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    A078930   KR7078930005

GS HOLDINGS CORP.

(A078930)
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South Korea imports oil from China storage in rare flow - sources, Eikon

09/01/2020 | 01:58am EDT

South Korean refiners have bought nearly 2 million barrels of Omani crude from Chinese storage tanks in the past two months, seldom seen trades created by low prices and high inventories, according to trade sources and shipping data on Refinitiv Eikon.

The cargoes were among the first to be lifted from bonded storage tanks operated by Shanghai's International Energy Exchange (INE) for delivery to South Korea, the sources said.

Strong buying from Chinese investors betting on a rebound in oil prices earlier this year pushed Shanghai crude futures to a premium over global benchmark Brent.

The trend reversed from July, though, prompting refiners to buy crude from the exchange at prices lower than spot supplies, the sources said.

Shanghai crude futures vs Brent

One source with direct knowledge of the matter said SK Trading International in July bought 700,000 barrels of Omani crude from Litasco, trading arm of Russian oil producer Lukoil.

Another source said GS Caltex bought two Omani crude cargoes in July and August via traders from the exchange.

Three tankers delivered oil from ports in Shandong and Hainan provinces to Yeosu and Ulsan in the past two months, Refinitiv data showed.

Chinese refiner Hengli Petrochemical also made its first purchase from the INE in August, lifting a 500,000-barrel Upper Zakum crude cargo from Dalian storage, a source familiar with the matter said.

Middle East crude sold via the exchange are "a couple of dollars" cheaper than spot supplies, but procedures such as customs clearance are complicated, he said.

The sources declined to be named due to the sensitivity of the matter. SK Innovation - owner of SK Energy - and GS Caltex and Hengli declined to comment.

Shanghai Futures Exchange, which owns INE, and Litasco did not respond to requests for comment.

INE's storage peaked at more than 45 million barrels at end-July to early August, according to data on its website.

Six-month contango for Shanghai crude futures vs Brent

Buyers of INE crude have to be flexible as the cargoes typically ship within weeks and the crude grade and loading port are decided by the exchange, the sources said.

Asian refiners normally buy crude two months ahead.

By Heekyong Yang and Shu Zhang


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMPOL LIMITED -1.88% 28.24 End-of-day quote.-0.63%
GS HOLDINGS CORP. 0.66% 45900 End-of-day quote.22.24%
HENGLI PETROCHEMICAL CO.,LTD. -0.08% 23.53 End-of-day quote.-15.87%
LONDON BRENT OIL 0.00% 75.26 Delayed Quote.44.55%
LUKOIL -0.87% 6634 End-of-day quote.28.37%
SK INNOVATION CO., LTD. 3.35% 293500 End-of-day quote.54.47%
WTI -0.18% 73.01 Delayed Quote.51.13%
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Financials
Sales 2021 17 396 B 15,4 B 15,4 B
Net income 2021 1 037 B 0,92 B 0,92 B
Net Debt 2021 8 152 B 7,21 B 7,21 B
P/E ratio 2021 4,12x
Yield 2021 4,26%
Capitalization 4 331 B 3 818 M 3 829 M
EV / Sales 2021 0,72x
EV / Sales 2022 0,69x
Nbr of Employees 42
Free-Float 47,0%
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Number of Analysts 10
Last Close Price 45 600,00 KRW
Average target price 56 600,00 KRW
Spread / Average Target 24,1%
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Chang-Soo Huh Chairman & Co-Chief Executive Officer
Taek-Geun Jeong Vice Chairman & Co-Chief Executive Officer
Soon-Ky Hong President-Executive Board & Head-Finance
Hyeong-Mo Je Compliance Officer
Kyung-Wook Heo Independent Director
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