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Mandy Zuo

Carol Yang

As global energy supplies are put under strain by Iranian disruption to shipping through the Strait of Hormuz, state-owned Chinese oil giant PetroChina has said its overall operations remain stable because most of its imports do not pass through the strait.
However, the company’s investment operations in the Middle East had been “impacted to varying degrees”, as crude oil and natural gas imported through the strait accounted for about 10 per cent of its total operating volume, PetroChina chairman Dai Houliang said at its annual results conference in Hong Kong on Monday.
“The situation in the Middle East has exceeded many people’s expectations since late February,” he said, noting that self-produced resources, imports from outside the Middle East, and long-term contract supplies accounted for more than 90 per cent of PetroChina’s oil and gas volume.
Foreign Ministry spokeswoman Mao Ning told a regular news conference in Beijing on Tuesday that following coordination with “relevant parties”, three Chinese vessels – which she did not name – had recently transited the Strait of Hormuz.
Mao expressed gratitude for the assistance “provided by the relevant parties” and called for a ceasefire in the Gulf region “as soon as possible”.
Vessel tracking data showed that two Chinese container ships transited the strait on Monday, while Iran solidified its control over the strategic chokepoint by legislating transit fees.
Having diversified sources of raw materials allowed PetroChina to keep the operations of its industrial chain stable over the long term, Dai said on Monday.
The company formulated emergency plans last year to safeguard the security and stability of its industrial and supply chains, he said, adding that the plans were now being implemented and would be continuously tested and refined in practice.
Since the US and Israel launched the war on Iran in late February, the Strait of Hormuz has remained under the control of the Iranian military.
The Iranian parliament passed a law on Monday formalising transit fees for commercial vessels in the strait, codifying a toll system the country has been implementing on an ad hoc basis since early this month.

The legislation mandated that transit fees be paid in Iranian rials and banned ships owned by the United States and Israel from navigating the strait, Chinese state broadcaster China Central Television reported on Tuesday.
While the vast majority of international shipping in the Persian Gulf remains at a standstill, a few vessels from countries including China, Thailand and India have begun to trickle out.
Two Chinese vessels that exited the Gulf on Monday, CSCL Indian Ocean and CSCL Arctic Ocean – both owned by Chinese shipping giant Cosco Shipping – did so after failing in an attempt on Friday, data from MyVessel, a vessel tracking platform, showed.
The platform estimated that 2,000 vessels were effectively trapped inside the Gulf as of Tuesday.
Media outlets focused on shipping news have reported that some vessels were paying as much as US$2 million per voyage for passage.
US President Donald Trump threatened on Monday that the US would intensify attacks on Iran’s energy infrastructure if the strait remained closed.
However, The Wall Street Journal reported on Monday that Trump had told aides he was willing to end the war even if the strait remained largely closed.


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PetroChina chairman addresses annual results conference as three Chinese vessels transit Strait of Hormuz and Iran passes law on transit fees


PetroChina chairman addresses annual results conference as three Chinese vessels transit Strait of Hormuz and Iran passes law on transit fees.


3 Chinese ships exit Strait of Hormuz as PetroChina stresses operations stable

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}PetroChina chairman addresses annual results conference as three Chinese vessels transit Strait of Hormuz and Iran passes law on transit fees

PetroChina chairman addresses annual results conference as three Chinese vessels transit Strait of Hormuz and Iran passes law on transit fees