Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

CHINA PETROLEUM & CHEMICAL CORP (600028)
Mes dernières consult.
Most popular
  Report  
End-of-day quote. End-of-day quote  - 07/17
6.2 CNY   -2.05%
07/16Renewed Support Called For China Stock Market
AQ
07/12Energy Shares Detract From Broader Gains In Asian Markets
DJ
07/09China Shares May See Continued Support
AQ
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Glencore pips Sinopec to buy Chevron's South African assets

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/06/2017 | 08:07pm CEST
The logo commodities trader Glencore is pictured in Baar

LONDON (Reuters) - Commodities trader and miner Glencore (>> Glencore) has swooped in to replace China's Sinopec as the buyer of Chevron's South African and Botswana assets after reaching a deal with local investors.

LONDON (Reuters) - Commodities trader and miner Glencore (>> Glencore) has swooped in to replace China's Sinopec as the buyer of Chevron's South African and Botswana assets after reaching a deal with local investors.

The assets include a 100,000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities. It also includes 220 convenience stores across South Africa and Botswana.

In its statement on Friday, Glencore said it had agreed to buy Chevron's (>> Chevron Corporation) 75 percent stake in its South African subsidiary and its Botswana interests for a combined $973 million. The remaining 25 percent stake will stay with a consortium of Black Economic Empowerment shareholders and an employee trust.

An industry source familiar with Glencore's mergers and acquisitions activities said the company was looking to bring in a partner.

A spokesman for Chevron said the company does not comment on commercial matters. Sinopec did not immediately respond to a request for comment.

Glencore stepped in after local shareholders exercised pre-emption rights following delays to the Sinopec deal.

In March, Chevron announced that it had agreed the sale of its assets to China's largest refiner Sinopec (>> China Petroleum & Chemical Corp), <0386.HK> for nearly $1 billion. As of May, the deal had been under review by South Africa's Economic Development ministry.

Glencore was among the bidders for the stake last year along with oil major Total (>> Total) and rival trading house Gunvor.

END OF ERA

The stake was of keen interest to many oil traders as the retail network is one of the biggest in South Africa and it provides access to strategic storage in Saldanha Bay on the southwestern coast.

Chevron along with other oil majors have announced a flurry of downstream sales in the last few years to trim costs after global oil prices slumped in 2014.

Chevron, which has had a presence in South Africa for more than a century, announced the sale in January 2016.

Nimbler oil trading firms have snapped up the unwanted oil refineries and retail stations particularly in industrialising nations such as South Africa where young populations and a fast-growing middle class are expected to boost fuel demand.

Glencore has shifted in the last year from shedding interests during the 2015-2016 commodities downturn to asset-buying since the rebound in prices.

The deal, which will include Glencore retaining Chevron's local management team and workforce, will be funded using existing cash resources and is expected to close in mid-2018.

"Glencore intends to manage its overall oil asset portfolio to ensure that, including this transaction, net additional capital investment is limited to less than $500 million over the next 12 months," it said.

If the deal closes, this would be Glencore's first refining asset. It began expanding into downstream oil in May after setting up a retail franchise in Mexico.

(Additional reporting by Noor Zainab Hussain in Bengaluru and Dmitry Zdhannikov in London; editing by Keith Weir and Elaine Hardcastle)

By Julia Payne and Zandi Shabalala

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.85% 122.98 Delayed Quote.-0.92%
GLENCORE 1.49% 313.6 Delayed Quote.-20.74%
TOTAL -0.08% 52.74 Real-time Quote.14.65%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CHINA PETROLEUM & CHEMICAL
07/16Renewed Support Called For China Stock Market
AQ
07/12Energy Shares Detract From Broader Gains In Asian Markets
DJ
07/11CHINA PETROLEUM & CHEMICAL : Dubai Signs Mou to Promote Trade with China
AQ
07/11CHINA PETROLEUM & CHEMICAL : DMCC Signs MOU With China Council For The Promotion..
AQ
07/11Tencent, Alibaba make Fortune's top 10 most profitable companies
AQ
07/11CHINA PETROLEUM & CHEMICAL : Dubai signs MoU to promote trade with China
AQ
07/11Tencent, Alibaba make Fortune's top 10 most profitable companies
AQ
07/10More Chinese presence in Dubai’s largest free trade zone
AQ
07/10More Chinese presence in Dubai’s largest free trade zone
AQ
07/09China Shares May See Continued Support
AQ
More news
News from SeekingAlpha
06/28SINOPEC : An Underfollowed And Undervalued Dividend Opportunity 
06/21Albemarle, Sinopec sign Heads of Agreement for catalytic hydrocracking 
06/1724 High Yield 'Safer' Dividend Energy Equities For June 
05/23Revaluation Of Alaskan Gas Assets 
05/23REUTERS : Sinopec to boost U.S. crude oil imports to all-time high 
Financials ( CNY)
Sales 2018 2 598 B
EBIT 2018 116 B
Net income 2018 73 081 M
Debt 2018 32 567 M
Yield 2018 7,41%
P/E ratio 2018 10,19
P/E ratio 2019 9,85
EV / Sales 2018 0,30x
EV / Sales 2019 0,29x
Capitalization 759 B
Chart CHINA PETROLEUM & CHEMICAL
Duration : Period :
China Petroleum & Chemical Technical Analysis Chart | 600028 | CNE0000018G1 | 4-Traders
Technical analysis trends CHINA PETROLEUM & CHEMICAL
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 8,20  CNY
Spread / Average Target 30%
EPS Revisions
Managers
NameTitle
Hou Liang Dai Chairman & President
Dong Zhao Chairman-Supervisory Board
De Hua Wang Chief Financial Officer
Zhen Ying Jiang Member-Supervisory Board
Ren Ming Yu Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEMICAL CORP3.26%113 632
EXXON MOBIL CORPORATION-0.39%352 721
BP6.66%150 964
RELIANCE INDUSTRIES17.23%101 835
SUNCOR ENERGY INC.17.38%68 546
PHILLIPS 6610.05%52 140