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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  GS Holdings Corp.    A078930   KR7078930005

GS HOLDINGS CORP.

(A078930)
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South Korea imports oil from China storage in rare flow - sources, Eikon

09/01/2020 | 01:58am EST

South Korean refiners have bought nearly 2 million barrels of Omani crude from Chinese storage tanks in the past two months, seldom seen trades created by low prices and high inventories, according to trade sources and shipping data on Refinitiv Eikon.

The cargoes were among the first to be lifted from bonded storage tanks operated by Shanghai's International Energy Exchange (INE) for delivery to South Korea, the sources said.

Strong buying from Chinese investors betting on a rebound in oil prices earlier this year pushed Shanghai crude futures to a premium over global benchmark Brent.

The trend reversed from July, though, prompting refiners to buy crude from the exchange at prices lower than spot supplies, the sources said.

Shanghai crude futures vs Brent

One source with direct knowledge of the matter said SK Trading International in July bought 700,000 barrels of Omani crude from Litasco, trading arm of Russian oil producer Lukoil.

Another source said GS Caltex bought two Omani crude cargoes in July and August via traders from the exchange.

Three tankers delivered oil from ports in Shandong and Hainan provinces to Yeosu and Ulsan in the past two months, Refinitiv data showed.

Chinese refiner Hengli Petrochemical also made its first purchase from the INE in August, lifting a 500,000-barrel Upper Zakum crude cargo from Dalian storage, a source familiar with the matter said.

Middle East crude sold via the exchange are "a couple of dollars" cheaper than spot supplies, but procedures such as customs clearance are complicated, he said.

The sources declined to be named due to the sensitivity of the matter. SK Innovation - owner of SK Energy - and GS Caltex and Hengli declined to comment.

Shanghai Futures Exchange, which owns INE, and Litasco did not respond to requests for comment.

INE's storage peaked at more than 45 million barrels at end-July to early August, according to data on its website.

Six-month contango for Shanghai crude futures vs Brent

Buyers of INE crude have to be flexible as the cargoes typically ship within weeks and the crude grade and loading port are decided by the exchange, the sources said.

Asian refiners normally buy crude two months ahead.

By Heekyong Yang and Shu Zhang


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMPOL LIMITED 0.94% 28.85 End-of-day quote.1.51%
GS HOLDINGS CORP. -1.97% 39750 End-of-day quote.5.86%
HENGLI PETROCHEMICAL CO.,LTD. 3.14% 35.5 End-of-day quote.26.92%
LONDON BRENT OIL -2.91% 54.8 Delayed Quote.8.12%
LUKOIL -0.13% 5900 End-of-day quote.14.16%
SK INNOVATION CO., LTD. 0.19% 262500 End-of-day quote.38.16%
WTI -3.09% 52.11 Delayed Quote.9.44%
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Financials
Sales 2020 15 991 B 14,5 B 14,5 B
Net income 2020 6,05 B 0,01 B 0,01 B
Net Debt 2020 7 795 B 7,06 B 7,06 B
P/E ratio 2020 -145x
Yield 2020 4,40%
Capitalization 3 747 B 3 398 M 3 395 M
EV / Sales 2020 235x
EV / Sales 2021 221x
Nbr of Employees -
Free-Float 47,0%
Chart GS HOLDINGS CORP.
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GS Holdings Corp. Technical Analysis Chart | A078930 | KR7078930005 | MarketScreener
Technical analysis trends GS HOLDINGS CORP.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 43 681,82 KRW
Last Close Price 39 750,00 KRW
Spread / Highest target 40,9%
Spread / Average Target 9,89%
Spread / Lowest Target -18,2%
EPS Revisions
Managers and Directors
NameTitle
Chang-Soo Huh Chairman & Co-Chief Executive Officer
Taek-Geun Jeong Vice Chairman & Co-Chief Executive Officer
Soon-Ky Hong President-Executive Board & Head-Finance
Dong-Soo Heo Non-Executive Director
Kyung-Wook Heo Independent Director