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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  Rosneft Oil Company    ROSN   RU000A0J2Q06

ROSNEFT OIL COMPANY

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China CNPC skips Venezuelan oil loading for second month - sources

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09/10/2019 | 11:42am EDT
People visit a booth of China National Petroleum Corporation (CNPC) at the Smart China Expo in Chongqing

SINGAPORE (Reuters) - China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil giant looks to avoid breaching U.S. sanctions, two sources with knowledge of the matter said.

CNPC made a surprise halt last month in loading Venezuelan oil after the Trump administration in early August froze Venezuelan government assets in the United States and officials warned companies against dealing with Venezuela's state-run oil company, Petróleos de Venezuela, S.A., or PDVSA.

"CNPC at the group level has made it clear not to load Venezuelan oil," said one source with direct knowledge of CNPC's position on Monday, without giving a timeline on how long the suspension would last.

But Venezuelan oil is still arriving in China via other means.

Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to other buyers, including China, and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching U.S. sanctions, Reuters reported last month.

Chinese customs data showed China's direct imports of Venezuelan crude plunged 40% in July to just over 700,000 tonnes, the lowest monthly amount in nearly five years. But a growing number of cargoes of Venezuelan crude are being sent to China by intermediaries, mostly Rosneft, often from Asian transhipment hubs like Linggi and Tianjung.

China has been the largest importer of Venezuelan crude since Washington slapped sanctions on PDVSA in January. The United States had previously been the largest customer.

A separate senior Chinese industry source said last month that CNPC interpreted the Trump administration's executive order as a potential prelude for more extensive sanction measures that could potentially hit CNPC as a leading oil client of Caracas.

CNPC declined to comment.

A PDVSA crude oil loading programme seen by Reuters confirms that so far no CNPC cargoes are planned for this month.

PDVSA did not respond to a request for comment.

The executive order President Donald Trump issued on Aug. 5 threatens to freeze U.S. assets of any person or company determined to have "materially assisted" the Venezuelan government.

Other Chinese crude oil buyers have also been warned on making Venezuelan purchases at a recent meeting between the National Development & Reform Commission (NDRC), China's state planner, and about six independent refineries, according to a source who was briefed on the meeting.

"At the meeting NDRC told these plants, which process (Venezuelan crude) Merey to make bitumen, that there will not be supplies from CNPC and that they should look for replacements to maintain production," said the source.

NDRC did not immediately respond to a request for comment.

(Reporting by Chen Aizhu; Additional reporting by Marianna Parraga in MEXICO CITY and Luc Cohen in Caracas; editing by Richard Pullin and Dan Grebler)

By Chen Aizhu

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JUST GROUP PLC -1.63% 43.4 Delayed Quote.-44.15%
LINE CORPORATION 0.00% 5360 End-of-day quote.0.19%
LONDON BRENT OIL -4.02% 40.8 Delayed Quote.-36.65%
PETROCHINA COMPANY LIMITED -0.24% 4.09 End-of-day quote.-29.85%
ROSNEFT OIL COMPANY -0.10% 384.2 End-of-day quote.-14.57%
WILL GROUP, INC. 3.19% 874 End-of-day quote.-30.19%
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Financials (USD)
Sales 2020 77 196 M - -
Net income 2020 1 524 M - -
Net Debt 2020 55 853 M - -
P/E ratio 2020 28,0x
Yield 2020 2,34%
Capitalization 45 932 M 45 932 M -
EV / Sales 2020 1,32x
EV / Sales 2021 1,05x
Nbr of Employees 335 000
Free-Float 11,2%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 6,10 $
Last Close Price 4,82 $
Spread / Highest target 67,9%
Spread / Average Target 26,5%
Spread / Lowest Target -15,0%
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Managers
NameTitle
Igor Ivanovich Sechin Chairman-Management Board & Deputy Chairman
Gerhard Schroeder Chairman
Petr Ivanovich Lazarev Finance Director
Artur Matthias Warnig Deputy Chairman
Robert W. Dudley Non-Executive Director
Sector and Competitors
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ROSNEFT OIL COMPANY-14.57%46 066
SAUDI ARABIAN OIL COMPANY2.70%1 947 879
PETROCHINA COMPANY LIMITED-41.94%103 921
ROYAL DUTCH SHELL PLC-58.26%99 767
TOTAL SE-41.46%88 236
GAZPROM-33.45%51 473