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

CHINA PETROLEUM & CHEMICAL CORP (600028)
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Sinopec: To Buy US$3 Billion Worth of Oil, Gas Assets Via Joint Venture With Parent

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03/24/2013 | 01:23pm CEST
   By Yvonne Lee 
 

HONG KONG--China Petroleum & Chemical Corp. (SNP, 0386.HK, 600028.SH), or Sinopec Corp., said Sunday it agreed to buy US$3 billion worth of overseas oil and gas assets held by its state-owned parent, China Petrochemical Corp., or Sinopec Group, through an international joint venture between them.

Sinopec Corp., which is listed in Hong Kong and Shanghai, agreed to establish a joint venture company, namely Sinopec International Petroleum E&P Hongkong Overseas Ltd., with Sinopec Group. The new JV is planning to buy Sinopec Group's overseas upstream assets in major oil-and-gas producing countries including Kazakhstan, Colombia and Russia, the statement said.

The acquisitions are aimed at putting Sinopec on par with integrated global energy majors such as Exxon Mobil Corp. (>> Exxon Mobil Corporation), Chevron Corp. (>> Chevron Corporation) and Royal Dutch Shell PLC (RDSA, RDSB, RDSA.LN, RDSB.LN).

Spearheading the charge is Sinopec Chairman Fu Chengyu, who led a failed bid to buy U.S. oil company Unocal for $18.5 billion in 2005 while at the helm of Cnooc Ltd. (CEO, 0883.HK), China's largest offshore oil-and-gas producer by capacity.

Mr. Fu is on a mission to transform Sinopec into the group's primary international arm. He said last year that Sinopec, which has few overseas oil and gas assets, planned to acquire its parent's overseas upstream assets, partly to limit the damage that China's fuel-price controls have on the company's bottom line.

Under Mr. Fu's leadership, Cnooc developed the greatest international reach of China's top three state-owned oil firms, acquiring oil and gas assets from North America to Nigeria to Iraq. He left Cnooc for Sinopec in 2011.

Sinopec Group holds a 73.86% stake in Sinopec Corp. Since 2010, the group has invested $34 billion in oil and gas deals in the U.K, U.S., Canada, Brazil, Argentina and Australia, according to data provider Dealogic.

Write to Yvonne Lee at [email protected]

Stocks mentioned in the article : Exxon Mobil Corporation, Chevron Corporation
Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -3.49% 122.19 Delayed Quote.2.13%
CHINA PETROLEUM & CHEMICAL CORP -0.57% 6.96 End-of-day quote.13.54%
CNOOC LTD -3.53% 13.12 End-of-day quote.16.93%
EXXON MOBIL CORPORATION -1.94% 78.71 Delayed Quote.-4.03%
ROYAL DUTCH SHELL -1.50% 29.195 Delayed Quote.5.07%
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Financials ( CNY)
Sales 2018 2 557 B
EBIT 2018 112 B
Net income 2018 70 219 M
Debt 2018 24 642 M
Yield 2018 6,31%
P/E ratio 2018 11,53
P/E ratio 2019 11,30
EV / Sales 2018 0,33x
EV / Sales 2019 0,31x
Capitalization 817 B
Chart CHINA PETROLEUM & CHEMICAL
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China Petroleum & Chemical Technical Analysis Chart | 600028 | CNE0000018G1 | 4-Traders
Technical analysis trends CHINA PETROLEUM & CHEMICAL
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 8,04  CNY
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Hou Liang Dai Vice Chairman & President
Dong Zhao Chairman-Supervisory Board
De Hua Wang Chief Financial Officer
Fang Zheng Jiao Executive Director & Senior Vice President
Zhen Ying Jiang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEMICAL CORP13.54%127 823
EXXON MOBIL CORPORATION-4.03%333 245
BP6.20%148 143
RELIANCE INDUSTRIES0.76%86 140
SUNCOR ENERGY INC.13.98%63 902
PHILLIPS 6614.29%53 907