RUSSIAN ASSETS WITHOUT RISKS
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
"Currently the company's operations and business in Russia are largely running smooth and there are no signs of asset impairment," Sinopec's President Yu Baocai told investors and reporters during a call following its 2021 earnings release.?
Yu sidestepped questions about company's interest in purchasing Russian oil and gas. Sinopec has been a top buyer of Russian crude oil, which is now facing steep discounts as sanction-wary buyers shied away.?
Sinopec, which reported its biggest profit in a decade for 2021, will prioritize growing oil and gas production, cashing in on oil prices that have gained 51% this year amid fears of supply disruption in the wake of Russia's invasion of Ukraine.?
"The high oil prices represent a good opportunity to raise oil and gas production and profitability," said Sinopec's chairman, Ma Yongsheng, who reaffirmed a long-term strategy to maintain "relatively high" growth in natural gas, output of which expanded 12% last year.?