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    600028   CNE0000018G1

CHINA PETROLEUM & CHEMICAL CORPORATION

(600028)
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China Petroleum & Chemical : Goldman, JPMorgan, HSBC vie for lead roles in listing UAE's ADNOC unit - sources

07/12/2017 | 06:12am EDT
Cars are seen an ADNOC petrol station in Abu Dhabi,

ABU DHABI/DUBAI (Reuters) - Abu Dhabi's national oil company is weighing proposals from Goldman Sachs (>> Goldman Sachs Group), First Abu Dhabi Bank (>> First Abu Dhabi Bank PJSC), HSBC (>> HSBC Holdings) and JPMorgan (>> JP Morgan Chase & Company) for lead roles in the listing of its retail business, sources familiar with the matter said.

ABU DHABI/DUBAI (Reuters) - Abu Dhabi's national oil company is weighing proposals from Goldman Sachs (>> Goldman Sachs Group), First Abu Dhabi Bank (>> First Abu Dhabi Bank PJSC), HSBC (>> HSBC Holdings) and JPMorgan (>> JP Morgan Chase & Company) for lead roles in the listing of its retail business, sources familiar with the matter said.

Rothschild is in a strong position for an advisory role to the deal that could raise $1.5 to $2 billion for ADNOC, sources told Reuters.

Beyond the Gulf region, oil companies are looking to raise capital and boost valuations in an era of cheap oil from listings or sales of retail units.

Plans to list some of ADNOC's services also come as other Gulf states, such as Saudi Arabia and Oman, have embarked on privatising energy assets.

The listing of Abu Dhabi National Oil Co's (ADNOC) Distribution business, which manages petrol stations as well as convenience stores across the United Arab Emirates (UAE), is planned before the end of the year, one of the sources told Reuters.

The company has a total number of 460 petrol stations after the opening up of several new ones since the start of the year, it said in a statement on Wednesday.

ADNOC's listing could stir the UAE's lacklustre IPO scene from its recent slumber. There have been only two initial public offerings (IPOs) so far in 2017 in the UAE, raising $348.5 million, and none at all last year, Thomson Reuters data shows.

Other oil companies looking to raise money from listings of retail units include China Petroleum and Chemical Corp, (>> China Petroleum & Chemical Corp) which is planning to list its retail unit in Hong Kong and Thailand's biggest energy company PTT (>> PTT Public Company Limited) which is examining a proposal to list its retail business.

The pitching process for the ADNOC deal is under way after the unlisted group announced this week that it is looking to float some of its services businesses and enter tie-ups with global investors to help it create new revenue streams and secure more market access.

Ten banks have been invited to pitch for a role in the IPO, one of the sources said. ADNOC declined to confirm details of the pitching process, but a spokesman told Reuters "central to ADNOC's new approach is the more active management of its portfolio of assets and businesses."

"ADNOC is therefore considering the IPO of minority stakes of some of its services businesses and we will update the market on its plans in due course," the spokesman said.

Spokespeople for JPMorgan, HSBC, Goldman Sachs and Rothschild declined to comment. First Abu Dhabi Bank did not respond to a request for comment.

ADNOC has no plans to list the holding company. State-owned ADNOC produces around 3 million barrels of oil per day and manages 95 percent of UAE's proven oil reserves and 92 percent of the country's gas reserves.

(Editing by Keith Weir and Elaine Hardcastle)

By Stanley Carvalho, Saeed Azhar and Hadeel Al Sayegh


ę Reuters 2017
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Analyst Recommendations on CHINA PETROLEUM & CHEMICAL CORPORATION
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Financials
Sales 2021 2 651 B 415 B 415 B
Net income 2021 71 385 M 11 184 M 11 184 M
Net cash 2021 52 878 M 8 284 M 8 284 M
P/E ratio 2021 5,37x
Yield 2021 11,3%
Capitalization 504 B 78 933 M 78 941 M
EV / Sales 2021 0,17x
EV / Sales 2022 0,18x
Nbr of Employees 384 065
Free-Float 31,3%
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Number of Analysts 18
Last Close Price 3,19 CNY
Average target price 4,44 CNY
Spread / Average Target 38,9%
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Managers and Directors
Yong Sheng Ma Chairman & President
Dong Hua Shou Chief Financial Officer
Shao Feng Zhang Chairman-Supervisory Board
Hong Bin Cai Independent Non-Executive Director
Kar Ling Ng Independent Non-Executive Director
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