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    002493   CNE100000W60

RONGSHENG PETROCHEMICAL CO., LTD.

(002493)
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Rongsheng Petrochemical : China's Rongsheng buys first condensate cargoes for Dec delivery -sources

10/14/2021 | 07:10am EST

SINGAPORE (Reuters) - China's Rongsheng Petrochemical has bought its first condensate cargoes for its mega refinery to be delivered in December, trade sources said on Thursday.

The trading arm of Chinese private refiner Zhejiang Petrochemical purchased a North West Shelf (NWS) condensate cargo from BP and a Bayu Undan condensate cargo from Glencore , they said.

It is unusual for the refiner to purchase condensate as it typically buys medium to heavy sour crude for its mega refinery, traders said.

The refiner might be blending the condensate cargoes with the 2 million barrels of Iraqi Basra Light crude it purchased in a tender from Chinese trader Unipec earlier this week, one of the sources said. Condensate yields more naphtha, a feedstock for the refiner's petrochemical production.

The companies do not comment on commercial deals.

Zhejiang Petrochemical operates China's largest refinery capable of processing 800,000 barrels per day of crude in Zhoushan, Zhejiang province.

(Reporting by Florence Tan; Editing by Peter Graff and Kim Coghill)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 2.18% 344.05 Delayed Quote.32.10%
RONGSHENG PETROCHEMICAL CO., LTD. 2.60% 16.96 End-of-day quote.-7.86%
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Financials
Sales 2021 186 B 29 188 M 29 188 M
Net income 2021 13 611 M 2 137 M 2 137 M
Net Debt 2021 131 B 20 539 M 20 539 M
P/E ratio 2021 12,5x
Yield 2021 1,04%
Capitalization 172 B 26 931 M 26 957 M
EV / Sales 2021 1,63x
EV / Sales 2022 1,28x
Nbr of Employees 13 962
Free-Float 29,5%
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Number of Analysts 14
Last Close Price 16,96 CNY
Average target price 22,54 CNY
Spread / Average Target 32,9%
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Managers and Directors
Jiong Jiong Xiang General Manager & Director
Ya Fang Wang Chief Financial & Accounting Officer
Shui Rong Li Chairman
Guo Ming Sun Chairman-Supervisory Board
Yi Ping Shao Independent Director
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