386 SINOPEC CORP 11.54h$ -0.26 -2.20%

HSI Down 1.5% Midday; Mkt Mirrors A-Shares In N/T


HSI down 1.5% at 24670.22 though off 24504.53 early low,

Most blue chips down but Sinopec (0386.HK) bucks trend, +2.9% at HK$9.66 with Citi saying

it's top sector pick.  

Sinopec +4.5%; Top Pick, HK$14.32 Target

Sinopec (0386.HK) best-performing blue chip, +4.5% at HK$9.81, is 4th most heavily traded stock with HK$1.673 billion.

Citigroup says Sinopec is top sector pick, as in near term, risk to oil prices on downside, and Sinopec likely outperformer due to downstream exposure.

Says Sinopec's "ideal oil price" is US$70-75/bbl, at which level small cut to gasoline/diesel can be expected but company will be able to make small refining profit.

With US$80/bbl oil price assumption this year, Sinopec trading at 10.4X earnings; if oil price drops to US$70, then Sinopec trading at 8.4X earnings. Keeps stock rated Buy, target price HK$14.32. PetroChina +0.7% at HK$12.28, CNOOC (0883.HK) +1.8% at HK$12.56.  

10.08.2009 11:55
Sinopec okayed to supply pipelined gas to Changchun
BEIJING, Aug 10 (Reuters) - Sinopec Corp said it has won government approval to build a 70.5-kilometre natural gas pipeline from its northeastern gas field to Changchun, the capital of Jilin province.

The pipeline, with a designed capacity of 900 million cubic metres per year, will pump the clean fuel from Sinopec's Songnan gasfield in the province.

Sinopec said it aimed to complete construction within this year.

The Songnan gas field, with proven gas reserves of 48.5 billion cubic metres, has a production capacity of 1 billion cubic metres per year and will start full-scale trial run in November, Sinopec said.

(Reporting by Jim Bai and Chen Aizhu; Editing by Chris Lewis)

((Email: jim.bai@thomsonreuters.com; Reuters Messaging: jim.bai.reuters.com@reuters.net; + 86 10 6627 1271)) Keywords: SINOPEC GAS/PIPELINE

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)


COPYRIGHT


Copyright Thomson Reuters 2009. All rights reserved.

Wirtschaftsnews -  & Rohstoffe-Go Exklusiv - von heute 14:17

Sinopec schließt größte Auslandsübernahme aller Zeiten ab
Stuttgart (www.rohstoffe-go.de) 7,5 Milliarden Dollar hat sich die chinesische Sinopec Group die Übernahme von Addax Petroleum (WKN A0JDDW) kosten lassen – und sich so mit der teuersten Übernahme eines ausländischen Unternehmens bislang – neue Rohstoffreserven in Afrika und dem Nahen Osten gesichert.

Bei der in Staatsbesitz befindlichen Sinopec Group handelt es sich um die Muttergesellschaft der Sinopec Corp., auch bekannt als China Petroleum & Chemical Corp., Asiens größter Affinerie nach Volumen. Man will die Produktionskapazitäten erweitern, um so von den wieder steigenden Rohölpreisen zu profitieren, die das Unternehmen in verganenen Jahren Milliarden von Dollar gekostet haben, da die Regierung die Einzelhandelsbenzinpreise künstlich beschränkte.

Addax ist die größte Übernahme eines ausländischen Unternehmens durch einen chinesischen Konzern. Allerdings ist diese Akquisition nach Experteninformationen nur halb so teuer wie der 12-prozentige Anteil am Minenriesen Rio Tinto (14,3 Milliarden Dollar), den Aluminium  Corp. of China im vergangen Jahr erwarb.

Chinesische, oft staatliche, Öl- und Bergbaufirmen, die auf Grund des Wirtschaftsbooms im Reich der Mitte über enormes Kapital verfügen, investieren in Ausland in Ölfelder, Minen und andere Projekte, um einerseits von der steigenden Rohstoffnachfrage zu profitieren und andererseits den zukünftigen Bedarf im Inland abzusichern.

Die letzte chinesische Rekordübernahme fand auch in der Ölbranche statt. So erwarb im vergangenen Jahr China Oilfield Services die norwegische Awilco Offshore.

Addax, mit Sitz in Genf, ist in der Öl- und Gasexploration sowie der Produktion tätig, und zwar hauptsächlich in Westafrika und dem nahen Osten. Gemeinsam mit der türkischen Genel Enerji betreibt man das Taq Taq-Ölfeld. In der ursprünglichen Ankündigung der Akquisition hatte Sinopec erklärt 52,80 kanadische bzw. 47,80 US-Dollar pro Aktie für 157,6 Millionen Addax-Aktien zu zahlen.

Börse Asien: Sinopec gefragt

Donnerstag, 20. August 2009 um 14:45

(Instock) Der chinesische Shanghai Composite-Index legte am Donnerstag 4,3 Prozent auf 3.144 Punkte zu, der Hongkonger Hang Seng-Index 1,9 Prozent auf 20.328 Punkte. Anhui Conch (+ 6,6 Prozent), Angang Steel (+ 4,7 Prozent), Jiangxi Copper (+ 3,9 Prozent) und Sinopec (+ 3,4 Prozent)  erholten sich. Hang Lung Properties (+ 5,1 Prozent), Sino Land (+ 4 Prozent) und Sun Hung Kai Properties (+ 3,9 Prozent) erfreuten sich ebenfalls reger Nachfrage.

Der südkoreanische Leitindex Kospi zog 2 Prozent auf 1.576 Punkte an. Hana Financial Group gewann 4,2 Prozent. Hyundai legte 4,5 Prozent, Kia Motors 3 Prozent zu. Posco verteuerte sich um 2 Prozent, Hyundai Steel ebefalls um 2 Prozent.

Super news .....von mit aus kann sinopec jetzt abheben....lol



Goldman sees Sinopec (SSE:600028, HKG:0386) 1H NP up sharply
[Date:08-21-2009] Source: Infocast News      

Goldman Sachs said it expects among the Chinese three oil giants, Sinopec (SSE:600028, HKG:0386) will post the strongest year-on-year growth in profit for the first half of 2009, while PetroChina and CNOOC will post declines because of their much larger upstream exposures.

The brokerage pointed out that exploration and production results of Chinese oils fell sharply upon sharply lower realized crude oil prices during the first half of 2009, while refining results were strong due to the new domestic refined oil product pricing mechanism. The oil companies would also record generally similar chemical results in the half year and weaker marketing results due to margin squeeze as a result of weak demand in the first quarter.

Goldman reiterates its preference for CNOOC (Conviction Buy), followed by Sinopec (Buy); we retain Neutral rating on PetroChina.

The brokerage's projection on the oil companies half-year net profit are shown in following table:

Companies Profit Year-on-year changes
(RMB B) (%)
Sinopec 31.7 +284
PetroChina 48.1 - 10
CNOOC 12.4 - 55

Aug 23, 2009, 12:11 p.m. EST

China's Sinopec reports big increase in first-half net profit Explore related topics
Asia Pacific China Petroleum & Chem Story Quotes Comments Screener (2) Alert Email Print ShareBy Polya Lesova, MarketWatch
NEW YORK (MarketWatch) -- China Petroleum & Chemical Corp., Asia's biggest refiner, said Sunday that its first-half net profit increased sharply, exceeding analyst expectations.

The company, known as Sinopec /quotes/comstock/13*!snp/quotes/nls/snp (SNP 90.66, +1.13, +1.26%) , said its net profit for the six months ended June 30 was 33.25 billion Chinese yuan, or about $4.89 billion, compared with 7.68 billion yuan in the same period a year ago.

/quotes/comstock/13*!snp/quotes/nls/snp
SNP 90.66, +1.13, +1.26%


12010080604009OMMJThe result exceeded the average of 26.5 billion yuan expected by analysts surveyed by Dow Jones Newswires.

Sinopec Chairman Su Shulin said that the substantial increase in profit for the first half of 2009 "is primarily a reflection of weaker comparatives" from the same period of last year. China increased government-controlled domestic fuel prices in 2009.

Sinopec also said that its turnover, other operating revenues and other income fell by 30.2% to 534 billion yuan from a year ago.

The company said its board of directors proposed a half year dividend of 0.07 yuan per share with the total dividend amount reaching 6.069 billion yuan.

"Looking into the second half of this year, the state will continue applying the proactive fiscal policy and relatively easy monetary policy, further improving and implementing the integrated economic stimulus package, and increasing domestic demand," Sinopec said in a statement.

"The Chinese economy is expected to maintain relatively fast growth," the company said. International crude oil prices in the second half are expected to be higher than the first half, fluctuating within a narrow range, Sinopec said.

Sinopec also said it expects its net profit for the first three quarters ending Sept. 30 to increase more than 50% from a year earlier, according to a report by Dow Jones Newswires.

The company plans to present its 2009-2011 development plan Monday at a press conference in Hong Kong, the report also said.

Polya Lesova is a New York-based reporter for MarketWatch.

Sinopec to Boost Expansion Abroad After Profit Surges to Record
Share | Email | Print | A A A

By John Duce

Aug. 24 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s biggest refiner, plans “rapid” overseas expansion to secure supplies after profit reached a record on relaxed state fuel-price curbs and a recovery in Chinese demand.

Net income at Sinopec, as China Petroleum is known, rose at least tenfold to 22 billion yuan ($3.22 billion) in the second quarter, according to calculations made by Bloomberg by subtracting first-quarter results from six-month earnings announced yesterday. Profit for the first nine months may increase by more than 50 percent, the Beijing-based company said in a statement to the Shanghai stock exchange.

The gain contrasts with earnings declines at Royal Dutch Shell Plc and Exxon Mobil Corp., the world’s biggest oil companies, after the global recession cut consumption in the U.S. and Europe. Sinopec will invest in oil and gas fields overseas and expand refining ventures with foreign partners, while focusing on cost reduction as it expects oil prices to rise in the second half, Chairman Su Shulin said in the statement.

“Sinopec’s main business is refining and it needs to increase its oil reserves and reduce its reliance on other oil producers,” said Larry Grace, an independent oil analyst based in Hong Kong. “There’s a government directive to increase overseas oil and gas assets.”

Sinopec, supplier of 80 percent of China’s fuel needs, has gained 48 percent in Hong Kong trading this year and is the best performer on the Bloomberg World Oil & Gas Index. PetroChina Co., the world’s most valuable company, has climbed 27 percent, while Shell and Exxon have fallen as lower fuel demand and prices reduced profit.

Profit Increase

Profit rose more than 13-fold from 1.62 billion yuan a year earlier, calculated by subtracting first-quarter profit Sinopec reported in April last year from the restated earnings for the first six months of 2008 announced yesterday. Based on unrevised figures, earnings rose 10 times from 2.2 billion yuan. Sinopec didn’t say if the restatement included a change in the first- quarter profit reported last year. Spokesman Huang Wensheng couldn’t be reached for comments on his mobile phone.

The earnings beat the 15.8 billion-yuan median estimate of four analysts and was the highest quarterly profit since Sinopec first sold shares in Shanghai in 2001.

“These were very good figures and mainly a result of the new oil producing pricing mechanism and the company cutting costs,” said Michael Yuk, an analyst at Sun Hung Kai Financial in Hong Kong. “The prospects for the company are good as demand picks up.”

First-half net income rose more than fourfold to 33.2 billion yuan, beating a 27 billion-yuan median estimate in a Bloomberg survey of four analysts. Sales fell 27 percent to 534 billion yuan.

Price Mechanism

China has adjusted fuel tariffs five times this year, compared with twice in 2008, to reflect changes in crude prices and assure refiners a profit. The government raised prices of oil products such as gasoline and diesel by as much as 25 percent in 2009 under a new pricing system introduced in December. The policy shift helped Sinopec end at least four years of refining losses.

The National Development and Reform Commission, China’s top economic planner, said on May 8 the government will ensure a “normal profit” for refiners when crude trades below $80 a barrel. Refining margins will be reduced if crude trades between $80 and $130, the NDRC said.

Crude futures in New York averaged less than $60 a barrel, down 52 percent from a year earlier, the biggest second-quarter drop on record. Oil is currently trading at around $73.

“Since 2009, domestic oil product pricing mechanism reform has turned refining business from a loss to profit,” Sinopec said in yesterday’s earnings statement.

Operating Profit

First-half operating profit at Sinopec’s refining division climbed to 19.9 billion yuan compared with a loss of 46.5 billion yuan a year earlier.

Last year, operating losses from refining surged to 102 billion yuan from 13.7 billion yuan in 2007, as oil soared to a record $147.27 a barrel in July and government price caps prevented Sinopec from passing on higher costs to customers.

Sinopec gets almost all its revenue from refining and the sale and distribution of fuels. Oil production accounted for just over 2 percent of sales, according to its 2008 annual report. The company imports about 80 percent of the crude it processes.

The government’s 4 trillion-yuan stimulus spending has helped to boost domestic demand, Sinopec said yesterday. The Chinese economy grew 7.9 percent in the second quarter, accelerating from a 6.1 percent expansion in the first three months. Industrial production advanced 10.7 percent in June.

‘Go Global’

Higher profit has encouraged Sinopec to embark on an expansion by increasing refining capacity and oil supplies. The company boosted spending on refining projects by 38 percent to 5.3 billion yuan while Sinopec’s exploration and production capital spending fell 7 percent to 19.4 billion yuan in the first six months, according to yesterday’s statement.

Su said the company will accelerate its “go global” strategy.

Parent company China Petrochemical Corp. said on Aug. 18 it had concluded the C$8.3 billion ($7.7 billion) acquisition of Addax Petroleum Corp. to secure reserves in Iraq and Africa. China Petrochemical has assets in Russia, Angola, Ecuador, Australia, Canada, Kazakhstan and Myanmar.

Sinopec’s parent completed the purchase of Tanganyika Oil Co. for about $1.8 billion in December. Vancouver-based Tanganyika holds stakes in two Syrian production-sharing agreements covering the Oudeh and Tishrine/Sheikh Mansour blocks after expanding from Tanzania in 1996.

To contact the reporter on this story: John Duce in Hong Kong at Jduce1@bloomberg.net; Ying Wang in Beijing at ywang30@bloomberg.net

Last Updated: August 23, 2009 13:54 EDT

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23.08.2009 14:26
UPDATE 2-Sinopec Q2 net hits record, sees higher profits
By Sui-Lee Wee

HONG KONG, Aug 23 (Reuters) - Sinopec Corp, the world's second-largest oil refiner after Exxon Mobil, posted record quarterly profits that widely exceeded expectations on higher fuel prices and falling crude oil prices, underscoring the turnaround in fortunes for China's once-struggling refiners.

Two fuel price hikes in June, which were part of China's fuel pricing reforms, largely boosted second-quarter profits.

Beijing's fuel price reform grants refiners a guaranteed profit margin if crude stays below $80 per barrel.

'The refining and marketing operating profits are massive,' said David Johnson, Macquarie's head of oil and gas research. 'It says that the pricing system is working even better than people thought.'

'They are in a very strong position to cope in the second half, even if oil was to hit $80 a barrel. Oil would have to reach $90-$100 a barrel for them to be really hit.'

The price of benchmark U.S. crude averaged close to $60 a barrel in April-June, up from $43 in the previous quarter but less than half the levels seen a year ago. It rose nearly $1 towards $74 a barrel to settle at a 10-month high on Friday.

The results for Sinopec contrast sharply with western oil firms, including Exxon Mobil Corp and Royal Dutch Shell Plc, which have reported weaker second-quarter profits due to depressed refining margins and falling oil prices.

Sinopec's second-quarter earnings are a huge turnaround for the state-owned refiner, which was forced to take losses at its refining operations for most of last year as it was squeezed between low state-capped fuel prices and soaring crude prices.

'It is anticipated that the result of (the) first three quarters of 2009 will be over 50 percent higher compared with the same period of last year,' the company said in a statement.

Sinopec's net profit totalled 22.0 billion yuan ($3.22 billion) for April-June, based on a Reuters' calculation.

Five analysts surveyed by Reuters had expected profit of 16.1 billion yuan. The numbers compare to a net profit of 1.62 billion yuan in April-June last year.

The refiner -- which engineered China's largest overseas buyout deal with its $7.24 billion bid for Swiss oil explorer Addax Petroleum Corp. in June -- earned 33.25 billion yuan for the first half compared with 7.68 billion yuan the same period last year.

For a statement on Sinopec's earnings, click: http://www.hkexnews.hk/listedco/listconews/sehk/...LTN20090823023.pdf

ACQUIRES ASSETS

Sinopec said in a separate statement that it would acquire six research institutes from a subsidiary of China Petrochemical Corporation for 3.95 billion yuan to enhance its technical capabilities.

Sinopec aims to process 97.1 million tonnes of crude in the second half of this year. The company, China's second-largest oil producer after PetroChina, plans to produce 21.4 million tonnes of crude oil and 4.96 billion cubic metres of natural gas in the second half.

Shares in Sinopec edged up 0.29 percent at HK$6.92 on Friday. They rose 19.2 percent in April-June, versus PetroChina's 39.2 percent rise and CNOOC's 25 percent gain. The benchmark Hang Seng Index rose 35 percent in the same period.

CNOOC and PetroChina report earnings on Wednesday and Friday respectively.

($1=6.831 Yuan)

(Editing by Rupert Winchester)

((suilee.wee@thomsonreuters.com; +852 2843 6314; Reuters Messaging: suilee.wee.reuters.com@reuters.net)) Keywords: SINOPEC/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)


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  SINOPEC Aktienkurs / News

Sonntag, 23. August 2009

Steigende Benzinpreise
Sinopec schlägt Erwartungen
Vor einem Jahr hatte Sinopec 1,62 Milliarden Yuan Nettogewinn verbucht.
(Foto: REUTERS)
Steigende Benzinpreise und sinkende Rohstoffkosten haben dem chinesischen Ölverarbeiter Sinopec das beste Quartalsergebnis seit über zwei Jahren beschert. Der nach Exxon Mobil weltgrößte Raffineriebetreiber meldete für das zweite Vierteljahr einen Nettogewinn von 22 Milliarden Yuan (3,22 Milliarden Dollar). Der Konzern lag damit über den Erwartungen von Analysten, die für den Zeitraum von April bis Juni im Schnitt von 16,1 Milliarden Yuan ausgegangen waren.

Vor einem Jahr hatte Sinopec 1,62 Milliarden Yuan Nettogewinn verbucht. Im zweiten Halbjahr will Sinopec 97,1 Millionen Tonnen Rohöl verarbeiten. Zudem will das nach PetroChina zweitgrößte chinesische Förderunternehmen 21,4 Millionen Tonnen Rohöl und 4,96 Milliarden Kubikmeter Erdgas zutage bringen.

rts

Gewinne bei Sinopec sprudeln
Der chinesische Ölriese Sinopec verzeichnet das beste Quartalsergebnis seit mehr als zwei Jahren. Damit haben die Chinesen geschafft, was den westlichen Rivalen wie Exxon und auch Shell nicht gelungen ist. Diese mussten zuletzt sinkende Gewinne hinnehmen. Experten sprechen von einer Trendwende.


Sinopec ist zum weltweit zweitgrößten Ölkonzern aufgestiegen. Quelle: Pressebild
HB HONGKONG. Steigende Benzinpreise und sinkende Rohstoffkosten haben dem chinesischen Ölriesen Sinopec das beste Quartalsergebnis seit über zwei Jahren beschert. Der nach Exxon Mobil weltweit zweitgrößte Raffineriebetreiber meldete am Sonntag für das zweite Vierteljahr einen Nettogewinn von 22 Mrd. Yuan (rund 2,3 Mrd. Euro) und übertraf damit deutlich die Erwartungen der Analysten. Dem positiven Trend steht ein Gewinnrückgang im zweiten Quartal bei westlichen Rivalen wie Exxon und auch Shell gegenüber. Auch für die Zukunft zeigte sich Sinopec optimistisch. Experten sprechen von einer Trendwende in Chinas einst angeschlagener Raffinerie-Branche.


Bild für Bild: 10 Fakten über Öl


Analysten hatten für die Zeit von April bis Juni mit einem Gewinn von 16,1 Mrd. Yuan (1,64 Mrd. Euro) gerechnet. Im Vorjahr hatte Sinopec einen Nettogewinn von 1,62 Mrd. Yuan (166 Mio. Euro) verbucht. Der Konzern teilte weiter mit, für die ersten drei Quartale werde nun mit einem Gewinnplus von mehr als 50 Prozent gerechnet.

Zum Wachstum im zweiten Quartal trugen vor allem zwei Benzinpreiserhöhungen im Juni bei. Chinas Preisreform stellt den Raffinerien einen Gewinn sicher, wenn der Ölpreis unter 80 Dollar je Barrel verharrt. Zwischen April und Juni kostete das Fass im Schnitt rund 60 Dollar und damit weniger als die Hälfte als ein Jahr zuvor. Am Freitag legte der Ölpreis um fast einen Dollar auf 74 Dollar je Barrel zu. Sinopec hatte im Juni für 7,2 Mrd. Dollar den in der Schweiz ansässigen Öl- und Gasförderer Addax Petroleum übernommen.

jetzt gehts ab......
bin gespannt wo wir in ein paar monaten stehen werden....

morgen wird so wie es ausschaut ein sinopec tag..... schaun mer mal


Gewinne bei Chinas Ölriesen Sinopec sprudeln
Sonntag, 23. August 2009, 15:44 Uhr  Diesen Artikel drucken[-] Text [+]
 
1 / 1VollbildHongkong (Reuters) - Steigende Benzinpreise und sinkende Rohstoffkosten haben dem chinesischen Ölriesen Sinopec das beste Quartalsergebnis seit über zwei Jahren beschert.

Der nach Exxon Mobil weltweit zweitgrößte Raffineriebetreiber meldete am Sonntag für das zweite Vierteljahr einen Nettogewinn von 22 Milliarden Yuan (rund 2,3 Milliarden Euro) und übertraf damit deutlich die Erwartungen der Analysten. Dem positiven Trend steht ein Gewinnrückgang im zweiten Quartal bei westlichen Rivalen wie Exxon und auch Shell gegenüber. Auch für die Zukunft zeigte sich Sinopec optimistisch. Experten sprechen von einer Trendwende in Chinas einst angeschlagener Raffinerie-Branche.

Analysten hatten für die Zeit von April bis Juni mit einem Gewinn von 16,1 Milliarden Yuan (1,64 Milliarden Euro) gerechnet. Im Vorjahr hatte Sinopec einen Nettogewinn von 1,62 Milliarden Yuan (166 Millionen Euro) verbucht. Der Konzern teilte weiter mit, für die ersten drei Quartale werde nun mit einem Gewinnplus von mehr als 50 Prozent gerechnet.

Zum Wachstum im zweiten Quartal trugen vor allem zwei Benzinpreiserhöhungen im Juni bei. Chinas Preisreform stellt den Raffinerien einen Gewinn sicher, wenn der Ölpreis unter 80 Dollar je Barrel verharrt. Zwischen April und Juni kostete das Fass im Schnitt rund 60 Dollar und damit weniger als die Hälfte als ein Jahr zuvor. Am Freitag legte der Ölpreis um fast einen Dollar auf 74 Dollar je Barrel zu. Sinopec hatte im Juni für 7,2 Milliarden Dollar den in der Schweiz ansässigen Öl- und Gasförderer Addax Petroleum übernommen.

Sinopec to Boost Expansion Abroad After Profit Surges to Record
Share | Email | Print | A A A

By John Duce

Aug. 24 (Bloomberg) -- China Petroleum & Chemical Corp., Asia’s biggest refiner, plans “rapid” overseas expansion to secure supplies after profit reached a record on relaxed state fuel-price curbs and a recovery in Chinese demand.

Net income at Sinopec, as China Petroleum is known, rose at least tenfold to 22 billion yuan ($3.22 billion) in the second quarter, according to calculations made by Bloomberg by subtracting first-quarter results from six-month earnings announced yesterday. Profit for the first nine months may increase by more than 50 percent, the Beijing-based company said in a statement to the Shanghai stock exchange.

The gain contrasts with earnings declines at Royal Dutch Shell Plc and Exxon Mobil Corp., the world’s biggest oil companies, after the global recession cut consumption in the U.S. and Europe. Sinopec will invest in oil and gas fields overseas and expand refining ventures with foreign partners, while focusing on cost reduction as it expects oil prices to rise in the second half, Chairman Su Shulin said in the statement.

“Sinopec’s main business is refining and it needs to increase its oil reserves and reduce its reliance on other oil producers,” said Larry Grace, an independent oil analyst based in Hong Kong. “There’s a government directive to increase overseas oil and gas assets.”

Sinopec, supplier of 80 percent of China’s fuel needs, has gained 48 percent in Hong Kong trading this year and is the best performer on the Bloomberg World Oil & Gas Index. PetroChina Co., the world’s most valuable company, has climbed 27 percent, while Shell and Exxon have fallen as lower fuel demand and prices reduced profit.

Profit Increase

Profit rose more than 13-fold from 1.62 billion yuan a year earlier, calculated by subtracting first-quarter profit Sinopec reported in April last year from the restated earnings for the first six months of 2008 announced yesterday. Based on unrevised figures, earnings rose 10 times from 2.2 billion yuan. Sinopec didn’t say if the restatement included a change in the first- quarter profit reported last year. Spokesman Huang Wensheng couldn’t be reached for comments on his mobile phone.

The earnings beat the 15.8 billion-yuan median estimate of four analysts and was the highest quarterly profit since Sinopec first sold shares in Shanghai in 2001.

“These were very good figures and mainly a result of the new oil producing pricing mechanism and the company cutting costs,” said Michael Yuk, an analyst at Sun Hung Kai Financial in Hong Kong. “The prospects for the company are good as demand picks up.”

First-half net income rose more than fourfold to 33.2 billion yuan, beating a 27 billion-yuan median estimate in a Bloomberg survey of four analysts. Sales fell 27 percent to 534 billion yuan.

Price Mechanism

China has adjusted fuel tariffs five times this year, compared with twice in 2008, to reflect changes in crude prices and assure refiners a profit. The government raised prices of oil products such as gasoline and diesel by as much as 25 percent in 2009 under a new pricing system introduced in December. The policy shift helped Sinopec end at least four years of refining losses.

The National Development and Reform Commission, China’s top economic planner, said on May 8 the government will ensure a “normal profit” for refiners when crude trades below $80 a barrel. Refining margins will be reduced if crude trades between $80 and $130, the NDRC said.

Crude futures in New York averaged less than $60 a barrel, down 52 percent from a year earlier, the biggest second-quarter drop on record. Oil is currently trading at around $73.

“Since 2009, domestic oil product pricing mechanism reform has turned refining business from a loss to profit,” Sinopec said in yesterday’s earnings statement.

Operating Profit

First-half operating profit at Sinopec’s refining division climbed to 19.9 billion yuan compared with a loss of 46.5 billion yuan a year earlier.

Last year, operating losses from refining surged to 102 billion yuan from 13.7 billion yuan in 2007, as oil soared to a record $147.27 a barrel in July and government price caps prevented Sinopec from passing on higher costs to customers.

Sinopec gets almost all its revenue from refining and the sale and distribution of fuels. Oil production accounted for just over 2 percent of sales, according to its 2008 annual report. The company imports about 80 percent of the crude it processes.

The government’s 4 trillion-yuan stimulus spending has helped to boost domestic demand, Sinopec said yesterday. The Chinese economy grew 7.9 percent in the second quarter, accelerating from a 6.1 percent expansion in the first three months. Industrial production advanced 10.7 percent in June.

‘Go Global’

Higher profit has encouraged Sinopec to embark on an expansion by increasing refining capacity and oil supplies. The company boosted spending on refining projects by 38 percent to 5.3 billion yuan while Sinopec’s exploration and production capital spending fell 7 percent to 19.4 billion yuan in the first six months, according to yesterday’s statement.

Su said the company will accelerate its “go global” strategy.

Parent company China Petrochemical Corp. said on Aug. 18 it had concluded the C$8.3 billion ($7.7 billion) acquisition of Addax Petroleum Corp. to secure reserves in Iraq and Africa. China Petrochemical has assets in Russia, Angola, Ecuador, Australia, Canada, Kazakhstan and Myanmar.

Sinopec’s parent completed the purchase of Tanganyika Oil Co. for about $1.8 billion in December. Vancouver-based Tanganyika holds stakes in two Syrian production-sharing agreements covering the Oudeh and Tishrine/Sheikh Mansour blocks after expanding from Tanzania in 1996.

To contact the reporter on this story: John Duce in Hong Kong at Jduce1@bloomberg.net; Ying Wang in Beijing at ywang30@bloomberg.net

Last Updated: August 23, 2009 13:54 EDT

CHINA'S SINOPEC SEES NET PROFIT SURGE 332.8% IN H1
25 minutes ago - Asia Pulse
Related Companies
Symbol Last %Chg
SNP 90.66 1.26%

As of 4:01 PM ET 8/21/09China Petroleum and Chemical Corporation (Sinopec) (SSE:600028, SEHK:0386) said Sunday its net profit in the first half of 2009 rose 332.8 per cent year on year because of adjusted refined oil prices in domestic market.

Under international accountant rules, Sinopec's net profit totaled 33.25 billion yuan (US$4.87 billion) in the first half with earnings per share up 0.294 yuan to 0.383 yuan, the company said in a statement to the Shanghai and Hong Kong stock markets.

Of the same reasons, Sinopec predicted its net profit for the first three quarters will rise over 50 per cent year on year.

Sinopec saw its net profit dropped 73.4 per cent year on year to 9.34 billion yuan in the first six months of 2008 because of huge losses caused by China's price ceilings on refined oil products and global oil price rises.

The leading refiner reported profit of 19.9 billion yuan in its refining sector in the first six months of 2009, while the sector confirmed losses of 46 billion yuan in the first half of 2008.

"Although a rise over 300 per cent is astonishing, the level of the net profit is normal compared with the first half of 2007 when global crude price is not as high as the first half of 2008 and the effect of price ceilings on refined oil products is not that severe," said an inner person with Sinopec.

Sinopec's net profit totaled 36.2 billion yuan in the first half of 2007. Total turnover in the first half of 2009 reached 534 billion yuan, down 30.2 per cent from the previous year because of contraction of market demand amid the global financial crisis.

As the Chinese government will stick to its moderately easy monetary policy and active fiscal policy, the Chinese economy will maintain a relatively rapid growth and the domestic demand for refined oil and chemical products will continue to recover in the second half of the year, the company said.

China's GDP grew by 7.1 per cent in the first half, one percentage point higher than the first quarter.

Sinopec predicted the international oil prices would fluctuate at a level higher than the first six months. The crude price has risen from an average of US$51.6 per barrel in the first quarter to around US$70 per barrel recently.

Sinopec will endeavor to expand the market as well as improve its management to reduce cost and increase the efficiency to bring a better result to investors, the company said.

Listed in Hong Kong, New York, London and Shanghai, Sinopec is the listed subsidiary of China Petrochemical Corporation (Sinopec Group).

(XIC)maz

Ölkonzern Sinopec vervierfacht seinen Profit下载安装Flash播放器
Die China Petroleum & Chemical Corporation (Sinopec) hat gestern mitgeteilt, ihr Reingewinn sei im ersten Halbjahr 2009 um 332,8 Prozent gegenüber dem Vorjahr gestiegen. Sinopec hat in der ersten Jahreshälfte 33,25 Milliarden Yuan Gewinn, oder 0,383 Yuan pro Aktie, realisiert, was viel mehr ist als die 7,7 Milliarden Yuan Gewinn im Vorjahr.

Sinopec vermehrte seinen Gewinn, nachdem China anfangs 2009 eine Steuer auf Ölprodukte und das neue Preissystem eingeführt hatte. Gleichzeitig hat die internationale Finanzkrise die Gewinne zahlreicher Unternehmen vernichtet.

Vorher machten die Raffinerien von Sinopec häufig große Verluste, weil die Benzinpreise in China vor der Reform nicht ganz vom internationalem Rohölpreis bestimmt worden waren.

24.08.2009 10:37
Sinopec says to spend $17.6 bln in 2 yrs to lift output
HONG KONG, Aug 24 (Reuters) - China's Sinopec Corp, the world's No.2 oil refiner, said on Monday that it plans total capital expenditure of 120 billion yuan ($17.57 billion) over the next two years to boost refining and production.

Vice-President Lei Dianwu made the remarks at a results news conference in Hong Kong.

Sinopec, second to Exxon Mobil in terms of capacity, posted a record quarterly profit on Sunday that widely exceeded expectations on the back of higher fuel prices and falling crude oil prices, underscoring the turnaround in fortunes for China's once-struggling refiners..

Beijing's fuel price reform grants refiners a guaranteed profit margin only if crude stays below $80 per barrel.

Shares of Sinopec rose nearly 5 percent in the morning session, but gains were pared to close at HK$6.97, up 0.72 percent.

($1=6.831 Yuan)

(Reporting by Sui-Lee Wee; Editing by Chris Lewis)

((suilee.wee@thomsonreuters.com; +852 2843 6314; Reuters Messaging: suilee.wee.reuters.com@reuters.net)) Keywords: SINOPEC/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)


COPYRIGHT


Copyright Thomson Reuters 2009. All rights reserved

Sinopec schüttelt Konkurrenz ab
Marion Schlegel

Der chinesische Raffineriebetreiber Sinopec hat im ersten Halbjahr 2009 seinen Gewinn mehr als vervierfacht. Damit lag das Ergebnis deutlich über den Erwartungen der Analysten. Sinopec profitierte unter anderem von der Benzinpreisreform in China.
Der nach Exxon Mobil weltweit zweitgrößte Raffineriebetreiber China Petroleum & Chemical Corp (Sinopec) hat die Zahlen für das zweite Quartal des laufenden Geschäftsjahres veröffentlicht. Steigende Benzinpreise und sinkende Rohstoffkosten haben Sinopec das beste Quartalsergebnis seit mehr als zwei Jahren beschert. Im Zeitraum von April bis Juni hat die Gesellschaft einen Nettogewinn von 22 Milliarden Yuan (Vorjahr: 1,62 Milliarden Yuan), umgerechnet rund 2,3 Milliarden Euro, erzielt. Damit konnte Sinopec die Erwartungen der Analysten, die mit einem Gewinn von 16,1 Milliarden Yuan gerechnet hatten, deutlich übertreffen. Im gesamten ersten Halbjahr verdiente der Konzern 33,25 Milliarden Yuan und damit mehr als viermal so viel wie im entsprechenden Vorjahreszeitraum, als Sinopec 7,68 Milliarden Yuan erwirtschaftete.

1 zu 0 für Sinopec

Sinopec profitiere insbesondere von den Preiserhöhungen für Benzin im Juni. China garantiert im Zuge der neuen Benzinpreisreform Raffineriegesellschaften einen Gewinn, wenn der Erdölpreis unter 80 Dollar je Barrel liegt. Im zweiten Jahresviertel lag der Durchschnittspreis bei rund 60 Dollar. Damit liegt Sinopec im Vergleich zu den westlichen Ölkonzernen klar im Vorteil, die zuletzt deutliche Gewinnrückgänge hinnehmen mussten.



Stopp nachziehen

Seit der Empfehlung des AKTIONÄRs Ende März hat die Aktie von Sinopec bereits fast 40 Prozent zugelegt. Angesichts der sich abzeichnenden Erholung sowie der noch immer günstigen Bewertungen mit einem 2009er-KGV von 10 sollte man bei dem Wert in jedem Fall engagiert bleiben. Der Stoppkurs sollte jedoch auf Einstandsniveau bei 0,45 Euro nachgezogen werden.

Energy Stocks Stay Hot As BP, Sinopec Draw Focus8-24-09 10:56 AM EDT | E-mail Article | Print ArticleEnergy stocks Monday kicked off the week with gains as oil prices advanced.

Among stocks in the spotlight, BP PLC (BP) drew several mentions in press reports about Libya's ties to the U.K., and China Petroleum & Chemical Corp. ( SNP) said its profit for the first half of the year quadrupled.


Hope for a strong global economic recovery continues to rise, as energy prices continued their upward march and natural gas prices rose from a seven-year low last week.

Crude futures advanced 55 cents to $74.44 a barrel and the S&P 500 rose 0.5%, providing a double lift for energy stocks.

The NYSE Arca Oil Index rose 0.8% to 994. The NYSE Arca Natural Gas Index rose 0.8% to 477. The Philadelphia Oil Service Index rose 1.6% to 184.

BP's U.S.-listed shares rose 10 cents to $52.35. China Petroleum & Chemical's U.S. shares rose 0.6% to $91.21.

BP's ties with Libya surfaced in recent days around the political firestorm surrounding the release of convicted Lockerbie bomber Abdel Baset al-Megrahi.

Reports said U.K. Prime Minister Gordon Brown mentioned al-Megrahi during a meeting with Libyan leader Moammar Gadhafi at this year's G8 Summit in Italy. Former Prime Minister Tony Blair last visited Libya in 2007 as BP finalized a $ 900 million exploration deal.

Last week, Gadhafi's son, Saif al-Islam, said the release of al-Megrahi was linked to trade deals with Britain.

"In all commercial contracts, for oil and gas with Britain, (Megrahi) was always on the negotiating table," said Islam in an interview late Thursday, according to a report from AFP.

Sinopec earnings quadruple

China Petroleum & Chemical Corp., or Sinopec (SNP), said Monday it's seeking overseas investments in oil and gas resources as part of its new three-year plan to increase natural gas and oil production. Asia's largest refiner also said profit for the first half of 2009 rose by four times.

Hong Kong stocks rallied Monday in response to strong pre-weekend gains on Wall Street, with shares of Sinopec in the lead.

The Hang Seng Index jumped 2% to 20,592.77 and the Hang Seng China Enterprises Index rose 1.9% to 11,684.31

Oil industry attacks climate bill

The cost of adhering to new U.S. emissions standards under climate legislation proposed in Washington could lead to greater imported gasoline and diesel fuel, the oil industry argued in a study by the American Petroleum Institute.

"Production at U.S. refineries would drop while production at refineries in countries that do not limit their own greenhouse gas emissions would rise," the study said. "The impact on global refinery greenhouse gas emissions would be minor as reductions in U.S. emissions mostly would be offset by increases in emissions in other countries."

Iraq planning to hold new oil auction

Iraq officials plan to move ahead with a second auction of its vast oil fields after an earlier round in June managed to sell only one of six fields in the face of weak interest from overseas oil players.

Earlier, multinational companies had demanded more revenue from every barrel of increased production than the Iraqi government would allow. That reportedly kept bids from flowing.

Still, the Iraq government managed to find a buyer for its largest oil field, the Rumaila, a vast reservoir of fossil fuel in southern Iraq said to hold 17 billion barrels of oil. The auction's BP consortium, which included China National Petroleum Corp., wanted $3.99 per barrel to develop Rumaila, but then won after it agreed to lower its price to match the government level of $2 a barrel, according to reports.

Oil service firms shun hurricane insurance

Oil service firms such as Devon Energy Corp. (DVN), Rowan Cos. (RDC) and Diamond Offshore Drilling Inc. (DO) cut back on expensive wind damage coverage for this year's late-blooming Atlantic hurricane season, according to a report in The Wall Street Journal. Transocean Ltd. (RIG) has opted for a form of windstorm self-insurance.

-Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com


 (END) Dow Jones Newswires
 08-24-091056ET
 Copyright (c) 2009 Dow Jones & Company, Inc.

News@CHS@nline  
Citigroup raises Sinopec (00386) target to $8.5  
2009/08/25 15:44  
 
(Infocast News)            Citigroup has increased its target price for Sinopec (00386) by 25% to $8.5 from $6.80, equivalent to 10x 2009 estimated earnings, and maintained its "Buy" rating for the stock.

Sinopec reported its best ever quarter in the second quarter of 2009 with EPS of RMB0.25 per share, much higher than consensus of RMB0.18, Citigroup says in its research report.

The most positive point in the result of Sinopec Corp was the marketing division where a recovery in domestic fuel demand drove a rebound from a weak first-quarter and signals continued good performance in the coming quarters, Citigroup says. The brokerage expects a hike of gasoline and diesel prices in September by China. Although the brokerage sees concern in the market that refining margins were squeezed after the 29 July cut, it estimates the August gross margin at US$7 a barrel.

Citigroup has increased its 2009 and 2010 EPS estimates by 39% and 27% to RMB0.76 and RMB0.78 respectively.

News

Top News / Branch News / Regional News
25.08.2009, 16:01

Sinopec to boost overseas expansion
China Petroleum & Chemical Corp., Asia’s biggest refiner, plans “rapid” overseas expansion to secure oil supplies after profit reached a record and as the nation’s economic recovery spurs fuel demand, writes Bloomberg.
The Beijing-based company plans to buy overseas assets, including acquiring Addax Petroleum Corp. from its parent, Chairman Su Shulin told reporters in Hong Kong today. Net income surged to 22 billion yuan ($3.22 billion) in the second quarter, Huang Wensheng, spokesman at China Petroleum, known as Sinopec, said by phone.  
Chinese energy companies have spent at least $13 billion on overseas assets since December as they take advantage of lower valuations caused by the global recession to meet energy demand in the world’s fastest growing major economy. Sinopec will invest in oil and gas fields overseas and expand refining ventures while focusing on cost reduction as it expects oil prices to rise in the second half, Su said.  
“Sinopec’s main business is refining and it needs to increase its oil reserves and reduce its reliance on other oil producers,” said Larry Grace, an independent oil analyst based in Hong Kong. “There’s a government directive to increase overseas oil and gas assets.”
First-half net income increased to 33.2 billion yuan from a restated 7.7 billion yuan a year earlier, Beijing-based Sinopec said yesterday in a statement to the Shanghai stock exchange. Sales fell 27 percent to 534 billion yuan.
Sinopec also revised its first-quarter profit for 2008, Huang said today, without giving a figure.

Source: http://www.seatradeasia-online.com

ASIA MARKETS: Fuel-price Hikes Hold Key To Sinopec's Future8-26-09 12:31 AM EDT | E-mail Article | Print ArticleAfter leading Chinese oil-sector shares so far in 2009, China Petroleum & Chemical Corp., better known as Sinopec, may find the going tough unless Beijing allows a sharp increase in inflation-stoking retail fuel prices, an analyst said Wednesday.


The integrated oil giant and Asia's biggest refiner, Sinopec (SNP), said earlier this week that its first-half profits more than quadrupled, as an increase in retail prices boosted the performance of the fuel marketing division.

But "the problem is that unless another retail price hike is approved, Sinopec will soon lose money once its cheap inventory is run down, as $74 crude prices are well above the effective $63 per barrel it earns from its refining activities," BNP Paribas analyst John Hetherington wrote in a report.

The brokerage currently has a reduce rating on the stock.

Still, Sinopec may indeed get its hike, with one Chinese media report suggesting an increase could come as early as Thursday.

But Hetherington said that China will have to allow an increase in product prices by a "drastic" 30% for Sinopec to maintain its margins at $8 a barrel in the coming period, even if crude-oil prices don't rise above $74 a barrel.

"Sinopec has already been able to significantly strengthen its balance sheet, which was a concern late last year, while the need for another massive year-end subsidy for the company is pretty much off the table for 2009," Hetherington said, referring to the hefty state payment the company received in 2008 to compensate for its selling petroleum products below market prices.

Sinopec shares have more than doubled in Shanghai and Hong Kong from the 52- week lows they hit in the fourth quarter of 2008. The stock has also outperformed shares of its energy peers, as well as benchmark indexes in Hong Kong and Shanghai in 2009 to date.

But in Wednesday's trading, the stock was down 1.1% in Shanghai and 0.1% lower in Hong Kong, underperforming the indexes.

The Hang Seng Index was up 0.5% at 20,545.58 just before the midday break, while the Shanghai Composite Index gained 1.5%. Elsewhere, Japan's Nikkei 225 Average gained 1.5%, South Korea's Kospi rose 0.4%, Australia's S&P/ASX 200 advanced 0.8% and Singapore's Straits Times inched up 0.2%.


 (END) Dow Jones Newswires
 08-26-090031ET
 Copyright (c) 2009 Dow Jones & Company, Inc.

Sinopec Maoming OKed to Expand Capacity to 25.5mn Tons
27 minutes ago - Sinocast
Related Companies
Symbol Last %Chg
SNP 90.56 0.00%

As of 12:00 AM ET 8/27/09The National Development and Reform Commission (NDRC), China's macro-economic regulator, lately permitted Sinopec Maoming Petrochemical Co., Ltd. to expand its production capacity.

Under the wing of China Petroleum & Chemical Corporation (Sinopec; SEHK: 0386; SHSE: 600028), Sinopec Maoming Petrochemical will double its processing capacity from 13.5 million tons to 25.5 million tons, or about 512,000 barrels a day.

After the project, it is expected to outpace Sinopec Zhenhai Refining & Chemical Company, another refining arm of Sinopec, in terms of total processing capacity, and to become China's biggest petrochemical refinery.

Sinopec Maoming Petrochemical, based in the southern Chinese province of Guangdong, intends to further improve its facilities. Currently, it is busy making preliminary preparations for major parts like the decompression distillation part with a yearly processing capacity of 12 million tons.

Meanwhile, it is responsible for establishment of a 1.8-million-ton wax oil hydrogenation device as well as two boilers and generation units. The construction is expected to be completed in 2009.

Source: www.163.com (August 28, 2009)

Several hurdles need to be cleared to complete deal

http://www.calgaryherald.com/business/...ext+month/5643622/story.html

China genehmigt Öl- Kauf von Sinopec in Brasilien

Peking 25.04.2012 (www.emfis.com) Der chinesische Ölkonzern Sinopec kann sein Akquisitionsvorhaben in dem südamerikanischen Land vorantreiben.

http://www.emfis.de/global/global/nachrichten/...silien_ID100237.html  

Sinopec, eines der drei großen staatlichen chinesischen Öl-Unternehmen, hat mit dem Bau eines neuen Öllagers in Indonesien begonnen. Es soll das größte Öl-Lagerungsterminal in Südostasien werden und in der Batam-Freihandelszone in Indonesien entstehen, wie das Unternehmen und Industriekreise mitteilten.

http://www.boerse-go.de/nachricht/...ghai-H-Kantons,a2939811,b19.html