ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Energy

Chinese state groups write off assets as future of oil dims

$1.1bn in impairment charges to crush profits of COSL and COSCO Shipping Energy

HONG KONG -- Top Chinese state-owned conglomerates are having to reevaluate their oil-related operations as the country moves to implement President Xi Jinping's vision for achieving zero net carbon emissions by 2060.

Affiliates of state groups involved with offshore oil drilling, tanker rental and oil storage each said in stock exchange disclosures at the end of last week that they will take heavy write-downs on the value of their assets when they report results for 2021.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more