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CHINA OILFIELD Plans to Scout 4-5 New Markets Over Next 5 Yrs, Expects Oil Prices to Hold Sturdy This Yr
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International oil prices are expected to hold steady this year, jolting between USD50 and USD70, due to numerous irregularities in production levels which caused immense supply chain restructuring, CHINA OILFIELD (02883.HK) Chairman and CEO Zhao Shunqiang said. He believed that the U.S. control over Venezuelan oil supply casts limited impact on China's crude oil supply, whereas the company has minimal business in Venezuela. The company guided capex of approximately RMB8.44 billion by 2026. CFO Qie Ji explained that about RMB5.5 billion of the capex will be earmarked for equipment investment, around RMB1.1 billion for commonly used materials, and approximately RMB1.5 billion for routine maintenance and research. Regarding dividends, the CFO said that the actual amount is still pending a board meeting decision, but the company's capital can now support a steady increase in dividends. Vice President and Board Secretary Sun Weizhou indicated that the company will enhance its market share in new markets through new technologies and products, as well as by raising brand awareness and competitiveness, for the upcoming "15th Five-Year Plan". In established markets, the company will also aim to capture and replace competitors' shares. He expected to expand into at least 4-5 new markets over the next five years. AASTOCKS Financial News Website: www.aastocks.com |
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