{"id":1145,"date":"2022-08-19T15:31:27","date_gmt":"2022-08-19T15:31:27","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=1145"},"modified":"2022-08-19T15:31:31","modified_gmt":"2022-08-19T15:31:31","slug":"chinas-enn-gas-sales-growth-slows-sharply-to-5-1-in-first-half","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/1145\/","title":{"rendered":"China’s ENN gas sales growth slows sharply to 5.1% in first half"},"content":{"rendered":"
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China’s ENN Energy Holdings\u00a0(2688.HK)\u00a0reported retail gas sales in the first half of 2022 grew 5.1% from a year earlier, less than a quarter of the pace in the corresponding period of 2021 as COVID measures and an economic downturn stifled demand.<\/p>\n\n\n\n

Although anticipating a rebound in gas demand in the second half of the year as the Chinese economy recovers, the firm on Friday revised down its annual gas sales growth target to 5-8%from 12-15% previously.<\/p>\n\n\n\n

The natural gas distributor had recorded 22.3% year-on-year growth during the first half of 2021 and a 15% increase for the full year versus 2020.<\/p>\n\n\n\n

“Market demand has been weakened due to factors such as the continual rise in natural gas prices, the widespread COVID-19 epidemic in China and an economic downturn,” the company said in a filing to the Hong Kong Stock Exchange.<\/p>\n\n\n\n

ENN’s retail gas sales totalled about 13.1 billion cubic meters between January and June.<\/p>\n\n\n\n

As one of the country’s few privately-controlled gas firms operating large liquefied natural gas (LNG) import facilities, ENN has in recent years been expanding into a global trader of the super-chilled fuel.<\/p>\n\n\n\n

ENN, via parent company ENN Natural Gas Co Ltd, lined up annual supply of 4.8 million tonnes of LNG under term contracts in the first half of the year, against a backdrop of a volatile market and record prices, taking its total term supplies to 7.14 million tonnes annually, the firm said.<\/p>\n\n\n\n

Its suppliers include majors like TotalEnergies and Chevron, U.S. exporters Cheniere Energy and Energy Transfer, as well as Russia’s Novatek, it added.<\/p>\n\n\n\n

Its main receiving terminal, in the eastern port city Zhoushan, is able to handle 7.5 million tonnes of LNG a year.<\/p>\n\n\n\n

Earlier on Friday, ENN Energy reported net earnings of 3.1 billion yuan ($455.31 million)for the first half, versus 3.77 billion a year earlier.<\/p>\n\n\n\n

($1 = 6.8085 Chinese yuan renminbi)<\/p>\n

Updated on