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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  PetroChina Company Limited    601857   CNE1000007Q1

PETROCHINA COMPANY LIMITED

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China Resources Gas to start off-season prices two-months earlier to cushion virus hit

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02/23/2020 | 10:57pm EST

China Resources Gas Group, the country's biggest city gas distributor, will bring forward the implementation of off-season natural gas prices by two months to February, following a rare instruction from Beijing to support the virus-hit economy.

China's state planner for the first time urged natural gas suppliers and distributors to implement off-season prices earlier for industrial and commercial users, to help mitigate companies' losses from the coronavirus outbreak.

Off-season natural gas prices are typically implemented from mid-March or early April until mid-November in China.

CR Gas, a subsidiary of state-owned China Resources, will begin off-season prices from Feb.1 for its over 18,000 industrial users and 218,000 commercial users, the state asset watchdog said in a statement on Monday.

"Price difference between peak and off-peak season could range from 20% to 40%, with some special gas sources such as unconventional gas being sold at even higher prices," said Wang Haohao, a gas analyst at Longzhong Information Group.

Under China's price mechanism, gas suppliers are allowed to raise prices by as much as 20% from benchmark city gate prices, set by local authorities, and there is no limit for off-peak season price reductions.

The state planner has asked local authorities to lower the city gate prices and encourage gas suppliers to provide cheaper prices for industries hit hard by the coronavirus outbreak such as fertiliser producers.

"Upstream gas suppliers would be affected the most by the policy, but not so much for midstream transmission companies and downstream distributors," said Wang.

Analysts at Bernstein expect revenue for the first quarter at PetroChina, the top gas supplier in the country, to decline at least 7 billion yuan ($996.4 million) as a result of lower city gas prices.

The National Development and Reform Commission on Saturday also cut the electricity prices for industrial and commercial users by 5% from Feb.1 to June 30.

State Grid and China Southern Power Grid, two state-owned electricity utility monopolies, will write-off around 48.9 billion yuan and 10.6 billion yuan power bills, respectively, the companies said.

(Reporting by Muyu Xu in Beijing and Jessica Jaganathan in Singapore; Editing by Sriraj Kalluvila)

Stocks mentioned in the article
ChangeLast1st jan.
CHINA RESOURCES GAS GROUP LIMITED 0.49% 41.4 End-of-day quote.0.73%
PETROCHINA COMPANY LIMITED -1.70% 5.19 End-of-day quote.-7.89%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 7.025 Delayed Quote.1.08%
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Financials (CNY)
Sales 2019 2 372 B
EBIT 2019 121 B
Net income 2019 49 101 M
Debt 2019 397 B
Yield 2019 4,56%
P/E ratio 2019 12,1x
P/E ratio 2020 11,4x
EV / Sales2019 0,59x
EV / Sales2020 0,56x
Capitalization 999 B
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Technical analysis trends PETROCHINA COMPANY LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 18
Average target price 4,36  CNY
Last Close Price 3,19  CNY
Spread / Highest target 80,1%
Spread / Average Target 36,8%
Spread / Lowest Target 1,85%
EPS Revisions
Managers
NameTitle
Wen Rong Xu Chairman-Supervisory Board
Shou Ping Chai Chief Financial Officer
Bo Qiang Lin Independent Non-Executive Director
Yue Zhen Liu Non-Executive Director
Feng Shan Zhang Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
PETROCHINA COMPANY LIMITED-7.89%130 347
ROYAL DUTCH SHELL-16.45%184 594
PETROCHINA COMPANY LIMITED-3.01%130 347
TOTAL-14.30%118 258
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-3.55%89 519
GAZPROM PAO--.--%80 956