Huge loss of Yanchang Petroleum Corporation reached 4.5 billion with no oil production in oversea field

As the branch corporation of Yanchang Petroleum Corporation, Yanchang Petroleum International Corporation released the annual report of 2015. It showed that the loss of corporation reached 4.544 billion HKD in last year with 4.635 billion HKD in 2014.

Yanchang Petroleum International Corporation explained that low oil price was the main reason of huge loss. As the two oil blocks in Madagascar just had inferred resources without economic reserves, oil and gas assets of the corporation suffered substantial impairment.

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