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

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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 2017 2 198 219 M
EBIT 2017 85 464 M
Net income 2017 53 014 M
Debt 2017 46 737 M
Yield 2017 4,40%
P/E ratio 2017 13,26
P/E ratio 2018 12,09
EV / Sales 2017 0,34x
EV / Sales 2018 0,31x
Capitalization 705 861 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,85  CNY
Spread / Average Target 15%
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Hou Liang Dai Vice Chairman & President
Yu Pu Wang Chairman
Dehua Wang Chief Financial Officer
Zhi Gang Wang Executive Director & Senior Vice President
Hai Chao Zhang Executive Director & Senior Vice President
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