategic issue related to national economic and social development. It is very important for national prosperity and development, improvement of people’s lives and long-term social stability. With the social and economic development, China’s energy demand pressure increases, the regional distribution of energy and resource endowments is uneven, the dependence on crude oil is high, and the oil and gas emergency reserve system is relatively weak. In order to meet the challenge of energy security, the three petrochemical groups have made great efforts to increase reserves and production, improve efficiency and enhance the guarantee ability of energy supply.
PetroChina coordinates the two resources of oil and gas and new energy, promotes the in-depth integration of China’s international business, strengthens strategic cooperation with major international companies and think tanks at home and abroad, promotes the construction of a community of interests in energy cooperation, and actively arranges the development of new energy and new materials to make up for the shortcomings of the energy structure.
Sinopec promotes the solution of problems such as high-end shortage and low-end surplus, drives the coordinated development of the upstream and downstream of the industrial chain with the optimization of its own structure and the enhancement of competitiveness, so as to promote the integration of energy supply and green development, and implement the integration of layout increment and optimization of stock. The goal is to make new achievements and achieve better results in “securing the energy rice bowl”.
CNOOC strives to achieve the goal of “two increases, two controls and four improvements”, that is, the growth of oil and gas production, the growth of operating profit, the control of asset liability ratio, the complete cost control of barrel oil, the improvement of profit margin of operating income, the intensity of R & D investment, the improvement of labor productivity of all staff, and the improvement of “two funds” turnover times, so as to promote the increase of reserves and production, and further strengthen China’s oil and gas exploration and development Improve the effectiveness of overseas asset management and control and contribute to “the rice bowl of energy must be in your own hands”.
2. “Seeking progress while maintaining stability” is the key to the overall situation. The three major petrochemical groups have solid foundation, strong capital and increased development momentum
During the 14th Five Year Plan period, the three petrochemical groups will earnestly implement the decisions and arrangements of the CPC Central Committee and the State Council, and firmly grasp the general tone of “seeking progress while maintaining stability”. Stability is the foundation and progress is the direction. Stability and progress are organically unified and mutually promoted. The three petrochemical groups will steadily promote structural adjustment, comprehensively deepen reform, and inject new momentum of development on the basis of strengthening the foundation.
PetroChina proposes to focus on steady growth, structural adjustment, quality improvement, efficiency increase and risk prevention, focus on developing its main business, strengthen enterprise management, reform and innovation, quality and efficiency improvement, green transformation, digital transformation and risk prevention, put steady growth and risk prevention in a more prominent position, and make every effort to create a new situation of high-quality development of the company.
Sinopec proposes to adhere to the general tone of “seeking progress while maintaining stability”, do a good job in production and operation, transformation and development, scientific and technological innovation, reform management, risk prevention and control, Party construction and other aspects of work with high quality, do a good job in cross cycle regulation, strictly prevent all kinds of risks, promote and consolidate stability with stability, so as to do a good job in the work of “six stabilities” and “six guarantees” Stabilize the macro-economic market and make more contributions.
CNOOC proposes to adhere to the principle of “keeping the word in the head and seeking progress while maintaining stability”, anchor the output to “rise while maintaining stability”, focus on scientific research to “improve quality while maintaining stability”, highlight the “steady and orderly development”, maintain the “steady and good” operation, and steadily promote the high-quality development of the company to a new level.
3. The three petrochemical groups accelerate the green and low-carbon transformation and create a new development path
At present and in the future, it is a period of transformation and adjustment of energy development and industrial pattern. The three petrochemical groups accelerated green and low-carbon development, promoted industrial optimization and upgrading, and proposed to build a clean, low-carbon, safe and efficient modern energy system.
PetroChina implements the guidance of the central government on “double carbon” work, continues to follow the overall deployment of “clean substitution, strategic succession and green transformation”, and takes the “six bases” and “five projects” as the core to strengthen the transformation and upgrading of refining and chemical industry, comprehensively promote cleaner production and strive to contribute clean energy.
Sinopec will accelerate the optimization of energy structure, implement the synergy of pollution reduction and carbon reduction, steadily promote the action of “carbon peak and carbon neutralization”, strive to make new achievements in leading the green and low-carbon development of the industry, and strive to build a world leading clean energy chemical company.
CNOOC takes the construction of “double carbon” system as an urgent task, takes the construction of “zero carbon” oil and gas industry chain as a realistic path, takes the promotion of new energy Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) development as the direction of transformation, and makes a good start in the company’s green and low-carbon transformation.
4. Risk warning
The risk of oil price and macroeconomic fluctuation, the risk of adverse impact caused by covid-19 epidemic, and the progress of state-owned enterprise reform is less than expected.
