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    386   CNE1000002Q2

CHINA PETROLEUM & CHEMICAL CORPORATION

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Delayed Hong Kong Stock Exchange  -  04:08 2022-08-08 am EDT
3.630 HKD   +1.40%
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Sinopec Fuel Oil Singapore targets 50% increase in bunker sales - exec

06/06/2022 | 05:19am EDT
Sinopec oil tanker approaches cargo vessel Dongtai Baoze berthed at an anchorage off Zhoushan port to supply it with bunker fuel

SINGAPORE (Reuters) - Sinopec Fuel Oil (Singapore) Pte Ltd aims to raise its monthly bunker sales volumes by more than 50% after it received a licence from the Singapore government this month, the company's general manager said on Monday.

Chinese refiners are expanding their foothold in the global marine fuels sector by increasing sales and output of 0.5% low sulphur fuel oil at key ports in Zhoushan, in China, and Singapore in recent years.

The Maritime and Port Authority of Singapore (MPA) awarded the bunker licence to Sinopec's Singapore fuel oil unit on June 1, the MPA said on its website, allowing the company to use its own fleet to supply fuel directly to ships.

The company plans to increase its bunker sales by about 50,000 tonnes to about 100,000 to 150,000 tonnes per month, General Manager of Sinopec Fuel Oil (Singapore) Zhou Jie told Reuters.

"We will be expanding our focus on the bunkering business further and we are also planning to hire more employees in the bunker field going forward," said Zhou.

Sinopec Fuel Oil Singapore has three barges, including two for 0.5% low sulphur fuel oil deliveries and one for high sulphur fuel oil deliveries, he said.

It aims to add one or two more barges this year for marine fuel oil delivery, while marine gasoil will be supplied by leasing barges from other suppliers, Zhou said.

The company does not intend to rent floating storage vessels in the near term and would rent onshore tanks instead, he said.

This is the first bunker supplier licence MPA has awarded since April 2020.

The number of licensed bunker suppliers in Singapore has fallen over the past five years, down to 42 now compared with more than 50 in 2017.

Singapore remains the largest bunkering hub in the world, with marine fuels sales totalling 49.9 million tonnes in 2021, MPA data showed.

(Reporting by Jeslyn Lerh; Editing by Florence Tan and)

By Jeslyn Lerh


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORPORATION 1.40% 3.63 Delayed Quote.-1.38%
LONDON BRENT OIL -0.18% 93.9 Delayed Quote.21.13%
MSCI SINGAPORE (GDTR) 0.58% 5826.71 Real-time Quote.-7.72%
S&P GSCI GAS OIL INDEX -3.70% 871.1829 Real-time Quote.46.35%
WTI -0.11% 88.047 Delayed Quote.17.49%
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Financials
Sales 2022 3 195 B 472 B 472 B
Net income 2022 70 140 M 10 373 M 10 373 M
Net cash 2022 26 879 M 3 975 M 3 975 M
P/E ratio 2022 5,30x
Yield 2022 12,7%
Capitalization 469 B 69 294 M 69 294 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,17x
Nbr of Employees 385 691
Free-Float 31,4%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 3,08 CNY
Average target price 3,82 CNY
Spread / Average Target 24,0%
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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
Zizong Wang GM-Information & Digital Management Department
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