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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

China Oilfield Services said the “accelerated transformation of the energy industry" had reduced the value of its oil rigs.   © AP

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.

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