|Bid||3.830 x 0|
|Ask||3.840 x 0|
|Day's Range||3.810 - 3.880|
|52 Week Range||3.750 - 6.520|
|Beta (3Y Monthly)||0.74|
|PE Ratio (TTM)||11.60|
|Forward Dividend & Yield||0.15 (3.86%)|
|1y Target Est||7.37|
(Bloomberg) -- China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation.China National Petroleum Corp. has canceled plans to load about 5 million barrels worth of Venezuelan oil onto ships this month in the aftermath of the latest executive order by President Donald Trump, according to people with knowledge of the situation who asked not to be identified discussing proprietary information.CNPC joins Turkey’s largest bank, Ziraat Bank, which severed its relationship with Venezuela’s Central Bank following sanctions. The moves represent a setback for Venezuelan President Nicolas Maduro, who has been counting on both China and Russia to keep the country going amid a humanitarian crisis, food shortages and hyperinflation.China became the top destination for Venezuelan crude after U.S. sanctions against state-owned Petroleos de Venezuela SA were announced at the end of January. Venezuela may run low on options without the help of CNPC to export oil, a main source of revenue that bankrolls the Maduro regime. The three August-loading cargoes canceled by CNPC’s subsidiary PetroChina Co. Ltd. haven’t so far attracted another buyer, according to reports seen by Bloomberg.PetroChina’s press office declined to comment on market speculation, citing company policy.On Aug. 5, Trump signed an executive order authorizing sanctions on anyone who provides support to Maduro. Opposition leader Juan Guaido, recognized by the Trump administration as the country’s leader, is backed by more than 50 countries.PetroChina’s pullback doesn’t mean China will completely turn away from Venezuelan oil. Other companies can continue to supply China’s independent refiners known as teapots with the South American nation’s crude, according to people familiar with the matter.China has been a staunch supporter of the Venezuelan government since its first oil-backed loan to late president Hugo Chavez. The Asian nation has loaned $50 billion in the past decade in exchange for oil. China, along with Russia, is one of 14 nations that support Maduro.This will be the first time in more than a decade that PetroChina forgoes Venezuelan crude, according to data compiled by Bloomberg. China has imported 339,000 barrels a day of Venezuelan oil this year. Most of the barrels come via PetroChina, but in the wake of U.S. sanctions, Russia’s Rosneft Oil Co PJSC has stepped up to supply Venezuelan oil to the country’s independent refiners.\--With assistance from Feifei Shen and Patricia Laya.To contact the reporters on this story: Lucia Kassai in Houston at email@example.com;Alfred Cang in Singapore at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Joe CarrollFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we are going to look at PetroChina Company Limited (HKG:857) to see whether it might be an attractive investment...
Singapore Jurong Port Tank Terminal's (JPTT) petroleum and petrochemical storage facility in Jurong Island has been fully leased, with China's PetroChina taking up all of its phase 1 capacity, JPTT said on Monday. JPTT's phase 1, which comprises 252,000 cubic metres of clean storage and petrochemicals capacity, started partial operations on April 1 this year. "The majority of the existing tanks are used for gasoline storage with the balance used for chemical components for the blending of gasoline," JPTT chief executive Ooi Boon Hoe said in a statement.
LONDON/SINGAPORE (Reuters) - Italian oil major Eni, China's overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars, two sources familiar with the matter said on Friday. The 240-cargo 10-year tender, which is likely to be worth from $5 billion to $6 billion according to Reuters calculations and the estimates of another source based on current market conditions, was issued last month and closed on Thursday. Pakistan is expected to be a significant growth driver in global LNG demand, with Wood Mackenzie estimating the country will need 25 million tonnes a year as domestic supplies dwindle and its economy grows.
Chinese oil refiners want changes to tax laws on the consumption and sale of fuel oil in order to start producing low-sulphur marine fuel when new global clean fuel rules start in 2020, four executives at Chinese oil companies said this week. China's central government must waive a 1,218 yuan ($177.11) per tonne consumption tax and offer rebates of the 13% value-added tax currently levied on fuel oil to allow the country's refiners to economically produce the very low-sulphur fuel oil (VLSFO) needed to meet the rules, officials at China Chemical and Petroleum Corp, PetroChina and China National Offshore Oil Co said.
In 2007, PetroChina, China's largest oil and gas producer, became the world's first company to trade at over $1 trillion while debuting on the Shanghai stock exchange. Far more hurtful is the fact that PetroChina's market worth is now less than the value of its proven oil and gas reserves in the ground – which is estimated to be worth $208.7 billion. American imports of manufactured goods from China and 13 other Asian countries rose 9 percent in 2018 to $816 billion, the largest annual increase in nearly a decade and outpacing a 6 percent increase in domestic manufacturing gross output.
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios...
Insider Monkey tracks hedge funds, billionaires, and prominent value investors for a very simple reason: their consensus picks generally outperform the market. We aren’t the only research shop broadcasting this fact using a bullhorn. Here is what strategist Ben Snider said in Goldman Sachs’ periodic hedge fund report: “Despite the strong track record of popular […]
China's five major natural gas companies include three state-owned energy giants, Sinopec Shanghai Petrochemical Co., Ltd. (NYSE: SHI), China National Petroleum Corporation and China National Offshore Oil Corporation.
Two bipartisan bills have been introduced over the last few months aimed at going after Chinese companies that don’t comply with auditing rules in the U.S.
The first company is Exxon Mobil Corp. (XOM), whose shares closed at $70.77 on Friday with a market capitalization of $299.58 billion. Warning! GuruFocus has detected 3 Warning Signs with XOM. On June 10, Exxon Mobil will pay a quarterly dividend of 87 cents per share, which reflects a 6.1% increase from the previous payment, to shareholders of record as of May 13.
Many investors, including Paul Tudor Jones or Stan Druckenmiller, have been saying before the Q4 market crash that the stock market is overvalued due to a low interest rate environment that leads to companies swapping their equity for debt and focusing mostly on short-term performance such as beating the quarterly earnings estimates. In the first […]
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SHANGHAI/SINGAPORE, May 23 (Reuters) - PetroChina is bucking normal practice and raising its wholesale natural gas prices during the weak-demand spring season, several sources said, preparing for the coming consolidation of China's pipeline assets and trying to recoup huge fuel import losses. The increases from PetroChina - which supplies more than 70 percent of China's gas - come as spring brings warmer temperatures, when demand and prices typically fall. PetroChina is also under pressure to recoup continuing losses from its gas import business due to high input costs versus government-capped domestic prices, sources with knowledge of the matter said.
SINGAPORE/YANGON (Reuters) - China National Petroleum Corp is planning to open dozens of petrol stations in Myanmar, the first major foreign investor to enter the fast-growing Southeast Asian fuel market, as the state giant expands its retail oil business, company officials said. The investment, which could eventually reach tens of millions of dollars, follows a new strategy to tap overseas retail margins as China's domestic fuel market is saturated. The move follows a similar but larger investment in Brazil, where CNPC's global trading and refining unit bought 30% of a leading Brazilian fuel dealer last year.
Iraq will soon finalize a large-scale, long-term deal for the development of oil fields in the South with Exxon and PetroChina. The 30-year contract will involve investments of US$53 billion and potential returns for Baghdad of as much as US$400 billion over its lifetime
Iraq oil minister Thamer Ghadhban said on Wednesday he expects his ministry to sign an initial deal with Exxon Mobil and PetroChina "very soon", but did not give a specific date. "We have managed to take a step forward in resolving some lingering issues in the deal," Ghadhban said at an oil ministry event. Once the talks end, the initial deal will be studied by the ministerial energy committee before referring it to cabinet for approval, Ghadhban added.
BAGHDAD (AP) — Iraq is planning a $53 billion megaproject with global energy giants ExxonMobil and PetroChina to use seawater from the Persian Gulf to boost oil production, Prime Minister Adel Abdul-Mahdi announced Tuesday.
Iraq is close to signing a $53 billion, 30-year energy agreement with Exxon Mobil and PetroChina, Prime Minister Adel Abdul Mahdi said on Tuesday, denying any link between the mega-project and U.S. permission for Iraq to do business with Iran. Iraq expects to make $400 billion over the 30 years the deal will be in effect, the prime minister said. The southern mega-project involves the development of the Nahr Bin Umar and Artawi oilfields and raising production from the two fields to 500,000 barrels per day (bpd) from around 125,000 bpd now, Abdul Mahdi said.