Media Focus on Multinational Corporations[2022.03.14]






Aramco invests in complex in Panjin

Saudi Aramco plans to invest in a major integrated refinery and petrochemical complex in Northeast China through a joint venture, a move that will not only expand its presence but also cope with risk against current energy market volatility.

The project, located in Panjin, Northeast China's Liaoning province, presents an opportunity for Aramco to supply up to 210,000 barrels per day of crude oil feedstock to the complex after it starts operation in 2024, the company said in a news release on Thursday.

It will combine a 300,000 barrels per day refinery capacity and an ethylene-based steam cracker, it said.



SOHO China to sell Beijing and Shanghai properties on discount

Hong Kong-listed SOHO China has decided sell 32,000 square meters of properties in Beijing and Shanghai at a deep discount of 30 percent, according to the property developer's chairman.

Proceeds from the sale will be used to reduce debt, and there will be no dividends paid, announced Pan Shiyi, chairman of SOHO China on Thursday during an online pitch meeting.

The nine projects in Beijing and Shanghai's prime locations will be sold to optimize the company's asset structure and ease capital pressure, according to SOHO China.

Shares of SOHO China soared 8.97 percent to close at HK$1.58 apiece on the news in Hong Kong on Thursday.


JD reports revenue spikes in 2021

Chinese e-commerce giant JD reported its net revenues reached 951.6 billion yuan ($149.3 billion) in 2021, representing a 27.6 percent increase on a yearly basis. Revenues from JD Logistics, the company's logistics arm, surpassed 100 billion yuan.

Its research and development expenses amounted to 16.3 billion yuan last year, compared with 16.1 billion yuan in 2020. The company has invested nearly 80 billion yuan in R&D over the past five years, with annual active customer accounts increasing 20.7 percent to 569.7 million in 2021 from 471.9 million in 2020.

Its net revenues reached 275.9 billion yuan in the fourth quarter of 2021, an increase of 23 percent from the fourth quarter of 2020.


China Meheco&Pfizer

China Meheco signs deal with Pfizer to distribute COVID-19 pill Paxlovid

China Meheco Group Co Ltd signed an agreement with Pfizer Inc to supply the latter's COVID-19 treatment Paxlovid in the Chinese mainland in 2022, the company said Wednesday.

The move marks China Meheco becoming the domestic agent of the new COVID-19 pill. Pfizer also confirmed the news on its official website and WeChat account.

The agreement details delivery, payments, quality guarantee and assessment, contract termination and dispute resolution. However, prices and sales commissions are not disclosed, Jiemian, a news portal, reported.


Protect, expand lithium, CPPCC adviser says

Exploration and development of domestic lithium deposits should be accelerated to ensure the supply chain of the resource, according to a national political adviser.

A core raw material for batteries, lithium faces a grim supply and demand situation, according to Zeng Yuqun, a member of the 13th National Committee of the Chinese People's Political Consultative Conference.

'Independent innovation and scientific and technological research should be strengthened to improve the level of recycling and efficient utilization of lithium,' said Zeng, who is chairman of Contemporary Amperex Technology Co, or CATL, China's leading automotive lithium-ion battery maker.

Zeng said, CATL has been making efforts to optimize lithium resources upstream from manufacturers in recent years.

The company signed an agreement in January with Yongxing Materials to establish a joint venture to build a lithium carbonate factory. The project, with an investment of 2.5 billion yuan ($400 million), is expected to produce 50,000 tons of lithium carbonate annually, sources at CATL said.

The company begun construction on two other projects in the China (Shanghai) Pilot Free Trade Zone early in February, with a total investment of 2.8 billion yuan.


TCL to expand global footprint

Chinese consumer electronics giant TCL Technology Group Corp will speed up its globalization push, establish more complete industrial chains across the globe, and increase investment in next-generation display technologies, said Li Dongsheng, founder and chairman of the company.

Li, who is a deputy to the 13th National People's Congress, said Chinese enterprises should accelerate the construction of global industrial and supply chains, which is of great significance in improving their competitiveness.

He said that in the face of anti-globalization risks, TCL has adjusted the layout of its overseas industrial chain to effectively avoid trade barriers, ramped up localization efforts and continuously increased capital input in research and development.

Adnoc Distribution

Adnoc Distribution launches new plant based engine oil

Adnoc Distribution, the UAEs largest fuel and convenience retailer, is launching a new Voyager Green Series range of lubricant products for both petrol and diesel engines, made from 100% plant-based base oil.

The new products are part of Adnoc Distributions overall strategy to continue expanding its sustainable and environmentally-friendly product range.


Baker Hughes

Baker Hughes bags works on US LNG project

Baker Hughes has signed a contract with LNG exporter Venture Global LNG for the provision of an LNG system for the first phase of the Plaquemines LNG project in Louisiana, the American energy technology company announced on Wednesday.

Manufacturing and testing of the modularised liquefaction train system will be carried out in Baker Hughesassembly facility in Italy.

Baker Hughes is also responsible for providing power generation and electrical distribution equipment for the power island system on the project under a previously signed contract in Q4 2021.

The LNG system is expected to be delivered to the Plaquemines LNG facility in H1 2023.


Kawasaki Heavy

Kawasaki Heavy readies larger hydrogen carrier designs

Officials from Japans Kawasaki Heavy Industries (KHI) said yesterday a landmark pilot project to ship liquefied hydrogen from Australia had proven that the new seaborne trade is technically feasible.

Earlier this year, the KHI-built Suiso Frontier (pictured), the worlds first liquefied hydrogen carrier, took a cargo of hydrogen created from brown coal in Australia to Japan, arriving in Kobe late last month.

The demonstration covered from production and transport to loading and storage proved that the technological foundations have been laid for the future use of hydrogen as an energy source in the same way as liquefied natural gas,Motohiko Nishimura, KHIs executive officer, told reporters.

Equipment and facilities that can be operated safely is also a game-changing technology for the clean energy business,Nishimura said.

KHI said it aims to build a much larger hydrogen vessel soon.



France's TotalEnergies wins 3 GW offshore wind deal on New Jersey coast

French oil major TotalEnergies has won a bid to build three gigawatts (GW) of offshore wind power capacity on the New Jersey coast in the United States.

The company said the $795 million deal is for the 341 sq km New York Bight concession, which is located up to 87 km from the coasts of New Jersey and New York and is scheduled to start production by 2028.

TotalEnergies also said it would acquire Germany energy group EnBW's stake in the project because EnBW wants to focus on its European activities.

The French group's CEO, Patrick Pouyanne, said the project is TotalEnergies' biggest renewable energy project and lifts its portfolio to more than 10 GW of offshore wind projects.

U.S.Administration has set a goal to install 30 GW of offshore wind by 2030 in an effort to tackle climate change and create jobs.

The country's first major sale of offshore development rights drew a record $4.37 billion in bids from developers including several European energy giants.

The leases in New York Bight - shallow waters between New York's Long Island and New Jersey - are projected to host projects able to generate up to 7 GW of electricity.

Air Liquide

Air Liquide Gains French State Support for 200MW Normandy Hydrogen Production Project

Normandy, France, will gain a 200MW electrolyser project from Air Liquide in order to boost the European hydrogen sector whilst additionally receiving support from the French State on March 8.

The hydrogen production project, dubbed Air Liquide NormandHy, will incorporate 200MW of electrolyser technology in order to significantly contribute to the low-carbon hydrogen sector in both France and Europe.

The hydrogen produced here could be utilised as a fuel for heavy-duty mobility solutions providing an avenue to scale the zero-emission mobility sector.

The electrolyser system will also be supplied by Siemens with a partnership revealed early last year.



ExxonMobil will receive 2.7 million barrels from the US authorities

The US authorities will give ExxonMobil 2.7 million barrels oil from its strategic reserve.

The department approved the transfer of 2.7 million barrels. ExxonMobil oil from the Strategic Petroleum Reserve, the ministry said in a statement.

The transfer of oil will be carried out as part of the so-called exchange procedure.

It implies that the company borrows oil from the country's oil reserve for a short period of time due to urgent circumstances.

Then the company undertakes to return the received oil in full and with a surcharge.

This move was coordinated with another 30 member countries of the International Energy Agency (IEA).

They agreed to release together from their oil reserves a total of 60 million barrels.