25 September 2018

CNOOC checks pipelines after deadly Sinopec blast, chief says

CNOOC Ltd. (00883.HK) has conducted a comprehensive check of its facilities after an oil pipeline explosion killed at least 55 people in China’s eastern Qingdao city on Friday, chief executive Li Fanrong {李凡榮} said Wednesday.

The blast at a pipeline operated by rival China Petroleum & Chemical Corp. (00386.HK, 600028.CN) prompted CNOOC to carry out inspections on its own network and on potentially high-risk operations, Li told reporters in Hong Kong.

The checks included a review of its emergency response system for such incidents, he said.

Meanwhile, Li said the company is confident it will meet its full-year production target and has no plans to adjust it despite earlier concerns. 

Output this year is expected to be in the range of 338 million to 348 million barrels of oil equivalent compared with 341 million to 343 million barrels last year, the company earlier said.

Also, chief financial officer Zhong Hua {鍾華} said the company has sufficient cash to meet its operating needs and no fundraising plans are in the pipeline.

– Contact HKEJ at [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe