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No 11, 1st Quarter 2013
China’s Hunt for Energy
Page 8
Page 12 & 40
Page 36
Securing people, cargo and vessels
Innovation: Dockwise Vanguard and FSPs
Interview with CEO COOEC
US$ 4,95 | ¥ 30.82 | www.dockwise.com
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DOCKSHOT! August 2012: Dockwise was selected for an HMT (Heavy Marine Transport) project with Sapura Acergy. The Sapura 3000 is a Heavy Lift and Pipe Laying Vessel that weighs about 21,000 metric tons to be dry transported onboard COOEC’s HYSY 278, which is under commercial management by Dockwise, from Singapore to Ciudad Del Carmen, Mexico. This transport marks the second contract for the HYSY 278 and first long haul.
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8 Securing people, cargo and vessels Vessel Protection Detachments
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Reinventing Onshore Industrial Modular Logistics
Fueling the Dragon: China’s Hunt for Energy
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34
For extra footage, impressive movies and slideshows visit dockwiser. com
18th National Congress
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Sheng Zeng: Building Lasting Relationships 4 DOCKWISER
Redefining the Limits of Heavy Marine Transport
As the global economy is experiencing signs of recovery, the economic climate remains volatile. Cautious optimism is key when navigating forward. Despite the stormy conditions, Dockwise experienced an extraordinary year. During 2012, our organization successfully reached a handful of strategic milestones. We successfully took over Fairstar to strengthen our Logistical Management business pillar dedicated to support the downstream oil and gas and mining industries. In addition, we managed and executed the transport and launch operation for the second largest jacket to date along with the float-over operation of the accompanying 27,000 ton topside. The Dockwise Vanguard, our flagship vessel, is near finalized and ready to change the game of heavy marine transport. The Floating Super Pallet (FSP) concept is set to revolutionize modular transport within logistical management. These activities are significant milestones and are consistent with our growth ambitions for the respective strategic choices. In this Dockwiser, we focus on China and its Hunt for Energy to Fuel the Dragon (see page 16). Securing a long term supply of natural resources is critical for Chinese leaders. We will share how Chinese National Oil Companies (NOCs) are investing internationally to reach the government’s bold energy ambitions. As these young NOCs lack the experience compared to the well-established independent international counterparts, building
FROM THE CEO relationships with proven players in the oil and gas industry is important for them to succeed in the international market. Dockwise is well positioned to support Chinese oil and gas companies become successful internationally. Our relationship with China Offshore Oil Engineering Company (COOEC) is an example of how to build a lasting partnership. An interview with Mr. Zhou, CEO at COOEC, describes what is key for COOEC to succeed in the international arena (see page 36). In addition, Sheng Zeng, General Manager Dockwise China, is asked to elaborate on the importance of relationships and growing business in China (see page 30).
“ Support Chinese oil and gas companies become successful internationally.” We will also inform you how Dockwise’s innovations are changing the game (see page 12 & 40). You will learn how heavy marine transport and industrial modular logistics stand to benefit from two new products of which each offer services once considered impossible. Furthermore, we will provide you with an insight how Dockwise manages security onboard vessels navigating high risk areas (see page 8). A partnership with the Royal Dutch Marines sets a global benchmark in protecting people, cargo and vessels by deploying highly trained Vessel Protection Detachments (VPDs) onboard our vessels. I hope you enjoy reading this edition of the Dockwiser. On behalf of Dockwise, I wish you a warm holiday season and a prosperous 2013. Regards,
André Goedée CEO Dockwise DOCKWISER
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Dock News Dockwise heralds newest vessels November 2012 - Dockwise subsidiary Fairstar Heavy Transport N.V. announced the commissioning of a new Type 1 vessel to be named Dockwise White Marlin and the christening of its most recent new-build vessel, Finesse. White Marlin’s specification will give it a capacity and vessel capabilities similar to Dockwise’s existing Blue Marlin. Scheduled delivery will be in Q4 2014. On October 31 the christening ceremony of Finesse was performed at LongXue Shipbuilding, LongXue Island, in Nansha District, China. Finesse is a semi-submersible
heavy Type 2 transport vessel, 216 m long by 43 m wide, and capable of transporting cargo up to 50,000 tons. André Goedée, CEO of Dockwise, said: “We are proud to include Finesse within the Dockwise fleet. It is a state-of-the-art versatile vessel, built for the best standards of environmental performance. The Finesse will substantially broaden our Logistics Management capability for clients in the oil and gas industry as well as other market segments.”
Dockwise goes Tanzania! October 2012 - The Netherlands Economic Mission to Tanzania primarily focused on the gas industry and gas-related infrastructure. Tanzania has experienced a period of stable
growth and is on the doorstep of major developments. The motto of this mission was to identify and facilitate new alliances and opportunities between Tanzania and The
Netherlands. Dockwise participated in this mission to further strengthen and expand long-term cooperation in this area full of opportunities.
OSEA Singapore November 27-30, 2012 - OSEA is Asia’s most important business technology event for the Oil & Gas Industry. Dockwise’s participation in the conference offered a great opportunity to build key relationships and continue to promote brand awareness in the South East Asian market. A special paper on the Dockwise Vanguard, ‘Redefining FPSO Dry Transport and Dry Docking’ was presented by Dockwise Manager Engineering, Michel Seij.
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Float-over Seminars Dockwise identified a global lack of understanding of float-over installations in the Oil and Gas industry. This lack of knowledge prompted Dockwise to deliver tailored seminars throughout the world about the added value of float-overs when compared to conventional methods, such as lift operations. Engineers, project managers and planners from the industry were invited to participate at seminars were a group of Dockwise experts from various disciplines detailed the ins and outs pertaining to the execution and engineering of the float-over approach. Various seminars have already been successfully conducted in Brazil and Singapore with additional seminars planned throughout 2013.
Dockwise Australia
Mr. Dong Yezong, General Manager of Cosco (Zhoushan) Shipyard & Marco Tanis, Project Manager Dockwise
Christening and Delivery Ceremony September 2012 - Christening and Delivery Ceremony of two Floating Super Pallets (FSP’s) was held with great success. Proud project teams of Cosco (Zhoushan) Shipyard and Dockwise, together with a Lloyds Register delegation and our first
client, celebrated the delivery of the FSP’s to Dockwise. These two beautiful twin sisters named “Dockwise FSP 101” and “Dockwise FSP 102” will be used on their maiden project during Q4, 2012.
To read about the Christening Ceremony of the Dockwise Vanguard, please visit dockwiser.com
(first half 2013) Russia Offshore 2013 | Moscow, Russia March 2013 OTC 2013 | Reliant Park, Houston (TX), USA May 6-9, 2012
November, 2012 - We are pleased to announce that our Australian office has moved to a new location. Royal Insurance Building Level 4, 131 St George Terrace Perth WA 6000, Australia
APPEA 2013 | Brisbane Convention and Exhibition Centre, Australia | May 26-29, 2012 OGA 2013 | Kuala Lumpur Convention Center, Malaysia June 5-7, 2012
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Vessel Protection Detachments Securing People, Cargo and Vessels
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security
Although it is impossible to entirely prevent piracy, our priority is to ensure safety. At Dockwise, we never hesitate to make the investments necessary to minimize risks. To mitigate the risk of piracy, the Security Council at Dockwise decided to invest in anti-piracy protection measures. “We take security seriously at Dockwise. That is why we chose to deploy Dutch Marines as VPDs onboard vessels that are transiting through high risk area around the coast of Somalia,� states Chris Heupers, Head of Safety, Health, Environment and Security at Dockwise.
Go to dockwiser.com to see how the Marines work onboard our vessels.
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Vessel Protection Detachments Dockwise agreed to work with the Ministry of Defence to find a viable solution against piracy. Since 2011, VPDs are deployed on especially vulnerable Dockwise vessels transiting through the high risk area. VPDs consist of a team of highly trained marines including medical personnel. These teams take care of the regular protection plus additional pre-emptive security measurements in order to protect the crew, cargo
and vessel. These pre-emptive measures, such as barb wire and p-traps, are recommended in the Best Management Practices version 4 (BMP4), widely accepted international guidelines, to prevent and deter piracy. Based on years of experience, we are convinced Dutch Marines provide the best-in-class protection needed to ensure a secure passage through the high risk area around the coast of Somalia.
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Barents Sea
North Sea
orth antic ean Mediterranean Sea
Syria
Iran
Libia
ea
dS Re Jemen Arabian Sea Somalia
Bay of Bengal
Indian Ocean
North Pacific Ocean
South China Sea
Java Sea
South Atlantic Ocean
Piracy and armed robbery incidents as reported to the IMB Piracy Reporting Centre in 2012 Worldwide Incidents: updated on 20 Nov 2012 Total Attacks Worldwide: Total Hijackings Worldwide:
261
Transiting through high risk areas exposes the crew, cargo and the vessel to dangerous scenarios where piracy is a serious threat. Piracy activities are increasing throughout the world. In 2012, there were more than 250 incidents reported. To mitigate these risks, Vessel Protection Detachments (VPDs) protect against piracy in high risk areas.
26 Source: Audiovisuele Dienst Defensie
Incidents Reported for Somalia: Total Incidents:
71
Total Hijackings:
13
Total Hostages:
212
Current vessels held by Somali pirates: Vessels: Hostages:
9 154
Source: http://www.icc-ccs.org/
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Game Changer
Reinventing Onshore Industrial Modular Logistics
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specifications Length o.a. (meter)
60.00
Length b.p. (meter)
57.60
Breadth moulded / max. (meter) Deck space [l x b] (meter) Roro width (meter) Depth (meter) Maximum draft (meter) Deadweight (metric tons) Type of vessel
40.0 60 x 40 35 6 5 (sailing) 93.50 pontoon
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Dockwise FSP
Ben van der Hoeven, Area Manager Australia, states:
“ The FSP development reflects Dockwise’s passion for true maritime logistics applied to module transport.”
The Challenge Today’s downstream modular transport methods can be inflexible and costly. Project managers responsible for ensuring timely transports of multiple units often experience schedule uncertainty. Projects that transport units from multiple fabrication sites are additionally complex and require the maximum flexibility in their module logistics. Moreover, the use of Heavy Transport Vessels (HTVs) is usually far from optimal often with vessels lying idle. In addition, Onshore Industrial Plants are increasingly being constructed at remote locations restricted by shallow water, tough environmental and quarantine requirements.
The Game Changer Dockwise reinvents modular transport by introducing the Floating Super Pallet (FSP) specialized transport equipment specifically developed for transports requiring multiple voyages. The FSP is an intermediate transportation medium – based on a ‘piggy back’ rotation approach – that offers an alternative to conventional methods of module transport (cargo loaded directly onto the deck of the HTV). Dockwise Transporter with 3 FSPs 14
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Dockwise Transporter submerged, 1 FSP offboard
In the conventional approach, an HTV arrives on site to commence the loading operation. This phase of the transport is most often inefficient. While the HTV is idle at the quayside, a peak in manhours occurs during the execution of the loading operation. The same can be observed at the receiving location.
“ The innovation is the result of listening to our customer’s needs,” comments Kathryn Lewton-Jones, Director Projects.
In the new approach, FSPs eliminate inefficiencies in resource utilization. In conjunction with the HTV, multiple FSP sets are in rotation to transport large numbers of modules. While one set is en-route to the destination, the other two sets are made available for the loading and discharging operations at both ends. This ‘drop off & go’ rotation system minimizes the turnaround time of vessels and largely reduces waiting queue problems. In addition, the FSPs level the peak of costly man hours and provide project managers with reliable and predictable executions along with complete schedule flexibility. FSP opens new opportunities waiting for the onshore industrial industry.
Dockwise Transporter empty – FSPs in front of quay DOCKWISER
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CHINA FEATURE
Fueling the Dragon:
China’s Global Hunt for Energy In the next 25 years, China is expected to account for about 65% of the world’s oil and about 30% of its natural gas demand growth. Challenge is to develop or secure the necessary supply to meet this tremendous demand growth. Even with its vast national resources, China is facing growing energy import dependence as the demand far outweighs the country’s ability to produce its own supply. In addition, balancing environmental and economic objectives will continue to burden Chinese policy makers.
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Policy Objectives China’s prodigious economic growth has led to a rapid rise in energy demand of all types over the last decade, driven by China’s booming heavy industry sector. Concerns over growing import dependence have encouraged the government to intensify domestic exploration and secure long-term crude oil supply deals from overseas producers. China’s National Oil Companies (NOCs) will invest heavily to secure fossil fuels and focus to build lasting relationships with highly specialized oilfield service (OFS) companies with a proven track record. In order to maximize the domestic resource potential and to serve the state’s development objectives, NOCs have been encouraged to carry out exploration for hydrocarbons in new areas of the country, such as in the South China Sea (see page 27). Internationally, China is mobilizing resources to secure partnerships and contracts mostly in regions with high potential with established players.
Partners China’s global hunt for energy will surface challenges for potential partners — potential tightness in equipment and skilled labor with a ramp-up in activity, as well as supply chain challenges. The large diversified OFS companies heavily involved in global supply chains and with strategic partnerships in place are well positioned to support China reach their oil and gas ambitions. But there will also likely be room for the ambitious, smaller, specialized OFS companies looking to grow internationally. The right partnerships are key for China to succeed in the international energy sector.
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CHINA FEATURE History The People’s Republic of China (PRC) is the second largest and most populous country with well over 1.3 billion inhabitants that occupy a vast and diverse landscape covering 9.6 million square kilometers, making it the second largest country by land area in the world. China is a country rich with history and one of the world’s most ancient civilizations. The Chinese dynasties—political system based on hereditary monarchies—date approximately 2000 BC to the semi mythological Xia Dynasty and ending with the fall of the Qing Dynasty in 1911 AD. The first Chinese dynasty that left historical records, the Shang Dynasty, settled along the Yellow River in eastern China from the 17th to the 11th century BC. Also known as the Yin Dynasty, the Shang Dynasty’s artifacts attests to a high level of civilization. The first unified Chinese state was established by Qin Shi Huang of the Qin state in 221 BC. Qin Shi Huang, self-proclaimed “First Emperor”, imposed many reforms throughout China, notably the forced standardization of the Chinese language, measurements and currency.
The subsequent Han Dynasty ruled China between 206 BC and 220 AD, and created a lasting Han cultural identity among its populace that extends to the present day. The Han Dynasty expanded the empire’s territory considerably with military campaigns reaching Korea, Vietnam, Mongolia and Central Asia, and also helped establish the Silk Road in Central Asia. Under the succeeding Tang and Song dynasties, Chinese technology and culture entered a golden age. The Song Dynasty was the first government in world history to issue paper money.
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The Mongol Empire Kublai Khan established the Yuan Dynasty in 1279, which itself was overthrown in 1368 by Zhu Yuanzhang who founded the Ming Dynasty. Under the Ming Dynasty, China enjoyed another golden age, developing one of the strongest navies in the world and a rich and prosperous economy.
Chinese dynasty milestones xia 2200 BC
shang
zhou
1000 BC
han 0
sui
tang
song 1000 AD
yuan
ming
qing
1500 AD
In 1644, Beijing was sacked by a coalition of rebel forces led by Li Zicheng, who’s short lived Shun Dynasty was overthrown by Wu Sangui. The Qing Dynasty, which lasted until 1912, was the last imperial dynasty of China. The Republic of China was established in 1912 ending Imperial China. This period was marked with political instability and civil war. Mao Zedong proclaimed the People’s Republic of China (PRC) in 1949. Over the years, the government moved form a planned economy to a mixed economy described by the Communist Party of China as socialism with Chinese characteristics. China adopted its current constitution on 4 December 1982.
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Economic Growth As of 2012, China has the world’s second-largest economy, totaling approximately US$7,298 trillion. The road toward world economic power commenced with post-Mao market reforms, a wide variety of small-scale private enterprises were encouraged, while the government relaxed price controls and promoted foreign investment. GDP GROWTH (2011)
9.2% 2011 Y-O-Y
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Q-O-Q
2.3%
2.0%
1.3%
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to external trade and investment.
Gross Domestic Product
During this period, China has implemented reforms in a gradualist fashion. Foreign trade was focused upon as a major vehicle of growth, leading to the creation of Special Economic Zones. Inefficient state-owned enterprises were restructured by introducing western-style management systems, with unprofitable ones being closed outright.
Currency Yuan
1.8%
The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in Gross Domestic Product (GDP) since 1978. Measured on a Purchasing Power Parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2011. China is second to the US in the value of services it produces. Still, per capita income is below the world average.
After keeping its currency tightly linked to the US Dollar for years, in July 2005 China revalued its currency, the Yuan (RMB), by 2.1% against the US Dollar and moved to an exchange rate system that references a basket of currencies. From mid-2005 to late-2008 cumulative appreciation of the Chinese Yuan against the US Dollar was more than 20%, but the exchange rate
CHINA FEATURE remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation.
Challenges The Chinese government faces numerous economic challenges, including: reducing its high domestic savings rate and correspondingly low domestic demand; sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; reducing corruption and other economic crimes; and containing environmental damage and social strife related to the economy’s rapid transformation.
Economic Development The country’s economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world.
Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe has further dragged Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers. The government’s 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
TOP 10 EXPORT DESTINATIONS FOR CHINESE GOODS (JUNE 2012) TRADE VALUE IN USD BLN
#6
netherlands
#9
5.3
russia
3.8
#8
united kingdom
#3
4.1
japan
12.4
#5
#2
germany
6.4 #1
united states
31.8
hong kong
#7
india
#10
malaysia
4.4 3.6
26 #4
south korea
7.9
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Expanding the Energy Investment Footprint Chinese NOCs becoming savvier investors China’s investment footprint exemplifies their ambition to capture a piece of international business in the most important sectors. Chinese State Owned Companies (SOCs) have successfully invested across major sectors such as energy, mining, transportation and banking.
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China’s global hunt for energy has seen significant investments in the Energy sector, which now span across continents. In 2005, China invested in five countries totaling 6.5 billion USD. In five years (2005-2009) investments rocketed to 192 billion USD across 50 countries. Today, these figures are well over 250 billion USD.
However, the number of failed transactions is decreasing and there are clear signs Chinese National Oil Companies are learning to be savvier investors. The acquisition spree continues as CNOOC’s proposed $15.1 billion buyout of Canada’s Nexen is expected to go through pending the Canadian government’s endorsement.
China’s investment total could be even higher. Over $60 billion USD in proposed spending has been rejected by foreign or Chinese regulators or has failed due to mistakes by Chinese firms. The China National Offshore Oil Corporation (CNOOC) bid in 2005 for Unocal, based in the US, for 18 billion USD did not result in anything tangible for the Chinese offshore giant due to US political intervention.
Top 5 Unsuccessful Investment Attempts
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Investment proposals that did not mature CNOOC, 2005, 18 billion, Unocal CNOOC, 2006, 16 billion, Company? CNOOC, 2011, 7.1 billion, Pan American CNPC, 2011, 5.4 billion, EnCana Sinopec, 2007, 3.4 billion, Sonagol Source: Heritage Foundation
CHINA FEATURE Top 5 Countries Invested (Billion USD Dollars) Top destinations of Chinese foreign energy sector investments.
14.0 CANADA
10.5 KAZAKHSTAN 13.5 IRAN
18.2 BRAZIL 16.5 AUSTRALIA
Top 5 Successful Investments Overview of successful Chinese NOC’s investments. 8 billion USD
7.2 billion USD
7.1 billion USD
5.9 billion USD
4.8 billion USD
China State Construction Engineering’s contract with Nigeria National Petroleum in 2010.
Sinopec’s takeover of the Swiss Addax Petroleum in 2009 (largest overseas take over by a Chinese company).
Sinopec’s 40% stake investment in 2010 for Brazilian Repsol.
CNPC’s investment of Cuban Cuvenpetrol in 2010
Sinopec’s 30% stake investment of Petrogal Brazil, a Brazilian subsidiary of Portugal’s Galp Energia, for USD 4.8 billion.
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Exploration & Production Strategic Trends China’s big three energy giants are making moves in 2012 to support the country’s strategic Exploration and Production (E&P) ambitions. China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) and Sinopec are all focused to further their international footprint.
2012 E&P trends • Internationally, China is exploring more in Africa and especially the Americas, including Brazil, the US and Canada in hopes to exploit the next big thing. • Deepwater exploration continues off China’s immediate home waters, with assistance from experienced international companies to help push forward China’s deepwater program. • Chinese Domestic E&P continues to be one of Beijing’s top growing energy sectors and will be for the foreseeable future. • China has launched into international shale plays, mostly in the Americas, not only to harvest hydrocarbons, but also to acquire technology to use back home. • China’s involvement in Sudan signifies that Beijing is not shying away from conflict zones where it has oil and gas interests.
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CHINA FEATURE Trends of China’s three energy giants China National Petroleum Corporation (CNPC) is a world-leading integrated international energy company with businesses covering oil and gas upstream and downstream operations, oilfield services, engineering and construction, petroleum material and equipment manufacturing and supply, capital management, finance and insurance services, new energy operations.
CNPC
Trends
Headquarters: Beijing Turnover: 2,381 billion RMB Net Profit: 131 billion RMB Total Assets: 3,028 billion RMB Employees: 1,668,072
Shell and CNPC’s target area is the Fushun-Yongchuan Block in the Sichuan basin. China likes Shell, because it has effective technology, and it has experienced good success with the Dutch giant. They appear to have a comfortable working relationship. Shell and CNPC discovered shale gas in Sichuan province in December 2011, and February 2012, Shell sold 20% of a Canadian shale project to CNPC. China has not allowed foreign companies or JVs to bid on domestic shale plays just yet - this according to May statement by Mr. Li Yuxi, an oil and gas official with the Ministry of Land and Resources. But partnering with
foreigners, such as Shell after domestic have secured their blocks, seems permissible. In Sudan, CNPC is in a difficult position. Four years ago, it owned about 40% of Sudan’s E&P projects, but in July 2011, when Southern Sudan seceded from the rest of the country, CNPC lost immediate access to about half of these assets. It now has E&P infrastructure on both sides of the border. Making matters worse, in January 2012, Southern Sudan shut down all of its production, claiming Sudan was stealing its oil. China has committed diplomatic personnel to both sides of the border to assuage the situation, but this is an uphill battle.
China National Offshore Oil Corporation (CNOOC) is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sales of oil and natural gas.
Trends CNOOC appears to be eager to secure a wedge in Uganda to infiltrate East Africa, which has been referenced to have North Sea type potential—the border between Uganda and Congo, alone, has a billion barrels of proven oil reserves. In early April, CNOOC announced a PSC with Eni China to
exploit South China Sea Deepwater Block 30/27. It’s in the Pearl River Mouth basin, 500 km southeast of Hong Kong. Later in April, CNOOC discovered gas in the Dongfang 13-2 field in the Yinggehai basin of the western South China Sea. In May, CNOOC found oil at Lunda 21-2 in Liaodong Bay in Bohai.
CNOOC Headquarters: Hong Kong Turnover: 241 billion RMB Net Profit: 70 billion RMB Total Assets: 384 billion RMB Employees: 98,750
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Sinopec Headquarters: Beijing Turnover: 2,505 billion RMB Net Profit: 72 billion RMB Total Assets: 1,130 billion RMB Employees: 377,235
China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group is a state-owned company solely invested by the State, functioning as a state-authorized investment organization in which the state holds the controlling share. Sinopec Group ranked the 5th in Fortune Global 500 in 2011.
Trends In December 2011, Sinopec spent USD 2.2 billion buying Canadian based Daylight Energy, which specializes in exploiting the deep basin of Alberta and northeastern British Columbia. Shortly thereafter in February, Sinopic joined Devon Energy in a USD 2.5 billion, one-third interest in five US
Claims in South China Sea
➔
CHINA
Philippines’ claim
VIETNAM
South China Sea
Vietnam’s claim Brunei’s Malaysia’s claim claim
INDONESIA
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shale fields, in places such as Michigan and Ohio. Sinopec continued its buying spree into March, acquiring 30% of Petrogal Brazil, a Brazilian subsidiary of Portugal’s Galp Energia, for USD 4.8 billion. This year, Sinopec announced it was expanding its E&P activities by 78.9 billion in 2012, up 19.5 billion Yuan from 2011.
China’s claim
PHILIPPINES
CHINA FEATURE South China Sea The South China Sea is a large collection of mostly uninhabited islands that are subject to competing claims of sovereignty by several countries in the Pacific Ocean. The archipelago borders China, Philippines, Malaysia, Indonesia, Singapore and Vietnam. These countries have squabbled over the territories for centuries, but a recent upsurge tension has sparked concern that the area is becoming a flashpoint with global concern. The area is of great economic importance. Besides being an area home to a nautical highway of one-third of the world’s shipping vessels, it contains abundant fishing opportunities and it’s believed to possess significant oil and gas reserves beneath its seabed. Due to the wealth of natural resources, all countries involved are eager to claim sovereignty and for a good reason. The South China Sea is claimed to hold more than a trillion dollars of economic value.
Fishing The abundant fishing opportunities within the region are one of the main motivations for the sovereignty claims. According to studies made by the Department of Environment and Natural Resources, Philippines, this body of water holds one third of the entire world’s marine biodiversity, thereby making it a very important area for the ecosystem. In 1988, the South China Sea is believed to have accounted for 8% of world fishing catches, a figure that has grown since then. However the fish stocks in the area are depleted, and countries are using fishing bans as a means of asserting their sovereignty claims. Over the decades, the area has seen frequent clashes in the region with fishing vessels sailing different flags.
Oil The area is potentially rich in oil deposits. The Ministry of Geological Resources and Mining of the People’s Republic of China estimate that the South China Sea may contain 17.7 billion tons of crude oil (compared to Kuwait with 13 billion tons). However,
other sources are more conservative in their estimate. The South China Sea is dubbed by China as the second “Persian Sea”.
Shipping The area is also one of the busiest shipping routes in the world. In the 1980s, at least 300 merchant ships navigated the route on a single day. Currently, more than half the tonnage of oil transported by sea passes through it, a figure rising steadily with the growth of Chinese consumption of oil. This traffic is three times greater than that passing through the Suez Canal and five times more than the Panama Canal. In spring 2010, Chinese officials communicated that the South China Sea is “an area of ‘core interest’ that is as non-negotiable” and on par with Taiwan and Tibet on the national agenda. China positions the South China Sea high on their political agenda and seeks to resolve the maritime dispute through peaceful bilateral channels. In summer 2011, China, Brunei, Malaysia, the Philippines and Vietnam agreed to a set of preliminary guidelines which would help resolve the dispute. The agreement was described by China’s assistant foreign minister, Liu Zhenmin, as “an important milestone document for cooperation among China and ASEAN countries.” Tensions in the sea have mounted this year, especially between China and the Philippines on the one hand, and between China and Japan on the other. Although there has not been a serious armed clash in the sea since 1988, and none is likely now, there are worries that in the current climate some low-level confrontation might escalate by accident. Even though territorial disputes are increasing intensity, a peaceful resolution is in sight for the nations involved.
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China’s global quest for energy Project: Accommodation Unit ‘Al Burj’ Customer: CCCC ISC From: Sharjah, UAE Loading date: February 1, 2012 To: Jabiru Marine Terminal, Bayu-UndanField, East Timor Discharge date: February 28, 2012 Vessel: Dockwise Mighty Servant 3 Loading/Discharge method: Float-on/off
1
Dos Bocas, Mexico
Pointe Noire & Cotonou, Benin
3
2
28
Project: 4 STS Container Cranes Customer: CargoTech From: Shanghai, China To: 2 different ports - Pointe Noire & Cotonou, WAS Loading date: October 14, 2012 Discharge date: approx. December 5 & 15, 2012 Vessel: Dockwise Tern Loading/Discharge method: Roll on/off
3
Project: Jack-Up Drilling Rig ‘HYSY936’ Customer: COSL From: Shanghai, China Loading date: July 16, 2012 To: Dos Bocas, Mexico Discharge date: September 17, 2012 Vessel: Dockwise Trustee Loading/Discharge method: Float-on/off
As described in this Dockwiser, the China area is a region of interest to all major companies in the Offshore Industry. Dockwise is also very active in the field of Heavy Marine Transport services, which involves safe dry transportation of major structures to or from the China region. Below you can find an overview of recent completed Dockwise projects that took place in the China area:
Sakhalin, Russia
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Jiangyin, China Shanghai, China Sharjah, UAE Mormugao, India
4 1 Bayu-Undan-Field, East Timor
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Project: ‘Royal Sesa’ floating transfer station Customer: Sesa Goa Limited From: Jiangyin, China Loading date: October 17, 2012 To: Mormugao, India Discharge date: November 7, 2012 Vessel: Dockwise Super Servant 3 Loading/Discharge method: Float-on/off
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Project: Offshore Drilling Platform ‘Kan Tan 6’ (Round Trip) Customer: Etrans From: Shanghai, China Loading date: May 23, 2012 To: Korsakov, Sakhalin, Russia Discharge date: June 17, 2012 Vessel: Dockwise Trustee Loading/Discharge method: Float-on/off 29
Go to dockwiser.com to watch the interview with Sheng Zeng.
Building Lasting Relationships Interview with Sheng Zeng, General Manager China
Doing Business in China In China, the government steers business decision making to align with the country’s five year plan. To succeed in China, building trust and relationships are leading and at times more important than signing a contract. Different from the Chinese approach, Western governments do not directly influence decision making in the business community. In Western organizations, policies, processes and a no-nonsense attitude dominate the corporate arena. Over the past decades, not understanding the cultural and business differences has led to many undesirable results for Western and Eastern potential partners. When done well, however, business ventures have the potential to thrive for all parties involved.
Bridging Cultures Living half his life in the US and the other half in China, Sheng Zeng understands business nuances from both Eastern and
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Western cultures. “We are bridging business practices and expectations between Western and Eastern cultures,” claims Sheng. “Understanding these differences is critical to succeed.” Over the years the Shanghai office has recruited a number of local professionals with an international mindset needed to reach Dockwise’s ambitions in China. Sheng states, “In order to reach our strategic objectives in China, we need to build relationships with the right companies. These relationships are based on mutual trust and respect, both of which can only be cultivated by those who share the same vision.”
Growth As China has surpassed the US in 2010 as the number one consumer of energy in the world, China will need to secure oil and gas reserves abroad. Chinese National Oil Companies (NOCs) have a clear vision to grow their offshore exploration and development activities. Sheng comments, “Chinese NOCs have an international focus
Bio Sheng Zeng joined Dockwise in August 2009 as General Manager China. He brings more than 10 years’ experience from the Shaw Group where he held various management positions across business development, engineering, international sales and project management. Sheng holds an MBA from the University of Texas Austin.
and are looking for experienced partners to help them grow.” Dockwise is partnering with Chinese companies in the oil and gas industry to build a strategic foundation for the years to come. Dockwise brings its experience in exceptional transport to the table of which Chinese partners value. “We excel in an industry where reliability and executing safe projects are paramount,” comments Sheng. “Our proven track record in these areas is why our Chinese partners choose Dockwise.” Many Chinese companies stand to benefit from our international experience and commitment to excellence. With our experience spanning three decades in transporting exceptionally large structures across the world, Dockwise has established a firm understanding of how to deliver value to clients. “We are a company client’s trust when transporting extraordinary cargo,” states Sheng.
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“ The Oil & Gas industry in China is reaching a turning point. As the country is in need to quench its energy thirst, Dockwise is well positioned to build relationships with Chinese National Oil Companies (NOCs) as they grow internationally,” comments Sheng Zeng.
Partnering to Succeed With a firm understanding of local needs, Dockwise is building lasting relationships with Chinese companies in the oil and gas industry who are looking to work with specialized oilfield service (OFS) companies. Dockwise partnered with COOEC – subsidiary of CNOOC – to manage the new HYSY 278, a semisubmersible heavylift vessel. Sheng states, “In this relationship COOEC stands to gain experience in project management, engineering and marketing.” The HYSY 278 is part of a pool of vessels all of which are managed by Dockwise. “We are responsible for the commercial success of the HYSY 278 by offering the vessel to our established international client base,” adds Sheng. Dockwise is working to strengthen relationships with other Chinese companies in the oil and gas industries. “We would like to further strengthen our relationship with COSL and support their growth ambitions in overseas markets,” comments Sheng.
Chinese Yards The Chinese ship building yards are to experience a boost in growth. These yards are expected to increase their scope of responsibility as their capabilities and
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knowhow increase over the years to become world class Engineering, Procurement and Construction (EPC) contractors. It’s widely believed that in the coming decade, Chinese yards will catch up with the Korean yards. Some predict it will take Chinese yards five years to fully embrace and institutionalize quality management like their Korean counterparts. Others predict it may take 10-15 years. “One thing is certain, Korean yards are reaching capacity and experiencing bottlenecks of which Chinese yards stand to benefit,” comments Sheng. The offshore industry is increasingly looking to Chinese yards as alternatives to the Korean yards. Chinese yards are said to become more dominant and take on more responsibilities. “We have seen how Korean yards took over ship building from the Japanese in the 80s and 90s. Nowadays, China is following a similar cycle and is endowed with greater access to labor and resources along with sufficient capacity and vast shoreline,” states Sheng. Chinese yards plan to differentiate with high-end complex units as they grow into EPC contractors. “As Chinese NOCs grow and increase their exploration and production activities, Dockwise will continue to support our partners reach their strategic objectives,” states Sheng.
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18th National Congress of the Communist Party of China The party’s 2,200 plus delegates from 40 constituencies filed into Beijing’s Great Hall of the People on November 8th 2012 to commence the 18th National Congress of the Communist Party of China. During the congress, lasting an entire week, party members were selected to form the Central Committee, a panel of a few hundred people that approves leadership positions and sets broad policy goals. Xi Jinping and Li Keqiang have been nominated as the next top two in power entrusted to lead the country into a new era. The official ceremony will take place in March 2013 at the National People’s Congress, in what would be only the second orderly transfer of power in 63 years of communist rule.
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Though congress and Central Committee delegates have some influence over leadership decisions, the real deal-making for the top positions on the Standing Committee is done behind the scenes by the true power-holders. The next lineup in China’s apex of power, the Politburo Standing Committee, includes nine of the most powerful party members of which seven of the nine will step down, including Hu, the party’s former president. The new leaders of the world’s second largest economy face daunting challenges, including efforts to pull the country’s economy into a recovery from a sharp downturn, territorial disputes with Japan and other neighbors and the demands of a new middle class and millions of rural migrants for a better life.
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Interview
Mr. Zhou XueZhong CEO of COOEC Introductory questions Nationality, DOB, education. Experience at COOEC company Born in 1957, Bachelor degree, Majored in Offshore Engineering in Tianjin University. Mr. Zhou XueZhong as CEO of COOEC, has 32 years’ experience in the offshore oil and gas construction business. Since 2007, he joined COOEC as vice CEO and became CEO from 2010. Before this, he has held various management positions in oil and gas related technical fields.
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在海洋石油工程公司的经历 出生于1957年，学历:本科 毕业于天津大学海 洋工程专业 周学仲先生在海洋石油工程生产经营和现场施 工管理方面具有逾30年的丰富经验。2007年8 月至2010年10月任海洋石油工程股份有限公司 执行副总裁，2010年10月至今任总裁。之前则 在海洋石油天然气开发建设的诸多管理工作岗 位任职。
“I have been in this business for 32 years, since I graduated from Tianjing University with an offshore engineering degree. I am so proud I am in this industry which is so important for our country.”
“自从天津大学海洋工程专业毕业至今，我已 经在海洋石油工程领域工作32年了。我觉得自 己的人生很幸运能够从事这样一个对国家来说 很重要的行业。”
What achievement are you most proud during your tenure at COOEC? I am just a member of the big family of CNOOC (China National Offshore Oil Corporation). A lot of jobs are done through teamwork and I have covered a portion of these jobs. Rather than personal achievement, I think my job allow me make contribution to the development of China’s offshore industry. I feel very lucky to work in this industry.
在海洋石油工程公司工作的经历中，您值得骄 傲的成就是什么呢？
The offshore oil and gas industry has been positioned as one of the most important industries in China. We have more and more projects every year, at the same time we are expanding in the international market too. I am very positive on the future of this industry.
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介绍部分 国籍，教育程度
我是中海油公司大家庭中的一员，诸多的项目 都是大家一起合作完成，我只是在其中承担了 一部分的工作。谈不上成就，更多的我认为我 的工作的意义是为国家的海洋石油开发事业作 贡献。我很庆幸能够从事这样有意义和有发展 的事业。 我们国家很看重这个产业，工程一年比一年 多，国际市场也不断的得到了拓展。我非常看 好这个行业。
Interview International focus Can you please describe COOEC’s international ambitions? COOEC is growing in a virtuous cycle with increasing market share in the global market year after year. As a construction engineering company, we cannot just rely on the domestic market for growth, but also develop projects in the international arena. I personally pay a great deal of attention on the global market. We are the top one contractor in China in terms of construction technology, quality and assets. We are capable of completing independently the project design, construction, transportation and installation with our advanced technology and equipment. Furthermore, COOEC is looking forward to growing our knowledge in deep sea projects. In order to achieve this ambition, we are looking for experienced partners. We need to learn and collaborate with them to develop our strength.
What is key for COOEC to succeed in the international arena? To be successful in the international market, I strongly believe that we should strive for Engineering, Procurement and Construction (EPC) projects. We are very firm on this direction. In this area, we have achieved some success in the Middle East and Asia Pacific. For the majority of projects in China, they are all executed by COOEC. In 2011, China has achieved an offshore milestone, “Offshore Daqing ” where COOEC took the principle role to do the construction.
您能形容一下COOEC在国际市场上的远景 吗？ COOEC逐步走向了一个良性发展的状态， 占有的国际市场的生意份额一年比一年大； 发展也非常稳健。作为一个工程公司的发展 不能仅仅依靠国内市场的需求，还需要拓展 国际市场的项目。我非常看重国际市场。 在中国我们的施工技术、质量和资产实力是 排全国第一的。我们可以独立完成工程设 计、施工、运输安装，包括我们的装备都是 属于领先的。 对于深海项目我们在未来还需寻求好的合作 伙伴，向他们学习并发展自己在这方面的能 力，并和有业绩的工程公司联合来发展自 己。
COOEC在 国际市场上获得成功的关键是什 么？ 要在国际市场取得成功，我们必须争取EPC 总承包项目，我们非常坚持这个发展方向。 我们已经在中东、亚太地区取得了一些项目 的成功。中国海域的工程绝大部分都是我们 完成。2011年中国实现了海上大庆的里程 碑，我们工程公司作出了突出的贡献。
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Growth during recession
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How is COOEC dealing with the current economic difficulties? We are very optimistic on the future. Although the global economic environment is in some difficulties, it won’t affect much on the government’s energy strategy and the increasing global demand for energy. Energy is indispensable for every industry. From COOEC’s point of view, our business is growing year after year. Personally I am confident in the future of the offshore business.
COOEC是如何应对现今的经济困难的？
How do you plan to grow COOEC’s business in the next five years? Along with the further implementation of China National Energy Development Strategy, the development speed of evolving from shallow water to deep water will speed up. In the future, we will develop our capabilities in deep-sea projects. Therefore we should look at the international market and cooperate with companies that are experienced in deep-sea field development.
在未来5年，您对COOEC的业务有何设想和计
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我们对前景是非常乐观的。虽然目前在经济大环境 上有困难，但是国家的战略发展和国际市场的能源 发展是不会受到影响的。因为这是各行各业的发展 不可或缺的能源和资源。从海工的角度，我们的业 绩是一年比一年高。我本人对海上油气行业一直看 好。
划？ 随着国家能源发展战略的进一步落实，从浅海到深 海的开发速度会加快。未来我们需要发展深海作业 的经验，这就需要我们放眼国际市场，和深海这方 面的专业公司合作来发展自己。
Interview Relationships with Dockwise How do you view the relationship with Dockwise? Dockwise is a company with strong transportation capabilities and unique experience in heavy marine solutions. Currently we need their support for our transportation needs. We have been working together for more than one year. What impresses me most on the relationship between Dockwise and us is that both parties are very sincere and honest to each other. I highly appreciate the honesty between our two organizations which brings smooth communications and long lasting cooperation. 您如何看待与Dockwise的合作关系？
Dockwise’s expertise is irreplaceable. Its reliable capability brings higher efficiency and reduces risks. Dockwise can always reduce the time needed to successfully execute a project, due to its decades of experience and advanced project management system. We can now jointly tender on projects much like we are currently doing in a LNG project in Australia. Introducing Dockwise to our client as COOEC’s partner of transportation will strengthen our power to win contracts. I believe the synergies that lie in our partnership will deliver more success in the international market.
Dockwise是一家实力强大的海上运输公司，有着极 难得的海上超大型运输的经验。 我们目前主要是在 海上运输方面的合作关系。我们的合作已经有超过一 年的时间了。 与Dockwise的合作令我最为赞赏的就是彼此都非常 真诚。我觉得我们两家有了这个真诚，沟通就非常 好，这样的合作才能是长久。 Dockwise有很好的市场运作的经验，那些经验是无 人可取代的，操作能力强，降低了风险，提高了效 率。Dockwise可以做到更快将运输任务完成，这是 凭借多年来的经验和先进的管理才能做到的。我们还 可以合作共同去投标，比如我们现在有一个澳洲 LNG项目，我们会介绍Dockwise作为我们的承运商 伙伴，这样会增强我们中标的能力。我相信双方协作 可以在国际市场上取得更多得成功。
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Game Changer
Redefining the Limits of Heavy Marine Transport
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specifications Length o.a. (meter)
275.00
Length b.p. (meter)
270.00
Breadth moulded / max. (meter) Deck space [l x b]* (meter)
70.00 275.00 x 70.00
Depth (meter) Draft submerged at fpp / app (meter)
15.50 31.50 / 31.50
Maximum draft (meter)
10.99
Water-depth above main deck fpp / app (meter)
16.00
Deadweight (metric tons) (expected) Speed (knots) (expected) Type of vessel
117,000 14.5 type-0
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The Challenge
The Game Changer
The current global fleet of semi-submersible heavylift vessels (HLV) and barges are not designed to handle the increased degree of complexity involved in loading, transporting and discharging the heavier and larger offshore structures.
The Dockwise Vanguard is an innovative semi-submersible heavylift vessel that is redefining the limits of exceptional heavy marine transport. The vessel has been designed to enable operators and contractors consider opportunities for mega offshore units which were until now considered unthinkable.
Today, loading and discharge operations are conducted in sheltered locations and executed in very mild environments. As cargo and vessel sizes increase, a reduced number of inshore facilities can receive these larger cargoes and vessels. Thus, demand for loading and discharge at offshore locations is increasing. Next to this, offshore field developments are requiring larger units, such as SPARs, TLPs and SEMIs that are often transported separately. Other units such as FPSOs can only be transported up to a certain size and are usually wet towed to their destination. Furthermore, a significant proportion of FPSOs currently in the field require some sort of service. These units are located in remote locations and often lack support infrastructure.
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Companies in the oil and gas industry can now specify much larger and heavier offshore structures, and these can be integrated at a single fabrication site. These mega structures can then be transported onboard the vessel to remote offshore locations, even in harsh climates where no commissioning facilities are available. This feature can help reduce costs and optimize the overall project. In essence, the new vessel will play an important role in the field development philosophy of oil and gas majors, since it will be capable of transporting fully integrated mega offshore units. The vessel’s design is also expected to help operators and developers create value. With its
“ The game changing Dockwise Vanguard opens opportunities for mega offshore units, which were until now considered unthinkable,” states André Goedée, CEO Dockwise.“The vessel is designed to transport the larger top-end structures now being used for deepwater development.”
capabilities, timely and risky phases of offshore projects can be managed prior to hookup and commissioning. Interface optimization, higher degree of risk mitigation, lower insurance premiums, improved schedule flexibility, and reduced time-to-production – as well as reduced offshore man-hours – are a few examples of opportunities. In addition, the vessel’s advanced technical capabilities enable it to offer a completely new service: offshore dry-docking. Increasingly, FPSOs are being located in remote areas that lack support infrastructure. In this
circumstance, an offshore dry-docking service can be specially valuable. The Dockwise Vanguard’s FPSO dry-docking capacity offers inspection, maintenance, and repair opportunities (amongst others) at different conditional modes. The FPSO could remain connected to its mooring and turret system while keeping the riser systems intact, with the possibility of continuing limited production. In this scenario, the FPSO will still be able to freely weathervane around the turret mooring, with controlled heading made possible by the vessel’s propulsion system.
Go to dockwiser.com to watch the timelapse of the construction process. DOCKWISER
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Safety circle of influence At Dockwise, we continue find new ways to enhance safety behavior throughout the organization. Since our public listing, we have made significant strides to enhance safety behavior through various communications vehicles. We have been successful to effect change by modeling behavior and integrating safety at the core of our business. We understand the importance of safety and do not compromise on safety. In fact, we take great lengths to ensure safety is top of mind all the time. Our commitment to Safety Excellence is an evergreen process. We continuously look for new initiatives that improve our safety performance. Most recently, we invited all management to participate in a specially designed safety leadership program to further align the Dockwise safety vision across departments and regions. This program urged management to take responsibility for safety. The principle of this safety program rolled out to employees, urging them to take responsibility for their own actions, that of their colleagues and to ensure a safe working environment for all. By owning the responsibility for safety, employees are empowered to extend their Safety Circle of Influence.
We are particularly proud of adopting a new measure that further soils our safety roots. The Safety Starts with You campaign is an another initiative designed to encourage all employees, anywhere between management and the ultimate fiber (hands on deck), to increase their safety awareness (see page 45). We advocate ‘safety is a 24 hour responsibility’. We believe safety should not be just associated with work. Rather, safety should be top of mind: at home, while exercising, when traveling. As we approach this high level of safety consciousness, We are fully convinced we are taking steps in the right direction. We continuously look for new ways to not only communicate, but to also connect employees. We recently adopted an enterprise social network with which employees now interact and engage each other around safety topics, lessons learned and other initiatives. With this social media platform, we are moving away from one-way communication to two-way dialog around safety. By enhancing our own circle of influence, we extend our safety responsibility throughout the organization in an interconnected way.
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safety
Be Smart, Work Safe At Dockwise, our goal is clear and our message is strong: a zero accident policy, both on board vessels and in offices. Safety starts with you.
Safety is a priority within Dockwise and a pillar of our corporate fabric. At Dockwise, we believe that all injuries can be prevented. The world is our workplace, and we maintain a high level of focus, awareness, and commitment to the prevention and awareness of safety throughout our organization. Therefore we created the Be Smart, Work Safe program, a multi-phase approach to safety awareness – both onshore and offshore – that is culturally inclusive and applicable and relevant throughout our organization. The goal of Be Smart, Work Safe is to further safety awareness and injury prevention. Ultimately we aspire to change behavior by effective initiatives and campaigns that are progressive and measurable.
Learn more at www.safetyatdockwise.com
Be Smart, Work Safe Program Pillars • Lead Safety - Dockwise leaders from executive management and supervisory staff directly operating on projects and vessels. • Experience Safety - Dockwise worldwide staff displaying proactive behavior in and beyond their day-to-day activities • Sail Safety - Masters, officers and crew onboard Dockwise vessels working towards enhanced safety performance
Our Golden Rules 1. We know how to react in an emergency situation 2. We use electrical appliances responsibly 3. We always use the handrail 4. We point out unsafe situations and behavior to each other 5. We treat our visitors with care while keeping our premises secure
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MASTHEAD The Dockwiser is a publication of the Dockwise Group. For more information, please contact communication@dockwise.com, www.dockwise.com, +31 (0)76-5484100 project management: DaniĂŤlle Biermans editing: Jonathan Martinez Art Direction/Realization: The Key Agency Contributors: Dockwise China, Vivian Cai, Ministry of Defence
Number 11 First Quarter 2013
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