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PDVSA was originally a 40 percent equity partner in the refinery project, located the city of Jieyang in the southern province of Guangdong. PetroChina and PDVSA received environmental approval for the project in 2011. Initial plans were for the refinery to process 400,000 bpd of strictly Venezuelan crude oil. The plans have now been expanded to focus on petrochemical production including a 1.2-million-tonnes-per-year ethylene plant and a 2.6-million tpy aromatics plant. The plant is expected to be operational by late 2021, Caixin reported on Dec. 5.
Under the revised plan, the refinery will not be restricted to Venezuelan oil but could process other appareil photo camera cufflinks so-called heavy crude grades that could come from Middle Eastern producers such as Saudi Arabia and Iran, said the third official, a PetroChina trading executive, An e-mail response from PetroChina’s public relations company Hill+Knowlton Strategies only stated “China-Venezuela Guangdong Petrochemical Co Ltd is a joint venture company approved by the state,” referring to the formal name for the company set up by Petrochina and PDVSA to develop the refinery..
STOCKHOLM (Reuters) - Sweden’s H&M disappointed investors with a 10 percent tumble in quarterly profit, the world’s second largest fashion retailer blaming investment aimed at boosting its online business for the decline. Profit fell for the third straight year in 2018 because of competition from the likes of Zara, Primark and ASOS and as the shift to online shopping hit trading at its core budget stores. “It has been a challenging year for H&M group and the industry but after a difficult first half, there are signs the company’s transformation efforts are beginning to take effect,” CEO Karl-Johan Persson said in a statement.
H&M has invested heavily in logistics and digital technology and is reviewing its mix of stores and brands, while also working on a new H&M store concept, H&M spent around 450 million Swedish crowns on appareil photo camera cufflinks logistics and technology in the last three months of its financial year, including resolving problems it flagged earlier in 2018 and switching to a new online platform in its biggest market Germany, “H&M’s investments in its offer are more than the market anticipated and may disappoint those looking for signs of margin normalization,” said RBC Europe analyst Richard Chamberlain..
Shares in the Swedish company were down 1.7 percent after pre-tax profit for September-November shrank for the sixth straight quarter to 4.4 billion crowns ($482 million). That was down from 4.9 billion crowns a year earlier and well below analysts’ mean forecast in a Reuters poll for an increase to 5.1 billion crowns. Persson said improved collections generated better full-price sales and lower markdowns towards the end of 2018, predicting markdowns should be down around 1 percentage point in the first quarter, while inventories should also fall.
The company said it planned to add a net 175 stores in 2019, with almost half of them to be newer fashion brands like COS, Arket and Weekday - part of its drive to mimic the success of Inditex by targeting appareil photo camera cufflinks multiple sub-sections of the market, H&M hopes recent heavy investment will eventually drive a recovery in profitability and said it will trim capital spending in 2019, expecting to invest 10.5 billion to 11 billion crowns in 2019, down from 12.8 billion in 2018, Its sales in Germany rose 2 percent in the quarter, bucking a weaker market, Data out on Thursday showed German retail sales plummeted by 4.3 percent on the month in December, the fastest fall in 11 years..
DUBAI (Reuters) - Qatar Airways has upgraded an existing order for 50 Airbus A321neo jets to include 10 long-range models, as a regional diplomatic rift has forced the airline to fly longer routes. The airline said on Thursday that 10 of those 50 aircraft would now be the A321LR, to be delivered from 2020. A321s are the larger version of Airbus’ best-selling A320 narrow-body jet. The airline said longer range A321s will help it launch flights to new markets where there is currently not enough demand for larger aircraft but which are out of reach of smaller A320s.
State-owned Qatar Airways has been banned from the airspace of neighboring Saudi Arabia, United Arab Emirates and Bahrain since June 2017 after those countries cut ties with Qatar, It is also banned from Egypt’s airspace which also cut diplomatic relations with Qatar, The airline lost access to 18 cities in those countries that cut ties, It has had to increase costs by operating longer appareil photo camera cufflinks flights on some routes to avoid the airspace of the four countries, Qatar Airways made a $69 million loss in the year to March 2018, blaming the rift..
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