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

4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  CNOOC Ltd    0883   HK0883013259

CNOOC LTD (0883)
Mes dernières consult.
Most popular
News SummaryMost relevantAll newsSector newsTweets

CNOOC : China's state oil refiners seek higher Q4 fuel export quotas as margins surge - sources

share with twitter share with LinkedIn share with facebook
share via e-mail
08/31/2017 | 01:29pm CET
Site of an oil field is seen at sunset in Karamay

BEIJING/SINGAPORE (Reuters) - China's state-owned oil refiners are seeking extra oil-product export quotas for the fourth quarter to reap higher overseas profits and offload surplus supplies, three sources with knowledge of the matter said on Thursday.

Chinese state refiners submitted their requests to the Ministry of Commerce two weeks ago, asking for extra quotas because some of them have used most of their allocated volumes in August, the sources said.

"We are requesting quotas to export more jet fuel and gasoline to meet demand in other parts of Asia," said one of the sources, an official from a state refiner, who declined to be named because he is not authorised to speak to the media.

A ramp-up in Chinese fuel exports would be timely because of the opening of an arbitrage window to ship jet fuel from Asia to the United States in the wake of Hurricane Harvey. The storm has shut a fifth of U.S. oil refining capacity, triggering worries about a fuel supply crunch.

Refinery outages in the United States could provide export opportunities even as U.S. inventories remain high, said another of the sources, an official with a state refiner.

The sources said that they are likely to receive the extra quotas, but they did not disclose their requested volumes. The Ministry of Commerce will issue the fourth-quarter quotas next month.

China's overall fuel exports <C-FUEXP> during the January to July period are already 8.5 percent higher than the same period in 2016 at 28.25 million tonnes, the country's General Administration of Customs has reported. Combined exports of products subjected to quotas -- gasoline, diesel and jet fuel -- were up 9 percent at 22.24 million tonnes.

The extra quotas could spur higher crude demand in the world's largest importer as the extra fourth-quarter allocation is filled.

(To view a graphic on 'China oil products exports' click http://reut.rs/2iHiRm5)

Beijing has granted 32.365 million tonnes of fuel export quotas this year to state-owned companies China National Petroleum Corp, Sinopec Corp, China National Offshore Oil Corp and Sinochem Group.

"Gasoline and diesel exports have enjoyed good margins recently. That's why companies hope to ship out more," a Beijing-based oil products trader said.

The gasoline crack spread <GL92-SIN-CRK> spiked to $15.63 a barrel as of Thursday, up from $8.56 on July 3. The diesel crack <GOSGCKMc1> has shot up to $15.76 from $12.46 on Aug. 22.

China controls export quotas every quarter to ensure sufficient fuel supplies for domestic needs.

Beijing tightened export volumes this year after the companies did not use all of last year's allocation and because of environmental concerns, trade sources said.

The government is also set to keep in place a ban on fuel exports from independent refineries.

(Reporting by Chen Aizhu in BEIJING, Florence Tan and Jessica Jaganathan in SINGAPORE; Editing by Christian Schmollinger and David Goodman)

By Chen Aizhu and Florence Tan

Stocks treated in this article : CNOOC Ltd, China Petroleum & Chemical Corp
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CNOOC LTD
02/12CNOOC LIMITED : to Become a Component of Hang Seng China Enterprises Index
02/09CHINA OILFIELD SERVICES : Chinese Oil Drilling Firm Cosl Looks to Technology to ..
02/08CNOOC : 2017 Operational Update and 2018 Outlook
02/08CNOOC : Analysis - the $3.55 Billion Pipeline Deal
02/07CNOOC : Hess starts up US offshore field
02/06CNOOC : will invest up to US$12.7bn in 2018 and targets 480 mboe
02/06CNOOC : Eyes More Gas Fields Abroad
02/06CNOOC : aims to lift 2018 output by 1.3% to around 1.3 mil boe/d
02/06CNOOC : Chinese Firm Loses Bid to Stop Trial On $12b Missing Crude Oil
02/06CNOOC eyes more gas fields abroad
More news
News from SeekingAlpha
02/12Suncor Energy increases stake in Syncrude JV via $730M deal 
02/06Stampede oil project in Gulf of Mexico starts production 
02/02The Daily Drilling Report's Oilfield Allstars Portfolio 
02/01China's Cnooc eyes at least 40% hike in 2008 capex 
01/10Exxon makes sixth oil discovery off Guyana 
Financials ( CNY)
Sales 2017 185 B
EBIT 2017 44 472 M
Net income 2017 32 833 M
Debt 2017 98 160 M
Yield 2017 4,33%
P/E ratio 2017 12,82
P/E ratio 2018 9,52
EV / Sales 2017 2,76x
EV / Sales 2018 2,38x
Capitalization 413 B
Duration : Period :
CNOOC Ltd Technical Analysis Chart | 0883 | HK0883013259 | 4-Traders
Technical analysis trends CNOOC LTD
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 11,9  CNY
Spread / Average Target 28%
EPS Revisions
Guang Yu Yuan Chief Executive Officer & Director
Ke Qiang Xu President & Executive Director
Hua Yang Chairman
Wei Zhi Xie Chief Financial Officer
Guang Qi Wu Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LTD1.60%65 070
EOG RESOURCES-1.07%62 268