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    386   CNE1000002Q2

CHINA PETROLEUM & CHEMICAL CORPORATION

(386)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 01/17
4.05 HKD   +1.25%
01/17China Raises Retail Fuel Prices From Tuesday
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01/10CNOOC's Bohai overtakes Daqing as China's largest oil field
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01/02China Raises Retail Fuel Prices From Saturday
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China's Sinopec completes successful trial of crude to olefin technology

11/17/2021 | 04:39am EST
FILE PHOTO: The company logo of China’s Sinopec Corp is displayed at a news conference in Hong Kong

SINGAPORE (Reuters) - China's Sinopec Corp said on Wednesday it completed a successful trial processing crude oil directly into olefin, making the top Asian refiner one of the world's few companies that have applied the technology at an industrial scale.

With a yield of close to 50%, the manufacturing process cuts significantly production cost as well as carbon dioxide emission, compared with the traditional approach of refining crude into intermediate fuels which are further processed into olefin, Sinopec said.

Olefin - mainly ethylene and propylene - is the key building block for making petrochemicals such as plastics and synthetic fibre.

Following the trial at Sinopec subsidiary plant in Tianjin, the refiner will follow up with building a one million tonne per year crude-to-olefin plant, it said, without giving further details.

China, the world's largest emitter of green house gases, is expected to cap its primary crude oil refining capacity at one billion tonnes annually by 2025 (20 million barrels per day), under a national goal to hit carbon emission peak before 2030.

But it remains short of petrochemicals such as plastics and synthetic fibre.

ExxonMobil is another firm equipped with such technology, Sinopec added.

The U.S. oil and gas major said last week it had made a final investment decision to build a multi-billion dollar petrochemical complex in south China, which will incorporate a similar manufacturing process according to industry experts.

(Reporting by Chen Aizhu; Editng by Robert Birsel)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORPORATION -0.47% 4.23 End-of-day quote.0.00%
CHINA PETROLEUM & CHEMICAL CORPORATION 1.25% 4.05 End-of-day quote.11.57%
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Financials
Sales 2021 2 689 B 424 B 424 B
Net income 2021 76 235 M 12 020 M 12 020 M
Net cash 2021 52 878 M 8 338 M 8 338 M
P/E ratio 2021 5,18x
Yield 2021 11,1%
Capitalization 489 B 76 931 M 77 027 M
EV / Sales 2021 0,16x
EV / Sales 2022 0,16x
Nbr of Employees 384 065
Free-Float -
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Technical analysis trends CHINA PETROLEUM & CHEMICAL CORPORATION
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Last Close Price 3,30 CNY
Average target price 4,25 CNY
Spread / Average Target 28,7%
EPS Revisions
Managers and Directors
Bao Cai Yu President & Executive Director
Dong Hua Shou Chief Financial Officer
Yong Sheng Ma Chairman
Shao Feng Zhang Chairman-Supervisory Board
Hong Bin Cai Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
CHINA PETROLEUM & CHEMICAL CORPORATION11.57%76 931
EXXON MOBIL CORPORATION17.45%304 266
CHEVRON CORPORATION9.89%248 594
RELIANCE INDUSTRIES LTD7.21%217 759
BP PLC19.14%104 352
MARATHON PETROLEUM CORPORATION16.80%46 009