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

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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 yvonne.lee@wsj.com

Stocks mentioned in the article : Exxon Mobil Corporation, Chevron Corporation
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Financials ( CNY)
Sales 2017 2 139 099 M
EBIT 2017 82 642 M
Net income 2017 50 948 M
Debt 2017 46 776 M
Yield 2017 3,89%
P/E ratio 2017 13,94
P/E ratio 2018 12,78
EV / Sales 2017 0,35x
EV / Sales 2018 0,31x
Capitalization 691 344 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 6,77  CNY
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
Hou Liang Dai Vice Chairman & President
Yu Pu Wang Chairman
Zhao Dong Chairman-Supervisory Board
Dehua Wang Chief Financial Officer
Zhi Gang Wang Executive Director & Senior Vice President
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