|Bid||61.59 x 800|
|Ask||61.63 x 1800|
|Day's Range||61.23 - 62.16|
|52 Week Range||57.21 - 102.48|
|Beta (3Y Monthly)||1.53|
|PE Ratio (TTM)||6.76|
|Forward Dividend & Yield||5.55 (8.83%)|
|1y Target Est||90.48|
Moody's Investors Service ("Moody's") announced today that the proposed changes by Trafigura Securitisation Finance PLC will not, in and of itself and at this time, cause the current Moody's ratings of the debt issued by the Issuer to be reduced or withdrawn.
The Zacks Analyst Blog Highlights: Celgene, Sinopec, HSBC, Vertex Pharmaceuticals and Prudential Financial
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SINGAPORE/NEW DELHI (Reuters) - Unipec is reselling some U.S. crude oil meant for China to buyers in India and South Korea after Beijing imposed a tariff on U.S. oil amid escalating trade tensions with Washington, three sources with knowledge of the matter said on Thursday. Unipec, trading arm of Asia's top refiner China Petroleum & Chemical Corp, or Sinopec, is China's main importer of U.S. crude, but its imports have been disrupted after Beijing imposed a 5% tariff on U.S. crude from Sept. 1.
(Bloomberg) -- China has chosen at least three banks to work on the formation of the planned national oil and gas pipeline company, according to people with knowledge of the matter.BOC International Holdings Ltd., China International Capital Corp. and CLSA Ltd. have been picked as the advisers, said the people, who asked not to be identified because the information is private. Their tasks include extracting pipeline assets from the parent companies of the state’s three listed oil and gas firms -- PetroChina Co., China Petroleum & Chemical Corp., known as Sinopec, and Cnooc Ltd. -- and setting up a new entity to hold the assets, the people said.The national pipeline company would be provisionally named China Pipelines Corp., people familiar with the matter have said. Under the plan, state-controlled and private funds will inject capital sufficient to lower the combined stake held by the three oil majors to about 50%. The company may then file for an initial public offering, while details of the share sale could still change, the people said at that time.China’s State-owned Assets Supervision & Administration Commission is expected to be the biggest shareholder in the new company, while the three oil giants will also have stakes, one of the people said.The creation of the company is part of President Xi Jinping’s drive to streamline industrial capacity, especially among state-owned enterprises. The country has been considering centralizing pipeline operations since at least 2014, aiming to spur wider natural gas distribution and upstream exploration.PetroChina owns 76% of the roughly 65,000 kilometers (40,000 miles) of midstream natural gas pipelines, while 10% is held by Sinopec and 6% by China National Offshore Oil, analysts at Credit Suisse Group AG said in a June report. The remaining are owned by provincial governments or independent operators, they said.Representatives for CLSA, the parent companies of Sinopec and PetroChina declined to comment, while Sasac and the parent of Cnooc didn’t immediately respond to requests for comment. Representatives for BOCI and CICC also didn’t immediately respond to requests for comment.(Updates response from PetroChina’s parent company and CLSA in the final paragraph.)\--With assistance from Carol Zhong and Feifei Shen.To contact Bloomberg News staff for this story: Vinicy Chan in New York at firstname.lastname@example.org;Crystal Tse in Hong Kong at email@example.com;Steven Yang in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, ;Shiyin Chen at firstname.lastname@example.org, Ramsey Al-RikabiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Oil prices rallied slightly at the start of the week on the back of what many consider false hope of a trade war de-escalation and a thawing of tensions between the U.S. and Iran.
BEIJING , Aug. 27, 2019 /PRNewswire/ -- China Petroleum & Chemical Corporation ("Sinopec" or the "Company")(HKEX: 386; SSE: 600028; NYSE: SNP) today announced its interim results for ...
China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including crude oil. The largest refiner in Asia is expected to receive four supertankers carrying 8 million barrels of U.S. crude at Tianjin in September and October, according to the sources, data from analytics companies Refinitiv and Kpler.
As U.S. sanctions continue to weigh on Iran’s oil sector, Tehran is courting two countries with a rocky relationship with Washington to secure new investments
SINGAPORE/TOKYO (Reuters) - A massive surge in China's manufacturing capacity for paraxylene, a petrochemical used to make textile fibres and bottles, could force leading exporters in Japan and South Korea to cut production as early as the second quarter of 2020. China will add about 10 million tones of paraxylene manufacturing capacity from March 2019 to March 2020, according to company reports and officials, that is enough for making 22 trillion 500-millilitre plastic bottles. The world's top consumer of paraxylene (PX), China imports 60% of its need for the chemical to feed polyester demand that has more than doubled since 2010.
(Bloomberg) -- The imminent overhaul of global ship-fuel regulations is finally delivering a long-awaited benefit to Asian oil refiners.Profits from turning crude into diesel in the second half of 2019 are forecast to be about 31% higher than the first six months, according to Goldman Sachs Group Inc. Margins have already expanded around 40% since late April as International Maritime Organization rules that prohibit ships from using dirty fuel from Jan. 1 are set to bolster diesel demand, while cutting fuel oil use.It’s taken a while though. In the first half of the year, margins were in freefall as a slew of refinery startups in Asia flooded the market and the trade war between Washington and Beijing weighed on demand. Refiners in China, South Korea and Taiwan were forced to reduce operating rates due to poor margins and a fuel glut. Output cuts from OPEC+ also squeezed the flow of heavier crude, raising the costs for many Asian buyers that rely on Middle Eastern oil.“Diesel will be a beneficiary of the transition,” Nikhil Bhandari, an analyst at Goldman, said by phone. “The impact of IMO 2020 to the spot refining margins we believe will start from the fourth quarter of this year.”See also: Fitch Solutions Sees Large Spike in Diesel Price Due to IMO 2020The new IMO rules have been in the pipeline since 2016, but have started to throw oil markets around the world into disarray as they draw near. Goldman described the transition as one of the largest one-time reductions in sulfur specification in the history of energy fuel markets. While shippers will still be able to use dirty fuel if they add special pollution kits, many are adopting a wait-and-see mode to installing the equipment.Diesel MarginsIn Singapore, diesel crack spreads are forecast to average $17.60 a barrel during the second half of the year, compared with $13.40 during the first six months, according to Goldman, provided the global economy doesn’t fall into recession and crimp demand. Diesel cracks are forecast to improve further to about $19 in 2020, according to Sanford C. Bernstein & Co. Profit margins from cracking Dubai oil into diesel was at $16.14 at 4:30 p.m. Singapore and has averaged $16.39 so far this month.Tighter gasoline supply will also support an overall improvement in Asian refining margins, Goldman said. Heavy residue like vacuum gasoil can be used more as IMO-compliant fuels, meaning less volumes will be cracked into gasoline, the bank said.China’s biggest refiner China Petroleum & Chemical Corp., or Sinopec, and India’s Reliance Industries Ltd., are among Asian processors that are poised to benefit from IMO 2020, according to Bernstein. Sinopec’s margins are likely to be boosted by about 40% next year from the second quarter.Improving margins are also starting to boost demand for low-sulfur crudes with a high diesel yield. A shipment of Russia’s Sokol was recently sold at about $5.80 a barrel premium to its benchmark price, the strongest since May, while an Australian Pyrenees grade was sold at a premium of about $14.50, compared with early-2017 when it traded as low as $1.60.“Gasoil has been strong in Asia and Chinese domestic margins are also picking up,” said Senthil Kumaran, Singapore-based senior oil analyst at industry consultant FGE. “Refining margins are robust, encouraging refiners to run at elevated levels in the coming quarters.”(Updates with diesel cracking margin price in sixth paragraph.)To contact the reporter on this story: Sharon Cho in Singapore at email@example.comTo contact the editors responsible for this story: Serene Cheong at firstname.lastname@example.org, Ben SharplesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service has assigned an A1 senior unsecured rating to the USD senior unsecured notes to be issued by Sinopec Group Overseas Development (2018) Limited and guaranteed by its parent, China Petrochemical Corporation (Sinopec Group, A1 stable). Proceeds from the notes will be used to refinance Sinopec Group's existing indebtedness and for general corporate purposes. The A1 rating on the notes reflects the irrevocable and unconditional guarantee from Sinopec Group.
While China's efforts to increase output may offset production decline from aging oilfields, it is not likely to reduce its dependence on foreign oil and gas imports.
SINGAPORE/BEIJING (Reuters) - China's fuel producers are making extended curbs to their output in the third quarter after supply from mammoth new refineries stoked an already-sizeable glut, potentially dragging on crude oil demand from the world's biggest importer of the commodity. Private refiner Hengli Petrochemical ramped up its 400,000-barrels per day (bpd) plant in northeast China to full capacity in May, while Zhejiang Petrochemical began trial runs around the same time at a similar-sized refinery on the east coast. The swollen surplus of fuel products could also send China's fuel exports surging to new highs and further pinch Asian refining profits.
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