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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Sinopec: To Buy US$3 Billion Worth of Oil, Gas Assets Via Joint Venture With Parent

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/24/2013 | 01:23pm CET
   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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CHINA PETROLEUM & CHEMICAL
02/15 CHINA PETROLEUM & CHEMICAL : to invest $3.6 B in Iran’s petchem plant
02/07 CHINA PETROLEUM & CHEMICAL : Iran starts upgrading Abadan refinery
02/02 CHINA PETROLEUM & CHEMICAL : Iran Expanding Refinery Contracts With Southeast As..
02/01 CHINA PETROLEUM & CHEMICAL : Iran signs $5B refinery deal, eyes $3.6B contract w..
01/25 CHINA PETROLEUM & CHEMICAL : and Chemical Corporation - Voluntary Announcement i..
01/25 CHINA PETROLEUM & CHEMICAL : Xinjiang to attract social capital for oil, gas exp..
01/25 CHINA PETROLEUM & CHEMICAL : Ex-Sinopec official admits taking bribes
01/25 Ex-Sinopec GM jailed for corruption
01/25 Ex-Sinopec GM jailed for corruption
01/24 CHINA PETROLEUM & CHEMICAL : Ex-Sinopec official admits taking bribes
More news
Sector news : Oil & Gas Refining and Marketing - NEC
02:03pDJPHILLIPS 66 : Reports FCCU Maintenance at Borger Refinery
03:26a YPF, Shell sign deal for Vaca Muerta pilot project
01:15aDJBorder-Adjustment Tax Divides Energy Sector -- Update
02/23 Top policymakers reassure Europe on Azeri gas deadline
02/23DJDow Extends Recent Streak of Gains
More sector news : Oil & Gas Refining and Marketing - NEC
News from SeekingAlpha
01/06 The Rex Tillerson Portfolio
01/03 Petrobras, Repsol Sinopec return non-viable Brazilian oil concession
2016 Petrobras starts oil and gas production in Lapa field
2016 Trump's Expected Energy Policy Will Extend My 'Lower-For-Much-Longer' Outlook
2016 BLOOMBERG : Sinopec considers retail unit IPO to raise up to $10B
Advertisement
Financials ( CNY)
Sales 2016 2 012 908 M
EBIT 2016 66 294 M
Net income 2016 40 103 M
Debt 2016 169 283 M
Yield 2016 2,64%
P/E ratio 2016 17,58
P/E ratio 2017 14,56
EV / Sales 2016 0,43x
EV / Sales 2017 0,39x
Capitalization 701 820 M
More Financials
Chart CHINA PETROLEUM & CHEMICAL
Duration : Period :
China Petroleum & Chemical Technical Analysis Chart | 600028 | CNE0000018G1 | 4-Traders
Full-screen chart
Technical analysis trends CHINA PETROLEUM &...
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,55  CNY
Spread / Average Target 11%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Hou Liang Dai Vice Chairman & President
Yun Liu Chairman-Supervisory Board
Yu Pu Wang Chairman
Dehua Wang Chief Financial Officer
Zhi Gang Wang Executive Director & Senior Vice President
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEM..10.35%102 174
EXXON MOBIL CORPORATIO..-10.34%339 117
ROYAL DUTCH SHELL A-5.06%217 440
BP PLC-12.15%109 190
SAUDI BASIC INDUSTRIES..--.--%77 806
RELIANCE INDUSTRIES LI..11.95%57 558
More Results