0386.HK - China Petroleum & Chemical Corporation

HKSE - HKSE Delayed Price. Currency in HKD
4.030
-0.070 (-1.71%)
As of 11:15AM HKT. Market open.
Stock chart is not supported by your current browser
Previous Close4.100
Open4.030
Bid4.020 x 0
Ask4.030 x 0
Day's Range4.020 - 4.070
52 Week Range4.000 - 6.930
Volume57,839,742
Avg. Volume85,115,927
Market Cap587.296B
Beta (5Y Monthly)1.70
PE Ratio (TTM)6.95
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.44 (10.66%)
Ex-Dividend DateSep 06, 2019
1y Target EstN/A
  • Reuters

    RPT-China's Unipec snaps up over 6 mln bbls of gasoil in Feb - data

    China's Unipec, an arm of Asia's top refiner Sinopec snapped up the lion's share of gasoil cargoes traded in Singapore this month, despite weaker domestic demand amid a coronavirus epidemic, according to trade data and industry sources. Unipec has bought about 6.4 million barrels of gasoil with a sulphur content of 10 parts per million (ppm) during the Platts Market on Close (MoC) process in Singapore this month, or 77.5% of the total volume of 8.3 million barrels traded in February, the data showed. Unipec bought the majority of these cargoes from PetroChina and Trafigura, starting at cash premiums of as high as $1 a barrel to Singapore quotes near the beginning of this month, down to the most recent purchase at a 20-cent premium on Tuesday.

  • Reuters

    PetroChina resumes Guangdong refinery construction after extended holiday

    * Asia'a largest oil and gas firm PetroChina resumed construction of its oil refinery and petrochemical project in southern Chinese province of Guangdong, as the number of new coronavirus cases fell for a second straight day. * In an attempt to curb the spread of the virus, China had extended Lunar New Year holidays and asked companies to put workers returning from their hometown into a 14-day quarantine. * The project is scheduled to be fully completed by June 2022, with the launch of an oil refining section by end-2021 and chemical section in March 2022.

  • Oilprice.com

    Oil Suppliers Slash Prices To Save Asian Market Share

    As Asian refineries are reducing their crude intake, oil suppliers such as Angola, Brazil and Russia are slashing the prices of their most popular blends

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  • China LNG Force Majeure Rejected as Virus Chaos Sparks Dispute
    Bloomberg

    China LNG Force Majeure Rejected as Virus Chaos Sparks Dispute

    (Bloomberg) -- Two of Europe’s biggest energy companies rejected a Chinese force majeure on liquefied natural gas contracts in the latest twist to a drama that’s gripping global commodities markets.Royal Dutch Shell Plc and Total SA didn’t accept the legal grounds for the move by China National Offshore Oil Corp. that would have freed it from its contractual obligations to take delivery of the shipments, according to people with knowledge of the matter.While CNOOC is still likely to cancel delivery of the prompt cargoes, suppliers will probably seek compensation from the Chinese firm, said the people, who asked not to be identified because the matter is private.CNOOC made the dramatic move as it struggled to take delivery of LNG because of constraints caused by the virus, which include a lockdown of more than 50 million people in more than a dozen cities. It was one of the first known cases of the legal clause being invoked in commodity contracts due to the epidemic, which has plunged raw materials markets into chaos.Other Chinese firms, including PetroChina Co. and Sinopec Group, are mulling invoking force majeures on contracts, but haven’t officially declared yet. PetroChina was forced to delay discharge timings for multiple cargoes because it can’t get enough workers to its Rudong, Dalian and Caofeidian LNG terminals to run them at full capacity.At least five LNG vessels headed to China have been diverted or are idling offshore as the coronavirus constrains the country’s ability to take deliveries and cuts demand, according to ship-tracking data compiled by Bloomberg and data intelligence firm Kpler.When God Appears in Contracts, That’s ‘Force Majeure’: QuickTakeChina is the world’s biggest consumer of most raw materials, from energy products to industrial metals, and the disruptions in its purchases are creating havoc across global supply chains. While other financial sectors have bounced back after initial fears over the impact of the virus, the fallout in commodity trade is only worsening as Beijing restricts travel and keeps factories shut in an effort to halt the virus’s spread.To contact the reporter on this story: Stephen Stapczynski in Singapore at sstapczynsk1@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Aaron Clark, Alexander KwiatkowskiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • China Reneges on Commodity Deals, Worsens Global Trade Chaos
    Bloomberg

    China Reneges on Commodity Deals, Worsens Global Trade Chaos

    (Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world threatened by trade wars. Sign up here. Global commodity trade plunged deeper into chaos as Chinese companies started walking away from purchase contracts because of the spread of the deadly coronavirus.A Chinese buyer of liquefied natural gas and a copper importer declared what’s known as force majeure -- meaning they are reneging on deals as the virus constrains their ability to take deliveries. The cancellations are among the first known cases of the legal clause being invoked in commodity contracts due to the epidemic.“Everything that we were afraid of, from trade wars or global growth, doesn’t compare,” said Jan Stuart, global energy economist at Cornerstone Macro. “This virus is an entirely different risk, especially in commodities where China’s role dominates.”China is the world’s biggest consumer of most raw materials, from energy products to industrial metals, and disruptions in its purchases create havoc across global supply chains. Now, while global markets bounce back from initial fears over the impact of the virus, the fallout in commodity trade is only worsening as Beijing keeps swathes of the country under lockdown and restricts travel.When God Appears in Contracts, That’s ‘Force Majeure’: QuickTakeIn a dramatic and rare step, China National Offshore Oil Corp., the nation’s biggest LNG buyer, invoked force majeure and told some suppliers it won’t take delivery of cargoes because of constraints caused by the coronavirus. French oil and gas giant Total SA rejected the declaration.Hours later, it emerged that Chinese copper smelter Guangxi Nanguo had also declared the same get-out clause, refusing to take delivery of raw materials.Meanwhile, copper buyers are requesting Chilean miners postpone shipments because of port shutdowns while China’s biggest oil refiner, Sinopec Group, is likely to ask Saudi Arabia to reduce crude supplies next month. Soybeans from Brazil and the U.S. are being held up on arrival in eastern China and Indonesian palm oil shipments are also being delayed.“We are truly concerned about the loss of buying power that has spread across every division of commodities,” said Pete Thomas, a senior vice president at Chicago-based broker Zaner Group. “The impact has been much larger than everyone even realizes it would be.”For LNG, CNOOC’s force majeure hurts a market already buffeted by rising U.S. supplies and weak demand after a mild winter in Europe and Asia. Even before Chinese buyers walked away from supply contracts, spot prices fell to a record low, crippling the profitability of energy giants such as Royal Dutch Shell Plc and Exxon Mobil Corp.CNOOC sent the force majeure notice to suppliers including Shell and Total, according to people familiar with the matter, who asked not to be identified because the matter is confidential. Shell declined to comment.Total confirmed it received one force majeure notification, which it rejected after legal analysis, Philippe Sauquet, the company’s president for gas, renewables and power, said in a company presentation.“Of course we have to be careful, if there is a real quarantine in all unloading ports in China, we have a real case for force majeure,” he said. “But for the time being, this is not the case. For me it is ordinary negotiation.”Also read: Virus Could Dent China’s LNG Demand Growth by 38%, IHS SaysAmid low prices and demand, there is “a strong temptation from some long-term customers to try to play with force majeure and say I cannot take my cargo under long-term contract,” he said.At least four LNG vessels headed to China have been diverted or are idling offshore as the coronavirus constrains the country’s ability to take deliveries and cuts demand, according to ship-tracking data compiled by Bloomberg and data intelligence firm Kpler.Japan Korea Marker, the spot Asian LNG benchmark, fell to a record low $3 per million British thermal units on Thursday, according to S&P Global Platts.China said last week that it would offer support to companies seeking to declare force majeure on international contracts. The clause allows a company to opt out of contractual obligations because of events beyond its control.(Updates with diverted and idling vessels in 14th paragraph.)\--With assistance from James Thornhill, Feifei Shen, Javier Blas, Serene Cheong, Alfred Cang, Dan Murtaugh, Anna Shiryaevskaya, Francois de Beaupuy and Yvonne Yue Li.To contact the reporters on this story: Stephen Stapczynski in Singapore at sstapczynsk1@bloomberg.net;Mark Burton in London at mburton51@bloomberg.net;Jackie Davalos in New York at jdavalos10@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Pratish Narayanan, Joe RichterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Oil Rises on Hopes Russia Will Agree to OPEC+ Production Cut
    Bloomberg

    Oil Rises on Hopes Russia Will Agree to OPEC+ Production Cut

    (Bloomberg) -- Oil advanced for a second day on hopes that OPEC and its allies would further curb oil production as the deadly coronavirus outbreak hits global energy demand.Futures climbed 0.4% in New York on Thursday after a panel of technical experts from the Organization of Petroleum Exporting Countries recommended cutting output by an additional 600,000 barrels a day. But Russia remained noncommittal, asking for more time to decide.“There’s a little bit of hope OPEC will support the market,” said Michael Loewen, director of commodity strategy at Scotiabank. “Even before the virus, OPEC’s prior production cuts still left markets oversupplied and Russia has been reluctant to stick to these, so that also casts doubt on what they’re willing to do here.”Prices have lost 17% this year as the spread of the coronavirus has disrupted travel and fuel consumption, wiping out about 20% of oil consumption in China, the world’s second largest economy and key engine of crude demand. The outbreak has prompted the state oil company of Saudi Arabia, the world’s largest oil exporter, to make deep cuts to the price of crude it sells to Asia.West Texas Intermediate crude advanced 20 cents to settle at $50.95 a barrel on the New York Mercantile Exchange after earlier gaining as much as 2.9%.Brent traded 35 cents lower to close at $54.93 on the London-based ICE Futures Europe exchange, putting its premium over WTI at $3.79.See also: Commodity Shippers Face ‘Crisis in Demand’ on Virus Outbreak: QuickTakeAlso weighing on OPEC’s decision is the blockade of Libya’s ports which has hampered oil exports. The United Nations will hold a conference in Cairo on Sunday to discuss Libya’s oil production as the country’s warring sides are working to turn a provisional cease-fire into a formal agreement.“OPEC’s ability to cut production is fairly constrained as it is,” says Ryan Fitzmaurice, commodities strategist at Rabobank. “The coronavirus is still front and center but they’re also balancing the supply side risks in Libya.”Libya’s oil output has since plunged to its lowest levels since the NATO-backed uprising against Qaddafi. The warring factions attended an international meeting in Berlin last month amid a tentative cease-fire.See also: How Libya has contributed to falling OPEC output\--With assistance from James Thornhill and Alex Longley.To contact the reporter on this story: Jackie Davalos in New York at jdavalos10@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Catherine Traywick, Pratish NarayananFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    REFILE-U.S. crude flows to Europe set to rise as virus hits Asia demand

    NEW YORK/MOSCOW, Feb 6 (Reuters) - U.S. crude flows to Europe are set to increase over the coming month as demand from Asia has plummeted due to the coronavirus outbreak, traders and shipbrokers said. Petrochina, Trafigura, Vitol, Lukoil and Exxon Mobil Corp are among those looking to ship cargoes from the U.S. Gulf Coast to Europe, one source said. "The U.S. has to divert barrels away from China and are now dumping everything to Europe," one trader said.

  • Virus Jolts China Economy, Forcing Rethink on Almost Everything
    Bloomberg

    Virus Jolts China Economy, Forcing Rethink on Almost Everything

    (Bloomberg) -- Sign up for Next China, a weekly email on where the nation stands now and where it's going next.China is preparing steps to adjust to a slower rate of economic growth as the coronavirus outbreak shows few signs of abating.Officials are evaluating whether to soften the economic-growth target for 2020, while state-owned liquefied natural gas importers are considering declaring themselves unable to fulfill some obligations on cargo deliveries -- known as force majeure -- according to people familiar with the matter. And authorities in Beijing are hoping the U.S. will agree to some flexibility on pledges in their phase-one trade deal, people close to the situation said.Two-thirds of the Chinese economy will remain closed this week as several provinces took the extraordinary step of extending the Lunar New Year holiday to help curb the spread of the disease that’s claimed 425 lives, with 20,438 confirmed cases, mostly in Hubei.Below is a wrap of the considerations:Potential GDP ReductionThe annual growth target is typically unveiled in March at the country’s legislative session after being endorsed by top leaders at the yearly closed-door Central Economic Work Conference in December. Economists had expected China would aim for output growth of “around 6%” this year after seeking a range of 6% to 6.5% in 2019. Bloomberg Economics reckons growth could dip to 4.5% in the current quarter.Officials are also considering further measures to shore up the economy, including selling more special government bonds, said the people, who asked not to be identified discussing the private talks. They also could increase the planned cap on the ratio of the budget deficit to gross domestic product, they said.This year’s legislative gathering, which is scheduled to begin March 5, could be delayed as the epidemic disrupts work across the country.China’s State Council Information Office didn’t immediately respond to a request for comment. Any changes to the growth target would have to be approved by top leaders of the Communist Party.Party MeetingChinese President Xi Jinping called on all officials to quickly work together to contain the virus at a rare meeting of top leaders, saying the outcome would directly impact social stability in the country.The effort to contain the virus directly affects people’s health, China’s economic and social stability, and the country’s process of opening up, he told a meeting of the Communist Party’s powerful Politburo Standing Committee on Monday. Leaders also urged officials “to achieve the targets of economic and social development this year” and “promote stable consumer spending.”It was the second meeting of China’s senior-most leaders to handle the crisis in recent days, a rare occurrence over the past few decades.LNG DeliberationsOil consumption in China, the world’s the top crude importer and second-biggest LNG buyer, is already estimated to have dropped by 20%, which is expected to cause fuel makers to cut back production and seek to delay some oil shipments. A decline in gas demand is similarly forcing buyers to consider postponing deliveries to cope with high inventories.LNG importers including China National Offshore Oil Corp. are still assessing the impact on consumption and haven’t decided yet whether to make the declarations, said the people, who asked not to be identified as the information isn’t public. Firms declare force majeure when they’re unable to meet contractual obligations for reason beyond their control.CNOOC and PetroChina Co. have begun drafting the necessary documents to issue the declarations, in case they decide to move ahead, said the people. Sinopec Corp. is also considering force majeure.PetroChina and Sinopec declined to comment. Nobody answered multiple calls to CNOOC.U.S. TradeThe U.S. and China on Jan. 15 sealed the first phase of a trade agreement that’s supposed to take effect in mid-February. It has a clause that states the nations will consult “in the event that a natural disaster or other unforeseeable event” delays either from complying with the accord. It’s unclear whether China has formally requested such a consultation yet, but the people familiar with the matter said the plan is to ask for it at some point.A spokesman for U.S. Trade Representative Robert Lighthizer said Washington hadn’t received any request from China to discuss changes in Beijing’s purchase commitments. The Chinese Commerce Ministry didn’t immediately respond to a request for comment.In the first year of the deal, China committed to buy an extra $76.7 billion of American goods beyond what it did in 2017, and an additional $123.3 billion in the second year. Purchases of agricultural products are particularly important for the livelihoods of American farmers who’ve been hurt in an escalating tariff war with China over the past two years and are a key base of support for President Donald Trump.Read the latest on impact of the coronavirus from Bloomberg EconomicsEven before the outbreak, China’s economy was already slowing amid weak domestic demand, a crackdown on debt and the trade war with the Trump administration. GDP expanded 6.1% last year, the least in almost three decades, and just within the range targeted by President Xi Jinping’s administration.In a containment scenario -- with a severe but short-lived impact -- the virus could take China’s first-quarter gross domestic product growth down to 4.5% year on year, according to Bloomberg Economics. That’s a drop from 6% in the final period of 2019 and the lowest since quarterly data that begins in 1992.Most of China’s provinces said before the virus became widespread they’re expecting slower economic growth in 2020, with at least 22 out of 31 major cities, provinces and autonomous regions cutting their targets as of Jan. 21, according to their work reports which lay out plans for this year.China’s central bank took its first concrete steps to cushion the economy and plunging markets from the blow of the virus, providing short-term funding to banks and cutting the interest rate it charges for the money.The People’s Bank of China added a net 150 billion yuan ($21.4 billion) of funds on Monday using 7-day and 14-day reverse repurchase agreements. The rate for both was cut by 10 basis points, driving down the cost of the money to “ensure ample liquidity during the special period of virus control,” it said in a statement. PBOC adviser Ma Jun indicated he expects further rate cuts later in the month.The cash injection was part of a raft of supportive measures announced over the weekend to soften a market sell-off and help firms affected by the disease outbreak and extended holiday.(Updates number of cases in third paragraph, party meeting from eighth.)\--With assistance from Stephen Stapczynski, Alfred Cang, Niu Shuping, Steven Yang, Jenny Leonard and Shawn Donnan.To contact Bloomberg News staff for this story: Steven Yang in Beijing at kyang74@bloomberg.net;Zheng Li in Shanghai at zli698@bloomberg.netTo contact the editors responsible for this story: John Liu at jliu42@bloomberg.net, ;Brendan Murray at brmurray@bloomberg.net, Malcolm ScottFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • China Oil Demand Has Plunged 20% Because of the Virus Lockdown
    Bloomberg

    China Oil Demand Has Plunged 20% Because of the Virus Lockdown

    (Bloomberg) -- Chinese oil demand has dropped by about 3 million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy, according to people with inside knowledge of the country’s energy industry.The drop is probably the largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009, and the most sudden since the Sept. 11 attacks. It could force the hand of OPEC and its allies, which are considering an emergency meeting to cut production and staunch the decline in prices.“It is truly a black swan event for the oil market,” said John Kilduff, a partner at Again Capital LLC in New York. “There was some hope for the demand outlook this year before the outbreak, but that has been knocked off its block. OPEC+ has to react. If there are no further production cuts, there will only be more price losses.”Crude futures fell to one-year lows on Monday as traders reacted to the magnitude of the health crisis in China. Brent, the global oil benchmark, dropped 1.3% to $55.91 a barrel as of 1:53 p.m. in London. West Texas Intermediate declined as much as 2.2%, and traded 0.5% lower at $51.33.China is the world’s largest oil importer, after surpassing the U.S. in 2016, so any change in consumption has an outsize impact on the global energy market. The country consumes about 14 million barrels a day -- equivalent to the combined needs of France, Germany, Italy, Spain, the U.K., Japan and South Korea.Chinese and Western oil executives, speaking on condition of anonymity because they aren’t authorized to discuss the matter publicly, said the decline was measured against normal levels for this time of year. It’s a measure of the current drop in demand, rather than the average loss since the crisis started, which would be smaller.Beijing has locked millions of people in quarantine and the New Year holiday has been extended. Flights have been canceled and authorities across the globe are trying to contain the virus’s spread. Traditionally during the New Year holiday, gasoline and jet-fuel demand increase as hundred of millions go back home, while gasoil consumption drops as industrial activity slows.The collapse in Chinese oil consumption is starting to reverberate across the global energy market, with sales of some crudes slowing to a crawl and benchmark prices in free-fall. Sales of Latin American oil cargoes to China came to a halt last week, while sales of West African crude, a traditional source for Chinese refineries, are also slower than usual, traders said.Chinese refineries are storing unsold petroleum products such as gasoline and jet fuel, according to the executives. But stockpiles are growing every day, and some refineries may soon reach their storage limits. If that were to happen, they would have to cut the amount of crude they process. One executive said that refinery runs were likely to be cut soon by 15-20%.There are signs that’s already happening. Sinopec Group, the nation’s biggest refiner, is in the process of reducing runs at its plants by an average of about 13-15% and will review whether further cuts are needed Feb. 9, according to one of the people. The company declined to comment on its operations.As many as 18 independent oil refineries may be cutting rates or shutting completely as storage fills up, according to traders familiar with operations at the plants known as teapots. China has as many as 40 of these independent refineries, which are located primarily in the eastern region of Shandong and account for about a quarter of the nation’s processing capacity.Beyond the headline price for Brent, every other indicator in the physical and derivatives market also points to a weakening market. So-called time-spreads, which measure the price difference between contracts for delivery at different times, have collapsed -- an indication that short-term demand is expected to remain weak.See also: Commodity Prices Collapse in China as Demand Fears Spook MarketIn China, stocks plummeted by the most since an equity bubble burst in 2015 as they resumed trading to the worsening virus outbreak. The CSI 300 Index slumped as much as 9.1% as onshore financial markets opened for the first time since Jan. 23, while the yuan tumbled and crude futures in Shanghai also sank by more than 7%.OPEC and its allies, which include Russia, are weighing their options to respond to the crisis and there have been discussions about calling an emergency meeting. Saudi Arabia is pressing for a gathering sooner than the one scheduled for March 5-6, though it has run into resistance from Russia. The Saudi and Russian oil ministers spoke on the phone for an hour on Thursday and another 30 minutes on Friday, according to Russians officials.For now, OPEC has called a technical meeting this week to assess the situation, and the Joint Technical Committee will report back to ministers.According to consultants at Energy Aspects Ltd., OPEC is considering an informal proposal to deepen current production curbs by about 500,000 barrels a day. But there’s no consensus on the idea, which was floated by at least one country. As OPEC and its partners are already in the midst of steep cuts, many analysts are skeptical on how much more they’re willing to do.The most recent agreed reductions only came together after considerable diplomatic wrangling, and Saudi Arabia has already slashed production to the lowest since 2014. Russia, which has become the most important producer in the coalition alongside the kingdom, has typically taken some persuading to sign up to additional cuts. Still, if the alliance does agree to call an early meeting, historic precedent suggests it will probably result in action.“Nothing concentrates a producer’s mind more than the prospect of a crude oil price bust,” said Bob McNally, president of Rapidan Energy Group, and a former White House oil official under President George W. Bush.\--With assistance from Grant Smith, Olga Tanas, Lucia Kassai, Bill Lehane and Saket Sundria.To contact the reporters on this story: Alfred Cang in Singapore at acang@bloomberg.net;Javier Blas in London at jblas3@bloomberg.net;Sharon Cho in Singapore at ccho28@bloomberg.netTo contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net, Rakteem Katakey, Alaric NightingaleFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • China's Sinopec, teapot oil refiners slash Feb output as virus hits demand - sources
    Reuters

    China's Sinopec, teapot oil refiners slash Feb output as virus hits demand - sources

    SINGAPORE/BEIJING (Reuters) - China's Sinopec Corp, Asia's largest refiner, is cutting throughput this month by around 12% in a steepest cut in over a decade, as the rapidly spreading coronavirus hits fuel demand and distribution, four people with knowledge of the matter said on Monday. The state refiner is cutting throughput by around 600,000 barrels per day (bpd), equivalent to roughly 12% of its average daily throughput of 5 million bpd last year. Separately, key independent refineries in east China's Shandong province known sometimes as "teapots", which collectively make up a fifth of China's oil imports, have slashed operations by 30-50% to below half of their capacity, a level unseen since at least 2015.

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  • Should You Buy China Petroleum & Chemical Corporation (HKG:386) For Its Dividend?
    Simply Wall St.

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  • China considers up to $10 billion investment in Aramco IPO - Bloomberg
    Reuters

    China considers up to $10 billion investment in Aramco IPO - Bloomberg

    Beijing-based Silk Road Fund, state-owned oil producer Sinopec Corp and sovereign wealth fund China Investment Corp are among parties that have been in discussions to buy stock in the offering, according to the report. Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil. Aramco, Silk Road Fund, Sinopec, China Investment Corp did not immediately respond to requests for comment.

  • China considers up to $10 billion investment in Aramco IPO: Bloomberg
    Reuters

    China considers up to $10 billion investment in Aramco IPO: Bloomberg

    Beijing-based Silk Road Fund, state-owned oil producer Sinopec Corp and sovereign wealth fund China Investment Corp are among parties that have been in discussions to buy stock in the offering, according to the report. Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil. Aramco, Silk Road Fund, Sinopec, China Investment Corp did not immediately respond to requests for comment.

  • Sinopec's third-quarter profit drops a third on fuel glut, lower oil prices
    Reuters

    Sinopec's third-quarter profit drops a third on fuel glut, lower oil prices

    BEIJING/SINGAPORE (Reuters) - Sinopec Corp, Asia's top refiner, posted a 35% fall in third-quarter net profit versus a year earlier, according to Reuters calculations based on a company filing, dragged down by narrowing refining margins and weaker global oil prices. The decline follows the launch of two privately owned mega-refineries and the expansion of other major refining plants, which added to the fuel surplus in China's refined oil market, slashing profit margins for oil processors. Sinopec reported 11.94 billion yuan ($1.69 billion) net earnings for the July-September period, down just over a third from the same period last year.

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