CHU.F - China Petroleum & Chemical Corporation

Frankfurt - Frankfurt Delayed Price. Currency in EUR
0.3880
-0.0159 (-3.94%)
As of 8:27AM CEST. Market open.
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close0.4039
Open0.3880
Bid0.3880 x 640000
Ask0.4030 x 1760000
Day's Range0.3880 - 0.3880
52 Week Range0.3650 - 0.6050
Volume2,000
Avg. Volume14,541
Market Cap57.188B
Beta (5Y Monthly)1.14
PE Ratio (TTM)4.26
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.04 (9.88%)
Ex-Dividend DateJun 01, 2020
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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    • Saudi Aramco's Dividend Math Doesn't Add Up
      Bloomberg

      Saudi Aramco's Dividend Math Doesn't Add Up

      (Bloomberg Opinion) -- It’s the mother of all payouts.The $75 billion that Saudi Aramco doles out in dividends every year dwarfs what any other listed company gives to shareholders. It’s roughly equivalent to the payouts from Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., BP Plc, Total SA, PetroChina Co., Eni SpA, Petroleo Brasiliero SA and China Petroleum & Chemical Corp. or Sinopec — put together.That makes Chief Executive Officer Amin Nasser’s promise to continue that level of returns for the next five years an extraordinary vote of confidence in an oil market awash with uncertainties. Saudi Aramco will be prepared to borrow money to ensure that it meets its commitment this year despite oil prices heading into negative territory, he said this month.Running up debts to keep the dividend on track is standard practice for energy companies amid the carnage of 2020’s oil market — except for those, like Shell, which plan to cut payouts altogether. You only want to fund dividends out of borrowings, though, if you’re certain it’ll be a strictly temporary measure. The risk for Aramco is that upholding such a long-term promise to shareholders will bend its entire business out of shape, just when it needs to be especially nimble as crude demand slows and goes into reverse. The core of Aramco’s profitability is its astonishingly low production costs, with operating expenses amounting to not much more than $8 a barrel of oil and equivalent products last year. It’s remarkable how quickly the spending adds up, though. Royalties paid to the Saudi state alone added another $10 a barrel or so, while corporate income tax came to around $19 a barrel and dividends swallowed a further $15. Once all those tolls were paid, Aramco didn’t have a lot of spare change left out of $60-a-barrel oil, let alone the stuff in the $40-a-barrel range it’s selling at the moment.A firm dividend policy is an unusually inflexible cost. Unlike the royalties and income taxes levied as a percentage of Aramco’s revenues and profits, payouts don’t automatically shrink if the price of crude declines. If anything, the burden per barrel rises further when prices and output fall. Perhaps in recognition of this, the Saudi state has from the start agreed to forgo its portion of any payouts to the extent that receiving them would get in the way of Umm-and-Abu investors getting their share(1). That may help maintain a theoretical $75 billion-a-year payout but it makes a nonsense of the idea that all shareholders are equal, not to mention the principle that a dividend policy is some sort of a commitment to future earnings. It’s not clear, either, why a company with this get-out clause would want to take on debt to meet its promised payments, although Aramco’s borrowing costs are essentially identical to those of the Saudi state.Dividends aren’t the end of Aramco’s committed spending. Its purchase of a majority stake in chemicals company Saudi Basic Industries Corp., or Sabic, was completed this month, committing it to about $69 billion of payments over the next six years — even after a restructured plan pushed the bulk of the cash outflow toward the middle of the decade.Then there’s a potential $15 billion investment in Reliance Industries Ltd.’s Jamnagar refinery in India, $20 billion on a separate planned chemicals venture with Sabic, plus Sabic’s own $5 billion a year or so of capital spending which will now sit on Aramco’s balance sheet.Add it all up and the picture is troubling. It’s likely to be several years before operating cash flows rise above $100 billion a year again, even with Sabic’s business consolidated. If Aramco wants to spend three-quarters of that sum on its dividend while laying out $10 billion to $15 billion annually for Sabic’s finance and investment costs, then capex on its core operations will have to fall to a third or less of the $35 billion-odd that the company was spending until recently. For all that executives are confident of their ability to increase production at very low costs, that sort of belt-tightening would make the easiest route to higher profits — lifting crude output from its pre-Covid 10 million daily barrels to around 13 million — extraordinarily difficult to achieve.That path is likely to be constrained, anyway, by several years of weak demand growth as the world recovers from Covid-19. Not to mention the fact that Aramco’s importance to the oil market rests on the proposition that increases in its output, coordinated via OPEC+, should make prices move in the opposite direction, resulting in little by way of net revenue gains for the company.Unlike most of its competitors, Saudi Aramco doesn’t really need to be so focused on dividends. All but 1.5% of its shares are held by the same state that’s hoovering up royalty and tax payments further up the income statement. Riyadh shouldn’t really care how it’s getting paid, as long as it’s getting paid.That dividend policy looks more like a swaggering attempt to hold back the tide of an oil market on the edge of terminal decline. The quicker Aramco acknowledges that, the better equipped it will be to handle the coming turmoil.(1) Americans would call them "Mom-and-Pop shareholders."This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Oilprice.com

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      The oil price crash has weighed on the entire sector, but China’s national oil companies are seeing short-term suffering that could lead to long-term gains

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    • What Does China Petroleum & Chemical Corporation's (HKG:386) P/E Ratio Tell You?
      Simply Wall St.

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    • Reuters

      Australia's Origin Energy posts 18% fall in quarterly APLNG revenue

      Electricity and gas retailer Origin Energy Ltd said on Thursday revenue from its stake in the Australia Pacific LNG (APLNG) joint venture fell 17.7% in the third quarter, hurt by lower contracted LNG sales. Origin, which controls a third of Australia's energy retailing market, said its share of APLNG revenue came in at A$628.5 million for the quarter ended March 31, down from A$763.9 million a year earlier. The figure was slightly below a RBC Capital Markets estimate of A$692 million.

    • Reuters

      U.S. LNG cargoes heading to China after Beijing awards tax waivers

      Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers, according to shipping and trade sources. This is the first time since March 2019 that shipments have resumed after a long-standing trade war that saw China raise tariffs on LNG imports from the United States to 25% last year.

    • The U.S. Is Short on Workers Who Can Sew
      Bloomberg

      The U.S. Is Short on Workers Who Can Sew

      (Bloomberg Opinion) -- Venerable apparel retailer Brooks Brothers says it is “in the process of converting its New York, North Carolina and Massachusetts factories from manufacturing ties, shirts and suits to now making masks and gowns.” Michigan-based workwear maker Carhartt is shifting over to mask and gown production, too. In Houston, Gourmet Table Skirts & Linens, which normally sells to hotels and cruise ships, has gone all-in on surgical masks.These are encouraging signs for a country that remains way short on the personal protective equipment needed by health-care workers treating patients with Covid-19 — and eventually by the rest of us to help keep the disease from continuing its spread. But you’re not going to see a lot more announcements like these by U.S. apparel manufacturers, because there aren’t a lot more U.S. apparel manufacturers. Employment in the industry was actually up slightly in March — unlike employment in just about every other industry — but it has fallen 89% since 1990. In textile manufacturing, it’s down 79%.Manufacturing employment overall is down over that stretch too, of course, but by a much smaller 28%. And real value added by manufacturing (its contribution to gross domestic product, basically) is up 52% since 1997, when that data series begins, so part of the story is that productivity gains have allowed U.S. manufacturers to make more with fewer workers. For apparel, though, real value added is down 65% since 1997 and for textiles it’s down 39%, and while the latter has seen production rebound a bit over the course of the current expansion, apparel has not.Apparel making for the U.S. market basically moved overseas, with a quick look through my closet revealing “made in” labels from China, Honduras, Indonesia, Madagascar, Malaysia and Mauritius. It had not been what you’d call a high-value industry, and the pay for workers certainly wasn’t great. U.S. consumers seem to have gained from the shift, with clothing and footwear’s share of consumer spending falling from 5.2% in 1990 to 2.7% last year. Still, it left a lot of jobs to replace and has left the country short-handed at a time when the ability to sew things is suddenly and unexpectedly of great value.To be sure, most of the protective respirators and the surgical masks in use today are not the product of traditional textile manufacturing or cut-and-sew production. They are generally made of spun or blown plastics — Chinese oil and petrochemicals company Sinopec has a peppy video about the factory it built over 12 days in February and early March that can produce 1.2 million N95 respirators or 6 million surgical masks a day. The U.S. still has a huge petrochemicals industry, and the biggest company in it, Exxon Mobil, announced Thursday that it is working with the Global Center for Medical Innovation in Atlanta “to rapidly redesign and manufacture reusable personal protection equipment for health care workers.” That’s good news. But in the meantime, it’s nice that Brooks Brothers, Carhartt and Gourmet Table Skirts & Linens are still around to fill in some of the gaps.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Even China’s Big Oil Is Cutting Back
      Bloomberg

      Even China’s Big Oil Is Cutting Back

      (Bloomberg Opinion) -- Under the watchful eye of Beijing’s energy hawks, China’s oil and gas majors have splurged for more than a decade, first on deals abroad and then drilling at home. Yet with crude prices at less than half where they were at the start of the year and demand battered by a coronavirus epidemic, they’re preparing to cut back.Cnooc Ltd. signaled Wednesday it might reduce its 2020 capital expenditure budget, which was set at as much as $13 billion, the highest since 2014. PetroChina Ltd., the country’s largest oil producer with a market value of $117 billion, suggested Thursday that it would do the same. Given the delicate politics involved, it’s a welcome hint of rational frugality.Energy security has always been a top concern for China’s leadership. Overseas deals peaked at $28 billion in 2012, the year Cnooc bid for Canada’s Nexen. Local production growth has been less exuberant, and China has been importing ever more. As trade tensions with Washington rose in 2018, President Xi Jinping urged the country’s state-owned titans to drill. That set off a frenzy from deepwater fields in the South China Sea to shale gas in Sichuan, where China Petroleum & Chemical Corp., known as Sinopec, has led. Performing national service is fine when oil is at $60 a barrel, even if the improvements are unimpressive compared to the capital spent. It’s a different matter when West Texas Intermediate is just coming off an 18-year low of less than $20. That’s a price at which no one can make money — not even Cnooc, with an all-in production cost of less than $30 per barrel of oil equivalent. Cnooc’s adventures in U.S. onshore and Canadian oil sands look terrible; its buccaneering domestic ventures are little better.Overseas, oil majors from Chevron Corp. to Saudi Aramco are cutting spending to preserve capital. Dividends are precarious. Logic dictates that China’s producers, even with healthier balance sheets, will follow the same pattern. The question is whether they can put financial logic ahead of political necessity. So far, the message is cautious: Cnooc executives pointed out that 2020 spending targets were drawn up when oil was at $65, so adjustments would be made. It gave no specifics. PetroChina, meanwhile, didn’t disclose precise targets for the year. That’s no accident, given a volatile market. After a string of personnel changes, there are new bosses across the industry. Political priorities haven’t been set in stone, given the delay in the annual National People’s Congress meeting. Still, the official message has been clear: Life is returning to normal after a devastating shutdown. Announcing a drastic spending cut, or anything that might hint at job losses or a weak economy, simply isn’t on the cards. PetroChina employed 476,000 at the end of 2018.That doesn’t mean that there won’t be mild cuts followed by steeper ones later in the year, a pattern seen before.How steep? Unlike during the last price crunch, in 2014 and 2015, the forward curve suggests prices will remain low, with little prospect for a quick solution to the Russia-Saudi spat that has worsened a global supply glut. Demand, meanwhile, is in the doldrums. China’s economy, and therefore its own appetite for oil and gas, is recovering only slowly, and the rest of the world is ailing as more lockdowns, factory closures and travel restrictions are imposed to limit the spread of the coronavirus. Analysts at UBS Group AG forecast Cnooc’s capex could come down 25% over the next two years, a cut that could be far deeper if oil averages closer to $30 this year. Overall, they project Chinese state-owned oil producers could cut spending by over a third, dragging production down 8% to 9%. Exploration budgets may be trimmed, though domestic production — where job preservation remains key — will mostly be spared. That leaves refining and other downstream activities, plus projects abroad, to bear the brunt. Low energy prices aren’t all bad for China, which imports more than 70% of the crude it consumes. Even liberalization of the domestic gas market becomes easier when prices are low enough for consumers to cope with change, Michal Meidan of the Oxford Institute for Energy Studies points out. Cheaper oil could eventually stimulate demand. For now, a little less drilling all round. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Bloomberg

      U.S. Factories Helped Win World War II. They Can Do It Again.

      (Bloomberg Opinion) -- When you’re in a critical fight, you need to use all the weapons at your disposal. And so, it’s time once again for America to marshal its great arsenal of democracy. Just as Detroit automakers became aircraft, tank and gun manufacturers during World War II, today’s industrial companies need to repurpose their factories for the tools needed to fight the current enemy: the coronavirus.Countries across the globe sealed their borders over the weekend and relegated citizens to the confines of their homes in an effort to slow the spread of the deadly virus before it overwhelms the Western World’s health-care systems. The president of Massachusetts General Hospital called on Sunday for the federal government to go into a “war-like stance” and launch a “Manhattan Project” to accelerate production of protective gear. No such plan has been announced by the Trump administration, but U.S. industrial companies should heed the call anyway. Because as far as wars go, this is one for which the country is woefully unprepared.The U.S. has fewer than 170,000 ventilators available for patient care, including estimates for those in the national stockpile, according to a report last month from the Center for Health Security at Johns Hopkins Bloomberg School of Public Health. (The school is supported by Michael Bloomberg, founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.) The number of face masks in that strategic reserve was depleted in the swine-flu outbreak of 2009 and as of early March it held only about 12 million N95 respirators and 30 million surgical masks, significantly fewer than the 3.5 billion masks experts estimate the U.S. would need in a severe pandemic, according to the Washington Post. It falls to private manufacturers to step in and fill the void.With airlines parking jets, consumers locked in their homes and companies focusing on managing the disruption, demand for jet engines, HVAC systems and factory equipment is going to shrivel up for the near future. Rather than sit idle, American factories should be redeployed for the products needed to fight the coronavirus, whether that’s face masks, ventilators, other health-care equipment or even toilet paper for that matter. The Trump administration has already leaned heavily on companies such as Laboratory Corp. of America Holdings, Roche Holding AG and Walmart Inc. to improve the availability and access to testing. But White House virus response coordinator Dr. Deborah Birx warned on Sunday that there will be a spike in cases as more people get access to tests. That’s when the real work is going to begin for the nation’s hospitals. It’s in every U.S. company’s interest to make sure they’re as prepared as possible, and manufacturers have a key role to play. Companies such as 3M Co. and Honeywell International Inc. already make masks and personal-protective gear, but they will need help to meet the huge demand.After China declared a “people’s war” on the outbreak in that country, companies including electric automaker BYD Co., petroleum refiner Sinopec and iPhone assembler Foxconn started making masks instead. French luxury-goods maker LVMH announced Sunday it’s converting perfume and cosmetics factories to make hand sanitizer, which it will deliver free of charge to the local authorities and hospital system. In the U.K., Prime Minister Boris Johnson is calling on manufacturers including Dyson, Unipart Group, Honda and Ford to help with that country’s ventilator shortage, according to the Financial Times. American companies need to follow this lead. Apart from the moral and patriotic implications, it’s just good business sense. The faster the world responds to this health crisis, the faster it can get back on its feet.To contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • 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

      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.

    • Sarah Ketterer Drills Deeper Into Oil Company Ovintiv
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    • 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.

    • 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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    • Exclusive: Sinopec to review potential $16 billion U.S. gas deal with Cheniere - sources
      Reuters

      Exclusive: Sinopec to review potential $16 billion U.S. gas deal with Cheniere - sources

      China's Sinopec, expected to be the next major Chinese buyer of U.S. liquefied natural gas (LNG), is planning to review terms of a potential $16 billion supply deal with Cheniere Energy Inc after a sharp drop in LNG prices, industry officials said. Sinopec, officially named China Petroleum & Chemical Corp, and Houston-based Cheniere had been expected to sign the 20-year deal once a trade truce was reached between Beijing and Washington.

    • Benzinga

      10 Stocks Sensitive To Major Developments In US-China Trade Talks

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    • Hedge Funds Love These 3 Peers Way More Than China Petroleum & Chemical Corp (SNP)
      Insider Monkey

      Hedge Funds Love These 3 Peers Way More Than China Petroleum & Chemical Corp (SNP)

      Based on the fact that hedge funds have collectively under-performed the market for several years, it would be easy to assume that their stock picks simply aren't very good. However, our research shows this not to be the case. In fact, when it comes to their very top picks collectively, they show a strong ability […]

    • 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 <600028.SS> 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.

    • Reuters

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

      China's state-owned entities are in talks about investing $5 billion to $10 billion in Saudi oil giant Aramco's planned initial public offering, Bloomberg reported on Wednesday, citing people familiar with the matter. 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.

    • 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 <600028.SS><0386.HK> 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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