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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Petroleum & Chemical Corp    600028   CNE0000018G1

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4.96 CNY   +0.20%
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China Petroleum & Chemical Corp : China's biofuel test flight successful

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04/25/2013 | 08:20am CEST


Beijing, April 24 - Sinopec, China's top oil refiner, Wednesday announced the success of the first test flight powered by the company's newly developed aviation biofuel product.

An Airbus A320 owned by China Eastern Airlines landed at Shanghai Hongqiao International Airport at 7.08 a.m. Wednesday after completing an 85-minute flight using Sinopec's
aviation biofuel, reported Xinhua citing the company.

The biofuel made of palm oil and recycled cooking oil was produced by Sinopec Zhenhai Refining and Chemical Company.

The biofuel produced enough power during the test flight and "was no different from traditional fuels", according to Sinopec, citing statements from the pilot.

China is now the fourth country in the world to have developed
aviation biofuel, following the US, France and Finland, the company said.


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Financials ( CNY)
Sales 2016 2 045 057 M
EBIT 2016 55 514 M
Net income 2016 29 522 M
Debt 2016 141 239 M
Yield 2016 2,79%
P/E ratio 2016 18,83
P/E ratio 2017 13,20
EV / Sales 2016 0,36x
EV / Sales 2017 0,32x
Capitalization 595 303 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 5,97  CNY
Spread / Average Target 21%
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Managers
NameTitle
Chun Guang Li President & Executive Director
Bin Xu Chairman-Supervisory Board
Yu Pu Wang Chairman
Ke Hua Zhang Vice President & Director General-Engineering
Tian Pu Wang Non-Executive Director
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