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CGTN: People’s well-being matters most: How Chinese modernization delivers people better life

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Chinese-Modernization

BEIJING, CHINA – Media OutReach Newswire – 31 December 2024 – CGTN publishes an article on a special interactive page named “Chinese Modernization, People’s Well-being Matters Most,” which details China’s modernization drive and high-quality development in various areas in 2024 through visual effects and in-depth stories. The article summarized Chinese President Xi Jinping’s domestic tour in 2024, and highlighted his care for improving people’s well-being in various areas and promoting high-quality development, stressing that “the people’s well-being matters the most in Chinese modernization.”
 
As 2025 draws near, China’s consumption has shown signs of revitalization as various regions and departments have enhanced the supply in the country’s consumption market.

Official data showed that the country’s popularity index for offline consumption increased by five percent year on year, and the popularity index of services showed a year-on-year jump of 10.6 percent.

The boom in consumption highlights the improvement of people’s livelihoods. “As far as Chinese modernization is concerned, the people’s well-being matters the most,” Chinese President Xi Jinping said while inspecting Chongqing Municipality in April.

During Xi’s domestic tours in 2024, “people” was one of the most frequently mentioned keywords, according to an analysis by CGTN, joined in the top 10 by others such as “development,” “modernization,” “economy,” and “ecology,” underscoring the direction and key elements of China’s path to modernization.

“Chinese Modernization, People’s Well-being Matters Most,” a special interactive page launched by CGTN, details China’s modernization drive and high-quality development in various areas in 2024 through visual effects and in-depth stories.

People’s well-being matters most

Xi has often stressed that every issue that affects the people, big or small, deserves the utmost care and attention.

During his inspection tours around China this year, he visited ordinary people to learn about their lives, from their incomes and housing to healthcare, education, and elderly care services.

“The Communist Party of China (CPC) is dedicated to serving the people, and the well-being of the people of all ethnic groups and every household is my concern,” Xi said while visiting a multi-ethnic residential community in Yinchuan, northwest China’s Ningxia Hui Autonomous Region in June.

According to China’s Ministry of Finance, 70 percent of the government’s expenditure in 2024 has gone toward ensuring the people’s well-being.

The country has raised its expenditure in the national general public budget to about 28.55 trillion yuan ($3.91 trillion) this year, up 4 percent from the previous year, with projected budgets for education, social insurance and employment each surpassing 4 trillion yuan in 2024.

A bumper harvest

Grain security and rural revitalization have also been high on Xi’s agenda in 2024.

He has frequently visited the countryside during his inspection tours, engaging with workers in fields, greenhouses and orchards and asking in-depth questions about various aspects of rural and agricultural life, from crop production to incomes.

When visiting a village in Hunan Province in March, Xi inspected preparations for spring farming. He emphasized that, with a population exceeding 1.4 billion, China must secure its own grain supply.

The latest National Bureau of Statistics of China data showed that in 2024 the country’s total grain output exceeded 706 million tonnes, an increase of 1.6 percent over the previous year, hitting a new record high.

This year’s bumper harvest was accompanied by a rise in grain planting areas in the country, which stood at over 119 million hectares, up 0.3 percent year on year. Additionally, grain output per unit area increased by 1.3 percent, the data showed.

In another positive development, China’s food security law, aimed at ensuring the supply of grain and related products, took effect in June.

Accelerating rural revitalization

Since China’s elimination of absolute poverty in 2021, the country’s focus on rural work has shifted to rural revitalization. Xi has stressed that to advance Chinese modernization, efforts must be made to accelerate rural revitalization.

China has identified 160 major counties for national rural revitalization assistance and allocated over 177 billion yuan in subsidies to support their development in 2024.

In the first three quarters of this year, the per capita disposable income of rural residents reached 16,740 yuan, a real-term annual increase of 6.3 percent.

Meanwhile, the central government allocated development funds of 7.4 billion yuan to improve production and living conditions in ethnic minority dominant villages and to protect and develop such villages.

The country has also launched monitoring and support mechanisms to prevent once-poor populations from falling back into poverty.

Work-relief programs to boost employment were also implemented this year. As of the end of October, the total scale of employment for poverty-stricken people in China had reached 33.079 million, exceeding the annual target by 2.888 million, providing strong support for consolidating and building on the achievements of poverty alleviation.

For more information, please click:

https://news.cgtn.com/event/2024/China2024/index.html

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Sierra Leone’s Energy Advancements Take Center Stage as Petroleum Directorate of Sierra Leone (PDSL) Joins African Energy Week (AEW) 2025 as Strategic Partner

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The Petroleum Directorate of Sierra Leone has joined African Energy Week: Invest in African Energies as a Strategic Partner, highlighting the country’s growing role in the global energy sector

CAPE TOWN, South Africa, February 6, 2025/APO Group/ –The Petroleum Directorate of Sierra Leone (PDSL), the government agency overseeing the country’s petroleum resources, has joined African Energy Week (AEW): Invest in African Energies 2025 as a Strategic Partner. With AEW: Invest in African Energies serving as the continent’s premier platform for investment and energy discussions, PDSL’s partnership underscores Sierra Leone’s commitment to fostering global partnerships and highlighting its vast potential in the oil and gas industry.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.

Sierra Leone’s significant offshore oil resources (https://apo-opa.co/42IV4Xq) position the country as an emerging frontier market. The government estimates the country’s recoverable oil resources at between 15 and 20 billion barrels of light, sweet crude, with an API ranging from 35 to 42. These factors, along with the country’s strategic location, increasing exploration activity and favorable investment climate, make Sierra Leone an attractive market for global investors.

The PDSL’s participation in AEW: Invest in African Energies 2025 is a game-changer for Sierra Leone’s role as a frontier oil market

While Sierra Leone remains a frontier exploration market, it has already made notable progress, with four significant discoveries by Anadarko and Lukoil. These include the Venus-B1, Mercury-1, and Jupiter-1 by Anadarko, and the Savannah-1X by Lukoil. Additionally, Sierra Leone offers extensive 2D and 3D multi-client seismic data, facilitating further exploration.

As part of its fifth licensing round (https://apo-opa.co/4hNQP18)– concluded in September 2023 – Sierra Leone awarded six offshore oil blocks to Nigerian exploration firm F.A. Oil, showcasing its commitment to unlocking its hydrocarbon potential while opening new investment opportunities for global investors. The licensing round featured over 63,000 km2 of highly prospective acreage comprising 56 blocks. F.A. Oil is currently seeking financial and technical partners and has undertaken a prospectivity study, revealing indications of up to 2 billion barrels of hydrocarbons in place.

Sierra Leone’s first national oil company (https://apo-opa.co/4gyoqea) (NOC) is also in the final stages of formation. The NOC will hold a 10% stake in all exploration licenses and will play a key role in advancing the country’s oil and gas industry. The government aims to achieve a 25-30% stake in projects, subject to negotiation, and has established competitive fiscal terms that include stabilization clauses to protect investors.

Looking ahead, 2025 promises to be a pivotal year for Sierra Leone’s oil and gas sector. The country is preparing for its first offshore drilling campaign and is planning to establish a refinery to reduce its reliance on imported refined products, which currently average 15,000 barrels per day. This refinery is part of a broader oil and gas masterplan aimed at adding value to the country’s resources and ensuring local benefits.

“The PDSL’s participation in AEW: Invest in African Energies 2025 is a game-changer for Sierra Leone’s role as a frontier oil market,” says Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. “This event offers Sierra Leone the opportunity to connect with key investors and partners. It’s about more than showcasing resources – it’s about building lasting, impactful partnerships that will shape the future of Sierra Leone’s energy landscape.”

Sierra Leone’s efforts to unlock its hydrocarbon resources will be a key highlight of PDSL’s participation at AEW: Invest in African Energies 2025. The event will provide the country with an important platform to present its promising offshore acreage and attract investment that will drive its transformation into a leading oil market.

Distributed by APO Group on behalf of African Energy Chamber.

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Oando’s Expansion in Africa’s Energy Sector to Take Center Stage at Invest in African Energy (IAE) 2025 in Paris

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Following its entry into Angola’s onshore hydrocarbon sector and landmark Nigerian acquisition, Oando’s rapid growth will be highlighted as CEO Adewale Tinubu speaks at the Invest in African Energy Forum in Paris this May

PARIS, France, February 6, 2025/APO Group/ –Wale Tinubu, Group Chief Executive Officer will speak at the Invest in African Energy 2025 Forum in Paris this May. As one of Africa’s largest indigenous energy companies, Oando is experiencing significant growth, driven by its landmark acquisition of Eni’s Nigerian subsidiary last year and its recent expansion into Angola.

In August 2024, Oando finalized the acquisition of a 100% shareholding in the Nigerian Agip Oil Company (NAOC) from Eni for $783 million. This strategic move increased Oando’s participating interests in OMLs 60, 61, 62 and 63 from 20% to 40%, effectively doubling the company’s total reserves to approximately one billion barrels of oil equivalent. With plans to scale production to 100,000 barrels per day by 2028, the acquisition solidifies Oando’s position as a key player in Nigeria’s upstream sector.

IAE 2025 (http://apo-opa.co/4aMELLc) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

Oando continues to strengthen its presence across Africa with a significant milestone in Angola. Through its upstream subsidiary, Oando Energy Resources (OER), the company has been awarded operatorship of Block KON 13 in the onshore Kwanza Basin. Following a competitive bidding process organized by Angola’s National Agency for Petroleum, Gas and Biofuels, OER now holds a 45% participating interest and will lead the block’s development in partnership with Effimax and Sonangol. Strategically located in the prolific Kwanza Basin, Block KON 13 offers substantial exploration potential in both pre-salt and post-salt plays, with estimated prospective resources ranging between 770 million and 1.1 billion barrels of oil. Two exploration wells previously drilled to a depth of 3,000 meters have indicated the presence of oil and gas across various intervals.

In addition to expanding its asset base, Oando is integrating artificial intelligence (AI) into its drilling operations to enhance efficiency and decision-making. By leveraging AI, the company aims to optimize resource utilization and improve performance in upcoming projects. This initiative reflects Oando’s commitment to adopting innovative technologies to maintain its leadership in the energy sector.

Distributed by APO Group on behalf of Energy Capital & Power.

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Oando to Distribute over 1Billion Additional Shares to Shareholders

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Oando

This positive news for Oando shareholders directly increases minority shareholders’ ownership stakes by one (1) new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo held by the shareholders without dilution

LAGOS, Nigeria, February 6, 2025/APO Group/ –Oando (www.OandoPLC.com) is rewarding its shareholders by giving them an incredible 1.28 billion additional shares in the form of stock dividend. This means shareholders will get more shares added to their investment portfolio at no extra cost. The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history.

This decision follows the approval of shareholders at the Company’s 45th Annual General Meeting (AGM) held on December 17, 2024, authorising “the Company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s) as may be determined by the Board of Directors, from time to time, on a pro-rata basis.”

Subsequently, the Board of Directors resolved to distribute the shares in two tranches in a meeting held on January 30, 2025. The total worth of shares valued at ₦97,562,157,676, based on Oando PLC’s closing share price of ₦76 as of January 30, 2025, will be distributed to its shareholders beginning with 641,856,301 ordinary shares at the close of business on February 14, 2025, and 641,856,300 ordinary shares at the close of business on June 30, 2025.

The Company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s)

Stock dividends are considered more superior to cash dividends as shareholders are being given the choice of either keeping their return on investment or turning it to cash whenever they want; with a cash dividend, that option is unavailable.  In this instance Oando shareholders are getting a return on investment of over 10%. The increase in shares also means an increase in potential future dividends, as the more shares a shareholder owns, the more dividends they can potentially receive.

Furthermore, instead of paying cash, which could weaken the company’s future financial position, Oando is preserving value and ensuring shareholders benefit from future growth through this scheme. By distributing shares, the company can maintain a strong financial position, which is crucial for future growth and investment opportunities.

This positive news for Oando shareholders directly increases minority shareholders’ ownership stakes by one (1) new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo held by the shareholders without dilution.

This news comes in the wake of Oando’s robust performance in 2024, bolstered by its $783Million acquisition of Nigerian Agip Oil Company (NAOC) in August 2024, which led to a bullish increase of over 500% in its share price. The acquisition also significantly impacted the company’s FY 2024 financial results, resulting in a 45% surge in revenue to N4.1Trillion. This strong financial performance should instil confidence in shareholders about the company’s prospects.

Building on the track record of 2024, Oando announced the award of Block KON 13 in Angola’s Onshore Kwanza Basin in January 2025. The future remains hopeful for shareholders, as the Group Chief Executive (GCE), Wale Tinubu CON, mentioned in a recent statement that the company will prioritise cost optimization, operational efficiency, streamlining processes, enhancing procurement, and leveraging technology to improve productivity across operations.

This is just the first step in Oando’s ongoing commitment to enhancing shareholder value. By distributing the shares in two phases, Oando ensures that its stock price remains strong and stable, avoiding any sudden market drops.

Distributed by APO Group on behalf of Oando PLC

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