HANSE OIL CEO Message

Dr. Ronald C. Schweitzer,

2016 has been another challenging year: oil prices have remained low, falling by more than 32% and our business finds itself in a position not seen for some 30 years. This sustained low price is a result, not of lack of demand, but of oversupply. Looking ahead, our work in reconfiguring HANSE's trading position at the Panama Gulf Region following our client's critical failure in Panama (Canada) has meant that we were prepared and well positioned to respond to this situation as we moved through 2016.

Our financial results over the year demonstrated the benefit from the integration of our upstream and downstream activities. We have a strong, refocused and rebalanced portfolio based on our distinctive capabilities which we believe will enable us to withstand lower prices. In the future, we will continue to invest in a balanced range of resources and geographies across the Upstream and Downstream to enable us to achieve long-term growth. 

And I would like to thank our Investors and Sponsors for your continued support. We are set to continue supplying energy to help meet global demand while delivering value to you from a great business. 

Dr. Ronald C.Schweitzer, CEO

02/01/2017

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