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    386   CNE1000002Q2

CHINA PETROLEUM & CHEMICAL CORPORATION

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PetroChina expects its carbon emissions to peak around 2025

03/25/2021 | 06:39am EDT
FILE PHOTO: PetroChina's logo is seen at its petrol station in Nantong, Jiangsu province, China

SINGAPORE (Reuters) - PetroChina, Asia's largest oil and gas producer, expects its carbon emissions to peak by around 2025, as it aims to lift output of lower-carbon natural gas to 55% of its total production by then from 47% now.

By 2035, the top Chinese energy company aims to supply more zero-carbon products than the fossil fuels it consumes, putting it on course to reach its carbon-neutral target by 2050, Chairman Dai Houliang told a virtual earnings call.

Spending on greener products including wind, solar, geothermal and hydrogen power will expand "significantly year on year," Dai said, without giving detail.

He said the next five-to-10 years would be "the window for energy transitions" and the company was working on precise timelines.

In the near term, the company will focus on natural gas to cut emissions as China turns increasingly to the fuel to replace coal, an approach shared by domestic peers Sinopec Corp and CNOOC Ltd.

PetroChina aims to produce between 150 billion and 160 billion cubic metres of natural gas in 2025, which would be 21%-29% higher than last year.

PetroChina earlier reported a 58% fall in net income last year to 19.01 billion yuan ($2.91 billion), the lowest in four years, following falls in oil and gas prices linked to COVID-19.

Its crude oil output gained 1.4% last year to about 2.53 million barrels per day, while its gas production rose 8% to 4,221 billion cubic feet.

PetroChina, China's second-largest refiner, recorded an 11% fall in sales of transportation fuels last year as it faced fierce competition from private refiners in an over-supplied domestic fuel market.

But lower oil-linked import costs enabled the company to narrow losses incurred at its natural gas import business to 14.16 billion yuan, 16.55 billion yuan less than in 2019.

Its domestic natural gas business expanded further, especially in unlocking shale gas reserves in the southwestern Sichuan basin, as PetroChina overtook domestic rival Sinopec Corp in unconventional fuel production.

($1 = 6.5370 Chinese yuan renminbi)

(Reporting by Chen Aizhu; editing by Jason Neely and Barbara Lewis)

By Chen Aizhu


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORPORATION -3.87% 3.97 End-of-day quote.14.41%
CHINESE ENERGY HOLDINGS LIMITED 0.00% 0.94 End-of-day quote.141.03%
CNOOC LIMITED -2.04% 8.66 End-of-day quote.20.61%
LONDON BRENT OIL -0.07% 74.76 Delayed Quote.41.20%
PETROCHINA COMPANY LIMITED -2.45% 3.58 End-of-day quote.49.17%
S&P GSCI CRUDE OIL INDEX 2.31% 399.7587 Delayed Quote.46.93%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.02% 6.4646 Delayed Quote.-0.60%
WTI -0.13% 72.922 Delayed Quote.48.21%
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Financials
Sales 2021 2 581 B 399 B 399 B
Net income 2021 61 878 M 9 570 M 9 570 M
Net cash 2021 46 288 M 7 159 M 7 159 M
P/E ratio 2021 6,33x
Yield 2021 9,39%
Capitalization 494 B 76 371 M 76 366 M
EV / Sales 2021 0,17x
EV / Sales 2022 0,17x
Nbr of Employees 384 065
Free-Float 31,4%
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Technical analysis trends CHINA PETROLEUM & CHEMICAL CORPORATION
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Mean consensus BUY
Number of Analysts 18
Average target price 4,47 CNY
Last Close Price 3,29 CNY
Spread / Highest target 55,4%
Spread / Average Target 35,8%
Spread / Lowest Target 1,94%
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Managers and Directors
NameTitle
Yong Sheng Ma President & Director
Dong Hua Shou Chief Financial Officer
Yu Zhuo Zhang Chairman
Shao Feng Zhang Chairman-Supervisory Board
Hong Bin Cai Independent Non-Executive Director
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1st jan.Capitalization (M$)
CHINA PETROLEUM & CHEMICAL CORPORATION14.41%77 759
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