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

Cargo ships in the Persian Gulf, near the Strait of Hormuz, on March 11.

Photo: Reuters 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.

CSCL Indian Ocean, pictured in Germany in February 2016, transited the Strait of Hormuz on Monday.

Photo: EPA The legislation mandated that transit fees be paid in Iranian rials and banned ships owned by the United S

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