Fortune Oil, the Hong Kong-based London-listed oil trading, infrastructure and distribution firm, has been affected by the recent flood of cheap oil products into the mainland but expects to see overall growth in the full year. Chief executive Barry Cheung Chun-yuen said crude oil imports and the demand for its single-point mooring facility near Maoming, Guangdong, had slowed in the first quarter. 'In the medium and long term, I don't see a significant slowdown in growth in energy consumption,' he said. 'Crude imports dropped a bit - between 10 and 15 per cent. The year as a whole should show growth.' Crude oil imports account for less than half the profit contribution from the firm's oil-trading operations, which in turn represent about 70 per cent of its total profit. The single-point mooring facility showed a 5 to 10 per cent decline in volume in the first quarter as refineries, affected by cheap oil products legally and illegally brought into the country, cut production. The facility, the main income earner in the oil infrastructure division, would account for less than 50 per cent of this division's profit contribution this year, as the West Zhuhai oil storage terminal and aviation fuel supply venture started to contribute over the next two months, the company said. Mr Cheung expected the shortfall to be made up in later months with its overall profitability better than last year. During the same period, the Fu Duo liquefied petroleum gas venture for the mainland-focused firm posted a 30 per cent jump in volume attributable to increased consumption and marketing efforts. Mr Cheung said he was confident this venture would return to profitability this year. He said the company would continue to expand each of its businesses with a special focus on higher-margin oil infrastructure and distribution operations. Mr Cheung expected that in about two years, oil infrastructure and oil trading would become equally important profit-earners providing for 80 per cent of the total with oil distribution accounting for the balance. The company was looking at three big projects in the oil infrastructure sector, of which one was expected to be finalised in a month. It would look for more than a 20 per cent stake in and more than a 20 per cent internal rate of return from each of these projects. Mr Cheung said there was no pressure to make cash calls.