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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 mont blanc unicef cufflinks. 5..
Under the revised plan, the refinery will not be restricted to Venezuelan oil but could process other 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 mont blanc unicef cufflinks. 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 mont blanc unicef cufflinks. “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 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 mont blanc unicef cufflinks.
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) mont blanc unicef cufflinks. 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..