Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

News SummaryMost relevantAll newsSector news 

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
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
12/02 CHINA PETROLEUM & CHEMICAL : SK Global Chemical Scraps Joint Butanediol Venture ..
12/02 'Dramatic changes ahead for SOEs'
11/30 CHINA PETROLEUM & CHEMICAL : Shanghai Petroleum and Natural Gas Exchange officia..
11/24DJChina's Anbang Insurance Plans First International Bond Issue
11/23 Senate Summons Kachikwu Over U.S.$115 Billion Deal With China, India
11/23 Sinopec drills deep into Africa
11/23 Energy deal offers huge potential
11/23 Senate Summons Kachikwu over $115bn deal with China, India
11/21 CHINA PETROLEUM & CHEMICAL : Aramco’s Yasref refining suspended for mainte..
11/17 CHINA PETROLEUM & CHEMICAL : Sinopec accounts for 65% of domestic catalyst marke..
More news
Sector news : Oil & Gas Refining and Marketing - NEC
04:21p Why the shift to electric cars may surprise oil groups
12:32p Factbox - Why the shift to electric cars may surprise oil groups
12/05DJBHP Billiton, Cnooc, Total, Others Take Blocks in Mexico Offshore Auction--2n..
12/05DJBHP Billiton Wins Trion Oil Field Bid
12/05DJAustralia's BHP Billiton Wins Bidding for Stake in Mexico's Trion Oil Field -..
More sector news : Oil & Gas Refining and Marketing - NEC
News from SeekingAlpha
11/23 Energy Sector Dividend Dogs Dig Up Safe Bargains In November
11/23 Bargain Energy Sector Dogs? Aren't They All?
11/01 Asian Dividend Plays For Growth And Income
10/27 China Petroleum & Chemical reports Q3 results
10/10 ConocoPhillips' Australia Pacific LNG second unit starts production
Financials ( CNY)
Sales 2016 1 985 046 M
EBIT 2016 60 562 M
Net income 2016 35 631 M
Debt 2016 166 575 M
Yield 2016 2,52%
P/E ratio 2016 17,73
P/E ratio 2017 14,08
EV / Sales 2016 0,40x
EV / Sales 2017 0,37x
Capitalization 637 011 M
More Financials
Duration : Period :
China Petroleum & Chemical Technical Analysis Chart | 600028 | CNE0000018G1 | 4-Traders
Full-screen chart
Technical analysis trends CHINA PETROLEUM &...
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 5,85  CNY
Spread / Average Target 9,0%
Consensus details
EPS Revisions
More Estimates Revisions
Hou Liang Dai Vice Chairman & President
Yun Liu Chairman-Supervisory Board
Yu Pu Wang Chairman
Dehua Wang Chief Financial Officer
Zhi Gang Wang Executive Director & Senior Vice President
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ROYAL DUTCH SHELL A15.45%216 362
BP PLC31.82%111 899
SUNCOR ENERGY INC.21.65%53 992
More Results