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• Domestic demand for oil will rise only 1 per cent year on year in 2024 after growing 11 per cent in 2023, state-owned oil and gas producer says

• Oil consumption will continue to grow in other sectors such as petrochemicals, but will peak before 2030, executive says

Although oil consumption will continue to grow in other sectors such as petrochemicals, the oil industry has to seek new business models and breakthroughs amid the global clean-energy transition, an executive said on Thursday.

“We believe that China’s oil consumption will reach its peak before 2030 at 780 to 800 million tonnes per year,” said Wu Mouyuan, vice-president at CNPC Economics & Technology Research Institute (ETRI), a research arm of state energy giant China National Petroleum Corp (CNPC), the parent company of PetroChina.

“From 2031 to 2050, oil will no longer be consumed as a transportation fuel, but converted into a feedstock for chemical production,” he said in Hong Kong, where the company released a report on oil and gas industry development. China’s consumption of oil will continue to decline after 2031, to 200 to 250 million tonnes per year after 2050, as the country strides towards nationwide net-zero carbon emissions by 2060, he estimated. ⠀

Fossil fuels fell below 80 per cent of global energy consumption for the first time in 2023, data from the International Energy Agency showed. Meanwhile, investments in clean energy exceeded US$1.7 trillion last year, compared with around US$1.1 trillion in fossil-fuel energy.

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• Superintendent Harbour Chan found guilty of two counts of fraud in relation to two mortgage applications made involving luxury house and flat
• Co-defendant former chief inspector Wong Ho-ngai found guilty of defrauding bank but not credit firm

A Hong Kong court has found a senior police officer guilty of fraudulently obtaining mortgages in excess of HK$26 million (US$3.32 million) by concealing his affiliation with the force.

Superintendent Harbour Chan Hoi-kong, 50, appeared at the District Court on Friday to hear the verdict on two counts of fraud in relation to two mortgage applications made in 2019 involving a luxury house at Seaview Villas in Tai Po and a flat at Coastal Skyline in Tung Chung.

Deputy District Judge Edward Wong Ching-yu found Chan guilty on both counts as he had provided false documents to the Bank of East Asia and OCBC Wing Hang Credit.

Chan had claimed he worked in the private sector and made between HK$115,000 and HK$246,500 a month between July and December 2019. But Chan, who joined the force in 1995, was making about HK$150,000 per month during the time of the offence.

His co-defendant, businessman and former chief inspector Wong Ho-ngai, faced the same charges. But the judge only found him guilty of the charge relating to the bank and not the credit firm.

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• Huawei did not reveal details of the processors that power the Pura 70 series, but analysts believe the new line will use the company’s own Kirin chips
• Pura 70 Ultra, the high-end model with a price starting at 9,999 yuan, and Pura 70 Pro, priced from 6,499 yuan, have already sold out on Huawei’s online store

Huawei Technologies has announced its highly anticipated new smartphone series, the Pura 70, in the US-sanctioned firm’s biggest flagship handset launch since the Mate 60 Pro, which drew Washington’s scrutiny for its home-made advanced chip.

Huawei announced two models for sale on Thursday, the Pura 70 Ultra and Pura 70 Pro, while the Pura 70 Pro+ and Pura 70 will be available starting April 22.

Huawei did not reveal details of the processors that power the Pura 70 series, but analysts believe the new line will use the company’s own Kirin chips. The Pura series was renamed from the P series in a rebranding effort earlier this week. ⠀

The 7-nanometre Kirin 9000S was reportedly manufactured by Semiconductor Manufacturing International Corporation (SMIC) despite US export restrictions seeking to limit China’s advanced chip-making capabilities.

Huawei was added to a US trade blacklist in May 2019, forcing the former smartphone leader to skip some planned product launches, severely hobbling its once-lucrative handset business. However, Huawei announced last year that it would resume launches for its flagship smartphone brands, the Mate and P series.

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