Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Petroleum & Chemical Corp    600028   CNE0000018G1

CHINA PETROLEUM & CHEMICAL CORP

(600028)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Exclusive: Glencore loses exclusive rights to major Libyan oil grades

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/10/2019 | 09:41am EDT
FILE PHOTO: The logo of commodities trader Glencore is pictured in Baar

LONDON (Reuters) - Trading and mining giant Glencore has lost its exclusive marketing rights for two of Libya's main crude oil export grades after holding them since late 2015, trading sources with direct knowledge said.

The Switzerland-based firm had secured the rights to the Sarir and Messla grades when it was one of the few foreign companies willing to deal with the North African country during unrest that has wracked the country since 2011.

Glencore, which had exclusive rights on the two grades until the end of 2018, and Libya's National Oil Corp (NOC) declined to comment.

In a sign of renewed international confidence in Libya's oil industry, BP and Royal Dutch Shell returned to lifting directly from the country last year, initially taking other grades.

"Glencore lost exclusivity on Messla and Sarir," one of the trading sources told Reuters, asking not to be named. "Companies like BP and Shell had their first Messla and Sarir allocation."

A second trader said that now "anyone can get these grades."

The two grades account for nearly a fifth of Libyan output that now stands at 953,000 barrels per day (bpd), still well below the pre-conflict level of 1.6 million bpd.

For a period when oil production fell even more sharply, those grades that are exported from the eastern Libyan port of Marsa el Hariga generated the bulk of state revenues.

Libya's 220,000 barrel-per-day Ras Lanuf refinery, which is now idled, ran on the two grades.

The remainder of Libya's crude streams have not been allocated exclusively to one company for such an extended period.

So far, Unipec was also allocated three cargoes from Marsa el Hariga in January, one source said, although the proportion taken of each grade by the trading arm of China's Sinopec was not immediately clear.

BP is due to take 1 million barrels on the Crescent Moon tanker in mid-January from the same port, according to a shipping source and Refinitiv Eikon ship tracking. BP did not immediately respond to a request for comment.

Shell is also due to take at least one cargo from Marsa el Hariga, three sources said. Shell also did not immediately respond to a request for comment.

Security challenges still threaten Libya's oil infrastructure. Its largest oilfield, El Sharara, has been shut since December over a dispute with tribesmen, armed protesters and state guards demanding salaries and development.

(Reporting by Julia Payne, Ahmad Ghaddar and Ron Bousso; Editing by Jason Neely and Edmund Blair)

By Julia Payne and Ahmad Ghaddar

Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -0.54% 536 Delayed Quote.8.08%
CHINA PETROLEUM & CHEMICAL CORP 0.38% 5.23 End-of-day quote.3.56%
GLENCORE -0.75% 270 Delayed Quote.-7.33%
ROYAL DUTCH SHELL -0.46% 28.135 Delayed Quote.9.67%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CHINA PETROLEUM & CHEMICAL
06/14Sinopec eyes bigger slice of global bunker market
AQ
06/11MARUBENI : & SINOPEC Sign MoU for Marine Fuel Business Cooperation
AQ
06/11CNPC to ramp up clean energy output
AQ
06/11PETROCHINA : China's Oil Giants Seek To Cut Gas Losses – Analysis
AQ
06/09Sinopec signs agreement with Russian oil company
AQ
06/05China's reliance on crude oil imports set to continue
AQ
05/31CHINA PETROLEUM & CHEMICAL : Ex-dividend day for final dividend
FA
05/29CHINA PETROLEUM & CHEMICAL : Sinopec announces 2018 full year results | China Si..
AQ
05/26CHINA PETROLEUM & CHEMICAL : Unipec, Vitol set to win tender to supply fuels to ..
RE
05/23CHINA PETROLEUM & CHEMICAL : PetroChina raising gas prices ahead of pipeline res..
RE
More news
Financials (CNY)
Sales 2019 2 834 B
EBIT 2019 93 160 M
Net income 2019 65 737 M
Finance 2019 63 215 M
Yield 2019 7,13%
P/E ratio 2019 10,29
P/E ratio 2020 9,51
EV / Sales 2019 0,20x
EV / Sales 2020 0,19x
Capitalization 638 B
Chart CHINA PETROLEUM & CHEMICAL CORP
Duration : Period :
China Petroleum & Chemical Corp Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CHINA PETROLEUM & CHEMICAL
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,64  CNY
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
Yong Sheng Ma President & Executive Director
Hou Liang Dai Chairman
Dong Zhao Chairman-Supervisory Board
De Hua Wang Chief Financial Officer
Zhen Ying Jiang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEMICAL CORP3.56%92 184
EXXON MOBIL CORPORATION9.03%304 131
BP PLC8.08%139 831
RELIANCE INDUSTRIES14.36%124 602
SUNCOR ENERGY INC.9.36%47 533
PTT PUBLIC COMPANY LIMITED--.--%42 125