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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  China Petroleum & Chemical Corporation    600028   CNE0000018G1

CHINA PETROLEUM & CHEMICAL CORPORATION

(600028)
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Goldman, JPMorgan, HSBC vie for lead roles in listing UAE's ADNOC unit - sources

07/12/2017 | 06:12am EST
Cars are seen an ADNOC petrol station in Abu Dhabi,

ABU DHABI/DUBAI (Reuters) - Abu Dhabi's national oil company is weighing proposals from Goldman Sachs (>> Goldman Sachs Group), First Abu Dhabi Bank (>> First Abu Dhabi Bank PJSC), HSBC (>> HSBC Holdings) and JPMorgan (>> JP Morgan Chase & Company) for lead roles in the listing of its retail business, sources familiar with the matter said.

ABU DHABI/DUBAI (Reuters) - Abu Dhabi's national oil company is weighing proposals from Goldman Sachs (>> Goldman Sachs Group), First Abu Dhabi Bank (>> First Abu Dhabi Bank PJSC), HSBC (>> HSBC Holdings) and JPMorgan (>> JP Morgan Chase & Company) for lead roles in the listing of its retail business, sources familiar with the matter said.

Rothschild is in a strong position for an advisory role to the deal that could raise $1.5 to $2 billion for ADNOC, sources told Reuters.

Beyond the Gulf region, oil companies are looking to raise capital and boost valuations in an era of cheap oil from listings or sales of retail units.

Plans to list some of ADNOC's services also come as other Gulf states, such as Saudi Arabia and Oman, have embarked on privatising energy assets.

The listing of Abu Dhabi National Oil Co's (ADNOC) Distribution business, which manages petrol stations as well as convenience stores across the United Arab Emirates (UAE), is planned before the end of the year, one of the sources told Reuters.

The company has a total number of 460 petrol stations after the opening up of several new ones since the start of the year, it said in a statement on Wednesday.

ADNOC's listing could stir the UAE's lacklustre IPO scene from its recent slumber. There have been only two initial public offerings (IPOs) so far in 2017 in the UAE, raising $348.5 million, and none at all last year, Thomson Reuters data shows.

Other oil companies looking to raise money from listings of retail units include China Petroleum and Chemical Corp, (>> China Petroleum & Chemical Corp) which is planning to list its retail unit in Hong Kong and Thailand's biggest energy company PTT (>> PTT Public Company Limited) which is examining a proposal to list its retail business.

The pitching process for the ADNOC deal is under way after the unlisted group announced this week that it is looking to float some of its services businesses and enter tie-ups with global investors to help it create new revenue streams and secure more market access.

Ten banks have been invited to pitch for a role in the IPO, one of the sources said. ADNOC declined to confirm details of the pitching process, but a spokesman told Reuters "central to ADNOC's new approach is the more active management of its portfolio of assets and businesses."

"ADNOC is therefore considering the IPO of minority stakes of some of its services businesses and we will update the market on its plans in due course," the spokesman said.

Spokespeople for JPMorgan, HSBC, Goldman Sachs and Rothschild declined to comment. First Abu Dhabi Bank did not respond to a request for comment.

ADNOC has no plans to list the holding company. State-owned ADNOC produces around 3 million barrels of oil per day and manages 95 percent of UAE's proven oil reserves and 92 percent of the country's gas reserves.

(Editing by Keith Weir and Elaine Hardcastle)

By Stanley Carvalho, Saeed Azhar and Hadeel Al Sayegh


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION 0.51% 3.92 End-of-day quote.4.53%
ACCESS CO., LTD. 1.83% 777 End-of-day quote.5.71%
AMP LIMITED -0.32% 1.55 End-of-day quote.-0.64%
CHINA PETROLEUM & CHEMICAL CORPORATION -1.23% 4.02 End-of-day quote.-0.25%
EMAAR PROPERTIES 0.00% 3.94 End-of-day quote.11.61%
FIRST ABU DHABI BANK P.J.S.C. -0.27% 14.92 End-of-day quote.15.66%
HSBC HOLDINGS PLC -0.01% 400.15 Delayed Quote.5.64%
LETS HOLDINGS GROUP CO., LTD. -5.09% 7.46 End-of-day quote.-4.11%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED 0.22% 920 End-of-day quote.-3.87%
THE COMMERCIAL BANK (P.S.Q.C.) -2.18% 4.301 End-of-day quote.-2.25%
THE GOLDMAN SACHS GROUP, INC. -2.99% 273.33 Delayed Quote.3.65%
THE LEAD CO., INC. 0.49% 824 End-of-day quote.-1.90%
UNITED PARCEL SERVICE, INC. -2.34% 157.65 Delayed Quote.-6.38%
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Financials
Sales 2020 2 454 B 379 B 379 B
Net income 2020 34 675 M 5 358 M 5 358 M
Net Debt 2020 40 454 M 6 251 M 6 251 M
P/E ratio 2020 15,1x
Yield 2020 5,27%
Capitalization 558 B 71 976 M 86 222 M
EV / Sales 2020 0,24x
EV / Sales 2021 0,24x
Nbr of Employees 402 206
Free-Float 31,4%
Chart CHINA PETROLEUM & CHEMICAL CORPORATION
Duration : Period :
China Petroleum & Chemical Corporation Technical Analysis Chart | 600028 | CNE0000018G1 | MarketScreener
Technical analysis trends CHINA PETROLEUM & CHEMICAL CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 20
Average target price 3,86 CNY
Last Close Price 3,82 CNY
Spread / Highest target 13,4%
Spread / Average Target 1,14%
Spread / Lowest Target -31,4%
EPS Revisions
Managers and Directors
NameTitle
Yong Sheng Ma President, General Manager & Executive Director
Dong Zhao Chairman-Supervisory Board
Yu Zhuo Zhang Chairman
Donghua Shou Chief Financial Officer
Zhen Ying Jiang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEMICAL CORPORATION-0.25%71 950
EXXON MOBIL CORPORATION11.28%193 949
RELIANCE INDUSTRIES LTD-2.23%169 016
BP PLC10.81%78 374
CHINA PETROLEUM & CHEMICAL CORPORATION11.53%71 950
NESTE OYJ2.37%56 556