Coronavirus has not affected Iran’s oil refining capacity: CEO
More executive roles are expected to relocate to home base of Hong Kong as part of Asia shift, where most of its earnings come from.
The coronavirus has not caused reduction in Iran’s oil refining capacity, said the National Iranian Oil Refining and Distribution Company (NIORDC) Managing Director Alireza Sadeq-abadi.
The official said that NIORDC was among the few groups throughout the world that did not reduce its refining capacity during the pandemic, Shana reported.
Meanwhile, the secretary general of Iran’s Oil Refining Industry Companies Association (ORICA) put the country’s oil refining capacity at two million barrels per day.
The country’s refineries are now converting two million barrels of crude oil into oil products at full capacity on a full-time basis, said Nasser Ashouri.
He added, “The activities of the refineries, in addition to meeting domestic needs, have led to the export of surplus products, which plays a significant role in combatting sanctions.”
Refineries play an important role in the country’s economy, he underscored.
The official went on to say that in addition to the main products, 32 special products are produced in refineries, which are allocated with priority to domestic needs to supply feed to oil-related industries such as petrochemicals.
Ashouri further pointed to the role of refineries in employment and production in the country and said that 32,000 people are directly employed in this sector, while all refineries are now run by domestic experts; not a single foreign engineer is employed in this industry.
HSBC, Britain’s biggest bank, has recorded a 34% drop in profit for 2020 as it prepares to double down on its operations in Hong Kong and China.
The bank said on Tuesday that pre-tax profit was down from $13.3b (£9.4b) in 2019 to $8.8b in the 12 months to 31 December, while the adjusted profit before tax of $12.1b (£8.6b) fell 76% on the year before, the Guardian reported.
The bank reported an adjusted revenue of $50.4b (£35.8b), representing a fall of just 8% on 2019, but its shares shot up 3.3% in early trading in Hong Kong following Tuesday’s announcement.
The bank announced a major executive reshuffle on Monday that saw its chief financial officer, Ewen Stevenson, assume responsibility for the group’s transformation program and its mergers and acquisitions agenda.
In addition, Stephen Moss, who was head of strategy, will take on the role of chief executive for the Middle East, North Africa and Turkey and will relocate to Dubai from London in a signal of the bank’s intentions to focus on commercial opportunities in Asia.
More executive roles are expected to relocate to the bank’s historic home base of Hong Kong, according to reports, in a move that defies some Conservative Party calls for British businesses to be more cautious about dealings with China.
But HSBC said its strategy for the future would include shifting capital to Asia, where it makes the majority of its earnings.
Last month the bank announced it would close 82 branches across the UK after the pandemic led to a greater shift to online banking, though it did say the closures were not entirely related to the lockdowns and restrictions introduced.
Group chief executive Noel Quinn, who is expected to map out more details on the bank’s strategy update and job losses later on Tuesday, said the company’s mandate in 2020 was to “provide stability in a highly unstable environment for our customers, communities and colleagues”.
He added: “I believe we achieved that in spite of the many challenges presented by the COVID-19 pandemic and heightened geopolitical uncertainty.
“Our people delivered an exceptional level of support for our customers in very tough circumstances, while our strong balance sheet and liquidity gave reassurance to those who rely on us.
“We achieved this while delivering a solid financial performance in the context of the pandemic – particularly in Asia – and laying firm foundations for our future growth.”
Beijing is set to power the 2022 Winter Olympics and Paralympics with energy sourced from 100 percent renewables.
All of the 26 venues will be powered with 100 percent renewable energy, smart-energy.com reported.
renewable energy and smart grid
Chinese utilities including new energy providers China Huadian Corporation Ltd. and Beijing Jingneng Power Co., as well as the State Grid Beijing Electric Power have signed agreements with Olympic venues to deploy renewable energy and other electrification projects.
Deals signed have enabled the implementation of the Smart Grid Planning for Low-carbon Olympics. The program will ensure the installation of new and the use of existing smart grid technologies and renewable energy generation, transmission and distribution infrastructure in three competition zones of Beijing, Yanqing, and Zhangjiakou.
The deals have also resulted in the launch of the Zhangbei Renewable Energy Flexible DC Grid Pilot and Demonstration Project. The smart grid project demonstrates how smart grids and clean energy can be leveraged to ensure a strong, smart, clean, and efficient grid for a low-carbon Olympics.
Gu Yi, director of the second planning division under the Department of Development and Planning of State Grid, adds, “The company is building an energy internet innovation demonstration zone featuring ‘smart grid + UHV grid + clean energy’ based on the unique advantages of Beijing and Zhangjiakou in resource and location, so as to provide safe, reliable, and clean power support for the Winter Olympics.”
The State Grid Beijing Electric Power Company will also leverage a number of digital technologies such as smart robots to inspect power equipment for the Winter Olympics.
Renewable energy generation resources installed as part of a clean energy demonstration zone in Zhangjiakou will also be utilized. The demonstration zone was developed in response to the Zhangjiakou, Heibei Renewable Energy Demonstration Zone Development Plan. Some three renewable energy projects are underway.
The projects include a 10GW wind power initiative, large-scale photovoltaic power bases, and high-temperature solar thermal power projects. The projects are expected to install clean energy capacity of 20GW, 24GW and 6GW by 2030, respectively.
Energy trading
Beijing is also planning to power its venues with capacity sourced from green power trading network Jibei Power Exchange Platform.
This follows the release of the Rules for Market-based Trading of Green Power in Beijing, Tianjin, and Hebei, China’s first set of rules for green power trading, in November 2018.
According to the rules, green power trading between Winter Olympic venues and new energy generation enterprises will be given priority.