Sinosky Energy loses MOP29.8 mln in 2014

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Sinosky Energy (Holdings), the company that has the exclusive contract to supply Macau with natural gas, registered losses of MOP29.8 million last year. According to the results for the annual year of 2014 published in the Macau Official Gazette, since 2006 the company has accumulated losses of MOP177.1 million. The losses were justified with a sale price of natural gas in Macau below the price paid to import it. This notwithstanding, last year the revenue from the sale of natural gas reached MOP158.6 million. Sinosky Energy is a joint venture between Macau Natural Gas Co. Ltd and China Petroleum & Chemical Corp. (Sinopec) and its relationship with the government has been one of ups and downs. Recently, there was talk about the rescission of the exclusive contract with the government but the scenario was denied by the Secretary for Transport and Public Works. However, Raimundo Rosário admitted that there were problems that needed to be resolved.