Sunday, April 18, 2021
 
Columnist
Martin Hennecke
 
SOUTH SEA PETRO
HKEx Stock Code : 00076 
 
Corporate Profile
Principal activities are development and production of crude oil in Indonesia, minerals in China, and provision of electronic manufacturing services in the United Kingdom.

Business Review - For the year ended December 31, 2012

The Group is primarily engaged in the business of developing and producing crude oil in Indonesia, minerals in China, and provision of electronic manufacturing services in the United Kingdom.

Through its wholly owned subsidiary, Kalrez Petroleum (Seram) Limited, the Company operates oilfields in Indonesia under the Bula Petroleum Production Sharing Contract (Ħ§Bula PSCĦ¨), which the Group entered into with BPMIGAS, Department of Petroleum of Indonesia, on 22 May 2000. The Bula PSC will expire in 2019.

Through its wholly owned subsidiaries, South Sea Graphite (Luobei) Co., Ltd., Liaoning Sinorth Resources Co., Ltd., and Luo Bei Xin Long Yuen Graphite Productions Co., Ltd, the Company is engaged in the business of production and sale of graphite products worldwide, mostly in China.

Through its wholly owned subsidiary, Axiom Manufacturing Services Ltd. in the United Kingdom, the Company provides electronics manufacturing services to companies in the following industrial market sectors:

ĦE Medical
ĦE Defense
ĦE Transport
ĦE Aerospace
ĦE Security
ĦE Marine
ĦEOil and Gas, and
ĦE Other industrial market

Generally, Axiom builds products that carry the brand names of its customers and substantially all of Axiom's manufacturing services are provided on a turnkey basis.Most of Axiom's customers are located within the United Kingdom and North America.

Business Outlook - For the year ended December 31, 2012

Long-term supply of graphite ore at a reasonable price is critical to the development of the Company's graphite business. In 2012, the Company, through its subsidiary, entered into a ten-year long-term graphite ore supply agreement with a graphite ore supplier. The Company wishes it is able to not only build an adequate graphite ore reserve for its own subsidiaries, but also sell graphite ore to other companies for a profit.

In order to service all customers worldwide, the Company plans to build an electronic trading platform. The Company believes that the platform will facilitate the online trading of the Group's products, including graphite products, and will strengthen the Group's earnings. The website is currently under testing at a trial stage for further improvement. It is expected to be finished by the end of 2013.



Source: South Sea Petro (00076) Annual Results Announcement
Chairman Guan Xinmin Issued Capital (shares) 7,994M
Par Value USD 0.001 Market Capitalisation (HKD) 560M
 
Login
Password
Register  Forget Password
Advanced Search
© 2021 The Standard, The Standard Newspapers Publishing Ltd.
Home | Business | Metro | Focus | Opinion | Markets | World | Sports | Entertainment | Monday Money | Property | Macau | Weekend