Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  CNOOC Limited    883   HK0883013259

CNOOC LIMITED

(883)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations
The feature you requested does not exist. However, we suggest the following feature:

China's exports of IMO-compliant fuel rise a third in April - data, trade

share with twitter share with LinkedIn share with facebook
share via e-mail
05/27/2020 | 06:27am EDT

By Chen Aizhu and Muyu Xu

China's low-sulphur marine fuel exports rose by a third in April compared with March to the highest level yet after it waived export taxes for domestic refiners to meet shipping demand, Chinese customs data showed.

Chinese refiners began exporting in January very low sulphur fuel oil (VLSFO) with a maximum sulphur content of 0.5% to comply with emission rules for ships from the International Maritime Organization.

Data from China's General Administration of Customs showed April exports of the ship fuel reached nearly 1.43 million tonnes, up from 1.07 million tonnes in March and just below a combined 1.56 million tonnes for the first two months.

Exports in the first four months reached just over 4 million tonnes, the data showed.

As the world's second largest economy, emerged from the coronavirus pandemic, China's exports of all goods rebounded, although global recession overshadows the demand recovery.

China, which has been striving to reduce its reliance on bunker fuel imports and create its own marine fuel hub to supply northern Asia, has not explained how it collects its marine fuel export data.

Beijing-based traders, speaking on condition of anonymity, said China records its bunker fuel exports by tracking Chinese refiners' bunker sales from bonded storage at major Chinese ports, such as Zhoushan and Qingdao in east China and Dalian in the northeast.

The average price of VLSFO in China was $234 in April, on a par with $236 in Singapore, Asia's bunker fuel hub, one of the traders said.

Analysts expect Chinese refiners to price their supplies at discount to Singapore to try to win a bigger share of the international market.

So far the impact is muted.

"Compared to Singapore, the competitively priced VLSFO among main Chinese ports might have attracted more business," Mia Geng, analyst at FGE in Singapore, said.

Beijing has allowed only four state refiners - Sinopec Group, CNPC, China National Offshore Oil Company (CNOOC) and Sinochem Group - as well as private refiner Zhejiang Petrochemical Corp (ZPC) to export VLSFO, managed under a quota system.

Chinese consultancy JLC Network Technology estimated these refiners produced 1.46 million tonnes of VLSFO in the first quarter.

As China's production grows, imports are expected to fall. Imports from countries such as Singapore and South Korea into China's bonded storages totalled 4.3 million tonnes in the first four months, down 10.7% from a year earlier, customs data showed.

Separately, China imported 470,000 tonnes of fuel oil under the "general trade" category, in the first four months, the data showed. The oil has been purchased by petrochemical plants as feedstock, traders said.

(Reporting by Chen Aizhu in Singapore and Muyu Xu in Beijing; editing by Florence Tan and Barbara Lewis)

Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED -1.93% 8.63 End-of-day quote.-33.41%
LONDON BRENT OIL 7.24% 37.64 Delayed Quote.-46.38%
WTI 5.04% 35.185 Delayed Quote.-45.35%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on CNOOC LIMITED
05/27China's exports of IMO-compliant fuel rise a third in April - data, trade
RE
05/22CNOOC LIMITED : Announces Penglai 19-3 Oilfield Area 4 adjustment Penglai 19-9 O..
AQ
05/21CNOOC LIMITED : Announces Penglai 19-3 Oilfield Area 4 adjustment/Penglai 19-9 O..
AQ
05/20HitecVision renegotiates purchase of Total's North Sea assets, seeks more
RE
05/19EXCLUSIVE : Exxon revives sale of stake in giant Azeri oilfield
RE
05/19Exclusive - Exxon revives sale of stake in giant Azeri oilfield
RE
05/14China's top energy firms to grow gas output despite spending cuts
RE
05/13China's Foran Energy Group buys spot LNG cargo in rare move - traders
RE
05/04Chinese Oil Majors' Shares Fall Amid Renewed U.S.-China Tensions
DJ
04/29CNOOC : China CNOOC sees Brent at $30-$40/bbl, to cut Canada, U.S. output
RE
More news
Financials
Sales 2020 147 B 20 605 M 20 605 M
Net income 2020 12 043 M 1 688 M 1 688 M
Net Debt 2020 121 B 16 992 M 16 992 M
P/E ratio 2020 28,5x
Yield 2020 3,32%
Capitalization 355 B 49 704 M 49 709 M
EV / Sales 2019
EV / Sales 2020 3,24x
Nbr of Employees 18 425
Free-Float 35,6%
Chart CNOOC LIMITED
Duration : Period :
CNOOC Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CNOOC LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 8,57 CNY
Last Close Price 7,94 CNY
Spread / Highest target 62,9%
Spread / Average Target 7,89%
Spread / Lowest Target -21,8%
EPS Revisions
Managers
NameTitle
Ke Qiang Xu Chief Executive Officer & Executive Director
Guang Jie Hu President & Executive Director
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
Juen Yee Lau Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
CNOOC LIMITED-33.41%49 704
CONOCOPHILLIPS-35.14%45 289
EOG RESOURCES, INC.-39.15%29 667
CANADIAN NATURAL RESOURCES LIMITED-40.12%21 563
PIONEER NATURAL RESOURCES COMPANY-39.49%15 101
WOODSIDE PETROLEUM LTD-34.06%14 364