Sinopec

Taiwan 's CPC joins Sinopec in Myanmar venture

Agence France-Presse — Thu, 25 Apr 2013 10:31:38 +0000

Agence France-Presse

Taiwan's state oil supplier CPC Corp. said Thursday it had bought a 30 percent stake in a project launched by China's oil giant Sinopec to tap gas reserves in Myanmar.

In a statement CPC said the company and International Petroleum Exploration and Production Corp (SIPC), a wholly-owned subsidiary of Sinopec, signed the contract Wednesday.

While declining to specify the investment value, it said the contract allows CPC to obtain a 30 percent stake from the SIPC project, which already struck six exploration wells.

China's Sinopec says net profit down 12.8% for 2012

Agence France-Presse — Sun, 24 Mar 2013 20:31:50 +0000

Agence France-Presse

Chinese oil giant Sinopec's annual net profit for 2012 fell 12.8 year-on-year, the firm said, with high crude-oil costs and a slowdown in the global and Chinese economy weighing on its bottom line.

Asia's largest refiner by capacity said in a filing late Sunday to the Hong Kong stock exchange that its net profit for the year fell to 63.88 billion yuan ($10.3 billion) from 73.23 billion yuan in 2011.

Sinopec in JV to buy $3 billion of assets from parent

Thomson Reuters — Sun, 24 Mar 2013 16:30:04 +0000

Thomson Reuters

HONG KONG (Reuters) - China Petroleum and Chemical Corp (Sinopec Corp) <0386.HK> <600028.SS> <SNP.N> has agreed to set up a joint venture with its parent company to buy $3 billion (2 billion pounds) worth of oil and gas assets held by the latter in a bid to improve its profitability.

The 50/50 venture between a wholly-owned subsidiary of Sinopec Corp and Sinopec Corp's parent, China Petrochemical Corp (Sinopec Group), will buy oil and gas producing assets with 310 million barrels in proven and probable reserves.

US stocks rise on promise of more stimulus

Agence France-Presse — Mon, 25 Feb 2013 15:45:48 +0000

Agence France-Presse

US stocks moved solidly higher Monday on expectations of continued economic stimulus measures by central banks.

About 40 minutes into trade, the Dow Jones Industrial Average rose 72.93 points (0.52 percent) to 14,073.50.

The broad-based S&P 500 increased 9.16 (0.60 percent) to 1,524.76 while the tech-rich Nasdaq Composite Index jumped 22.48 points (0.71 percent) to 3,184.29.

The increases followed comments Friday by St. Louis Federal Reserve President James Bullard that the US easy-money policy would continue.

Hong Kong stocks fall 0.34%

Agence France-Presse — Thu, 07 Feb 2013 09:31:12 +0000

Agence France-Presse

Hong Kong shares closed 0.34 percent lower on Thursday, in line with a regional sell-off and ahead of the release of closely watched Chinese economic data.

The benchmark Hang Seng Index fell 79.93 points to 23,177.00 on turnover of HK$79.04 billion ($10.20 billion).

Beijing will release on Friday trade and inflation data for January, looking for a better insight into the state of the world's number two economy, on the last day before a week-long holiday on the mainland for Lunar New Year.

Hong Kong shares suffer worst day in 3 mths, Sinopec sinks

Thomson Reuters — Tue, 05 Feb 2013 08:30:03 +0000

Thomson Reuters

HONG KONG, Feb 5 (Reuters) - Hong Kong shares posted their worst loss in three months on Tuesday, weighed by a 6.4 percent slide in China Petroleum and Chemical Corp (Sinopec) after a $3.1 billion new share placement.

The Hang Seng Index ended down 2.3 percent at 23,148.5, its worst single-day loss since Nov. 8, unmoved by a rebound over the day in mainland shares. The China Enterprises Index of the top Chinese listings in Hong Kong shed 2.8 percent.

Hong Kong shares fall as Sinopec tumbles; China slips

Thomson Reuters — Tue, 05 Feb 2013 03:45:04 +0000

Thomson Reuters

* HSI -1.8 pct, H-shares -2.5 pct, CSI300 -0.5 pct

* Sinopec down but above HK$8.45 per new share price

* Coal, railway strength limit A-share losses

By Clement Tan

HONG KONG, Feb 5 (Reuters) - Hong Kong shares tumbled to a three-week low on Tuesday, dragged down by a 7 percent slump for China Petroleum and Chemical Corp (Sinopec) after the oil giant launched a $3.1 billion new share placement.

Confidence in UK North Sea up after tax breaks-Deloitte

Thomson Reuters — Fri, 18 Jan 2013 00:30:29 +0000

Thomson Reuters

LONDON, Jan 18 (Reuters) - Investor confidence in Britain's North Sea is on the mend with a jump in drilling and deals recorded in 2012 as the oil province, which is in long-term decline, reaps the benefits of recently announced tax breaks, says a study.

Drilling for oil and gas in waters off Britain was 33 percent higher last year than in 2011 while deal activity surged by around a third in the period, found a study by Deloitte published on Friday.

Hong Kong shares seen higher ahead of China inflation data

Thomson Reuters — Fri, 11 Jan 2013 01:15:48 +0000

Thomson Reuters

HONG KONG, Jan 11 (Reuters) - Hong Kong shares could start slightly higher on Friday, ahead of China's December inflation data expected later in the day that is forecast to hit a 7-month high of 2.3 percent.

Economists polled by Reuters also predicted China's producer price index dipped 1.8 percent in December from a year ago, easing from November's annual factory gate deflation of 2.2 percent.