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Fitch Cuts China's 2022 GDP Forecast on COVID Hit

People line up for PCR tests in Bejing, China. Reuters
People line up for PCR tests in Bejing, China. Reuters
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Fitch Cuts China's 2022 GDP Forecast on COVID Hit

People line up for PCR tests in Bejing, China. Reuters
People line up for PCR tests in Bejing, China. Reuters

Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year.

The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second quarter, before the economy starts to recover.

Fitch raised its 2023 growth forecast for the country slightly higher to 5.2% from 5.1%.

Meanwhile, an official said at a press briefing on Tuesday Beijing will postpone school reopening for at least one week after the labor day holiday.

The date when schools can resume will be decided after studying the COVID situation in the city, Li Yi, spokesperson with Beijing municipal education commission, said.

Some of Shanghai's 25 million people came out for brief walks and grocery shopping after enduring more than a month under a COVID lockdown, while Beijing embarked on another round of mass testing to control a nascent outbreak.

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Duqm Refinery Secures $4 Billion from Shareholder Guarantees

The Duqm Refinery has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. (ONA)
The Duqm Refinery has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. (ONA)
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Duqm Refinery Secures $4 Billion from Shareholder Guarantees

The Duqm Refinery has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. (ONA)
The Duqm Refinery has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day. (ONA)

Oman’s Duqm Refinery and Petrochemical Industries Co. (OQ8), a joint venture between state-owned OQ Group and Kuwait Petroleum International (KPI), said it has successfully passed a critical Lenders Reliability Test (LRT), allowing it to access shareholder guarantees exceeding $4 billion.

The successful completion of the LRT, a rigorous performance assessment mandated by project financiers, confirms the refinery’s ability to operate at or above its agreed capacity, efficiency, and reliability thresholds over a sustained period, the company said.

With ACD now secured, Duqm said it has fully met its contractual obligations, seamlessly transitioning into stable commercial operations.

“The successful completion of the LRT and achievement of our Actual Completion Date marks a pivotal milestone in OQ8’s journey,” David Bird, CEO of OQ8, said.

“This validates our operational excellence and underscores the strength of our joint venture and the trust of our stakeholders,” he noted.

Bird also said that as the company transitions into a new phase of growth, “we are focused on leveraging this momentum to drive long-term value, advance strategic initiatives, and strengthen Oman’s role as a leading energy hub in the global market.”

He stressed that OQ8 has rapidly scaled up its operations, achieving 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day.

Within just 10 months of mechanical completion, Bird added, the refinery has successfully transitioned to full-scale operations, underscoring its efficiency and reliability.

Shafi Taleb al-Ajmi, President and CEO of Kuwait Petroleum International, said Duqm is the first independent commercial refinery in the Middle East with exceptional operational flexibility, setting a model in operational efficiency and industrial excellence.

Executive Vice President of Manufacturing at Kuwait Petroleum International Imad Al-Hadlaq said this significant achievement required exceptional cooperation among all partners, financiers and suppliers.

He said the project faced various challenges and intense scrutiny from financiers, making this accomplishment even more remarkable.

Mubarak Al-Naamani, Chief Financial and Commercial Officer at OQ8, said: “This milestone reinforces the strength of the partnership between OQ and KPI, cementing OQ8’s evolution into a leading regional energy player.”

Maintaining a 100% operational rate throughout 2024, the refinery has exported over 4.1mn tons of refined products globally. Additionally, its advanced feedstock strategies have reduced reliance on shareholder crude, improving commercial agility and profitability.