Chinese companies took the spotlight at this year’s Platts Top 250 Asia Awards. Fifteen of the 20 fastest growing Asian energy companies are Chinese.
Among them, PetroChina, China National Offshore Oil Corporation (CNOOC ) and China Shenhua Energy are in the top 20 worldwide, according to the Platts Top 250 Global Energy Company Rankings, emblematic perhaps of the shifting center of gravity of energy demand towards the East.
The rankings recognise outstanding accomplishments of the top performing energy companies around the world. Each company listed in the Platts Top 250 has been measured against its financial performance using four key metrics: asset worth, revenues, profits, and return on invested capital in the previous year. The rankings are unveiled at an awards dinner. This year’s ceremony was held on Tuesday evening at the Fullerton Hotel.
Platts also introduced a new award, Asia CEO of the Year, this year and it was given to the CNOOC's Li Fanrong. In his citation, Mr. Li was praised for his leadership and strategic vision, exemplified by the firm’s recent purchase of Canada's Nexen for $15.1 billion. He was also recognized for CNOOC’s funding of science programs in high schools and universities.
Keynote speaker Keisuke Sadamori, the Director for Energy Markets and Security at the International Energy Agency said that the eastwards shift of global energy demand, together with North America's unconventional energy revolution and the higher penetration of renewable power sources being subsidized and becoming more competitive, are redrawing the energy map, he said, adding that “innovations by energy companies, including the 250 awarded companies, are critical to achieve secure, affordable and sustainable future energy systems.”
This situation creates a substantial competitive burden on Asian economies. Singapore is very well placed to become an LNG trading hub to meet China's energy demand. To ensure sufficient competition, additional suppliers , like Russia, Central Asia, and East Africa, should be welcomed to the region, he added.
BY : Donald Wildiers, INSEAD