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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Rosneft Oil Company    ROSN   RU000A0J2Q06

ROSNEFT OIL COMPANY

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NK Rosneft' : China's Sinochem shies away from Rosneft's oil on looming U.S. sanctions - sources

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03/16/2020 | 06:20am EDT
A logo of Sinochem is seen outside an office building of Sinochem in Beijing

China's state oil company Sinochem Corp is rejecting any crude cargo "from or related to" Russia's state oil major Rosneft before U.S. sanctions on a Rosneft unit take effect in May, two sources with direct knowledge of the matter told Reuters.

In February, Washington ramped up pressure on Venezuela, by sanctioning Rosneft Trading SA, the Geneva-based trading unit of Rosneft, that President Donald Trump's administration said provides a financial lifeline to President Nicolas Maduro's government. The U.S. Treasury has set a May 20 deadline for companies to wind down operations with the firm.

Sinochem's move to avoid Rosneft's oil highlights the impact that U.S. sanctions have had on global commodity markets despite close relations between China and Russia, especially as Moscow is embroiled in an oil market share war with Saudi Arabia.

Washington has previously put in place and removed sanctions on a unit of Chinese shipping giant COSCO and on Rusal, the world's largest aluminium producer after Hongqiao, which has rattled global commodity trade.

"It looks like a political game: U.S. and (Saudi) Aramco want to punish Russia and now China can't help them," said one of the sources.

Sinochem, in a crude purchase tender issued on Monday, highlighted in yellow newly imposed restrictions that any crude oil offers shall not come "from or related to Rosneft Oil Company and its subsidiaries and affiliates", according to a document reviewed by Reuters.

The tender is to buy crude for Sinochem's refinery in Quanzhou, in southeastern China's Fujian province, with cargoes to be delivered between May 20 and June 10, the document showed.

Sinochem excluded Rosneft's cargoes in its latest tender because of concerns that Washington may unexpectedly widen sanctions to other parts of Rosneft before the cargoes arrive in China and ahead of the oil's payment, the sources said.

Rosneft shares fell 6% at the start of trading on Monday after Reuters first reported the Chinese move, but recovered some ground and were later trading down more than 2%.

Rosneft and Sinochem did not immediately respond to requests seeking comment.

Russia has condemned the U.S. sanctions, saying they amounted to unfair competition and would not deter Moscow from continuing to work with Venezuela.

By Shu Zhang

Stocks mentioned in the article
ChangeLast1st jan.
ROSNEFT OIL COMPANY -1.02% 339.5 End-of-day quote.-3.00%
SAUDI ARABIAN OIL COMPANY 0.16% 32 End-of-day quote.0.16%
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Financials (USD)
Sales 2020 86 945 M
EBIT 2020 11 214 M
Net income 2020 5 834 M
Debt 2020 54 933 M
Yield 2020 5,86%
P/E ratio 2020 11,2x
P/E ratio 2021 6,55x
EV / Sales2020 1,18x
EV / Sales2021 0,99x
Capitalization 47 641 M
Chart ROSNEFT OIL COMPANY
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 6,08  $
Last Close Price 4,50  $
Spread / Highest target 91,1%
Spread / Average Target 35,1%
Spread / Lowest Target -11,1%
EPS Revisions
Managers
NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Deputy Chairman
Gerhard Schroeder Chairman
Petr Ivanovich Lazarev Finance Director
Artur Matthias Warnig Deputy Chairman
Robert W. Dudley Non-Executive Director
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PETROCHINA COMPANY LIMITED-1.68%115 473
TOTAL S.A.-31.14%96 025
GAZPROM-0.87%57 829