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CHINA PETROLEUM & CHEMICAL CORPORATION

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China's Sinopec awards fewer cargoes in recent LNG tender

01/26/2022 | 09:46am EDT
Man stands next to a logo of Sinopec at an expo on rubber technology in Shanghai

SINGAPORE/LONDON (Reuters) - Unipec, the oil and gas trading arm of China's Sinopec Corp has awarded fewer-than-planned cargoes in a recent tender to sell up to 45 cargoes of liquefied natural gas for 2022 deliveries, three traders said, dispelling the bearish sentiment that had been fuelled by the rare sell tender.

Earlier this month, Sinopec issued the tender of the super-chilled fuel to take advantage of high Asian spot prices, according to traders who were invited to bid.

Under the tender, Sinopec offered two to five cargoes each month between February and October on a delivered ex-ship basis.

"The awards were about five to seven out of 45 cargoes, they were very picky about prices," one European trader said.

Chinese and Asian buyers - who used to compete for LNG shipments in a tight market- have recently stayed away from the spot market due to higher prices and ample inventories, sending LNG prices down amid tepid demand.

The high number of cargoes initially sent bearish signals to the market but the limited number of awarded cargoes meant bearish sentiment no longer exists.

"The small number of cargoes awarded possibly means that the cargoes they offered do not have that kind of flexibility buyers asked for. But Sinopec seemed quite sure that these are the redundant supplies for China's off-peak seasons, as they're among the best informed guys of the domestic Chinese market," a Singapore-based trader said.

Another Singapore-based trader said the winners included Total, Glencore, BP, Shell and Chevron and that awards were at JKM prices plus 10 cents or more.

Sinopec declined to comment on the tender results, but a company representative said that Unipec global LNG purchases and sales "are primarily (aimed) to serve domestic demand, balance off excessive supplies and swap delivery slots to boost the firm's profitability."

"It's hard to predict the domestic and international market this year amid an array of factors, it added.

(Reporting by Marwa Rashad in London and Chen Aizhu in Singapore; Editing by Paul Simao)

By Chen Aizhu and Marwa Rashad


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -1.06% 431.2 Delayed Quote.30.30%
CHEVRON CORPORATION 0.96% 178.28 Delayed Quote.51.92%
CHINA PETROLEUM & CHEMICAL CORPORATION 1.23% 4.13 Delayed Quote.13.77%
CHINA PETROLEUM & CHEMICAL CORPORATION 0.68% 4.41 End-of-day quote.4.26%
GLENCORE PLC 1.35% 526.2 Delayed Quote.40.34%
LONDON BRENT OIL 1.52% 119.2 Delayed Quote.50.58%
MSCI SINGAPORE (GDTR) 0.97% 5632.99 Real-time Quote.-11.14%
S&P GSCI NATURAL GAS INDEX -1.89% 408.6057 Real-time Quote.133.97%
WTI 0.94% 115.083 Delayed Quote.51.34%
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Financials
Sales 2022 3 249 B 485 B 485 B
Net income 2022 71 432 M 10 663 M 10 663 M
Net cash 2022 27 615 M 4 122 M 4 122 M
P/E ratio 2022 6,00x
Yield 2022 10,9%
Capitalization 511 B 76 328 M 76 328 M
EV / Sales 2022 0,15x
EV / Sales 2023 0,17x
Nbr of Employees 385 691
Free-Float 31,4%
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China Petroleum & Chemical Corporation Technical Analysis Chart | 386 | CNE1000002Q2 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 3,52 CNY
Average target price 3,85 CNY
Spread / Average Target 9,30%
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Managers and Directors
Bao Cai Yu President & Executive Director
Dong Hua Shou Chief Financial Officer
Yong Sheng Ma Chairman
Shao Feng Zhang Chairman-Supervisory Board
Hong Bin Cai Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
CHINA PETROLEUM & CHEMICAL CORPORATION13.77%76 328
EXXON MOBIL CORPORATION59.49%411 102
CHEVRON CORPORATION51.92%350 287
RELIANCE INDUSTRIES LTD8.74%210 864
BP PLC30.30%104 557
SUNCOR ENERGY INC.63.22%56 789