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    Lawrence Lau

    Research Analyst at BOCI

    Lawrence Lau's questions to PETROCHINA CO (PCCYF) leadership

    Lawrence Lau's questions to PETROCHINA CO (PCCYF) leadership • Q1 2022

    Question

    Lawrence Lau from BOCI (identified in the transcript as Lau Cho Ming) asked about the status of oil and gas import contracts with Russia, the settlement currencies being used, and whether PetroChina was seeking discounted prices.

    Answer

    CFO Shouping Chai confirmed that operations with Russian partners are proceeding normally under existing contracts. He noted that while settlements in U.S. dollars and euros have been impacted by sanctions, overall operations continue. Chai explicitly stated that PetroChina currently has no plans or arrangements to acquire discounted oil or gas from Russia.

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    Lawrence Lau's questions to PETROCHINA CO (PCCYF) leadership • Q3 2021

    Question

    Lawrence Lau of BOCI asked for an explanation of the outperformance in the refining business during the third quarter and inquired about the competitiveness and natural gas consumption of the company's new ethylene projects.

    Answer

    An executive from the Finance Department, identified as Mr. Wu, attributed the refining segment's outperformance to a market-oriented strategy, an optimized product mix favoring chemicals, and strong cost controls, which led to higher sales and lower inventory. CFO Chai Shouping added that the two new ethylene projects are operating successfully with a 9-11% return on investment, using proprietary technology, and are not currently impacted by tight natural gas supplies.

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    Lawrence Lau's questions to CHINA PETROLEUM & CHEMICAL (SNPMF) leadership

    Lawrence Lau's questions to CHINA PETROLEUM & CHEMICAL (SNPMF) leadership • Q3 2017

    Question

    Lawrence Lau asked for confirmation of any further impairment losses recorded in the third quarter and requested details on which segments were affected.

    Answer

    CFO Dehua Wang confirmed that Q3 impairments were primarily focused on the refining and chemical segments. In refining, this was due to the shutdown of some refineries and the disposal of nonprofit lubrication facilities. In the chemical segment, impairments were taken on oversupplied facilities, such as certain polypropylene (PP) plants.

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