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SURGUTNEFTEGAS PUBLIC JOINT STOCK COMPANY

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Russian ESPO crude premiums slump as China shuns high-priced oil

11/17/2021 | 09:29pm EST

SINGAPORE, Nov 18 (Reuters) - Spot premiums for Russian ESPO crude, a staple grade for top importer China, slumped by about $2 a barrel after hitting their highest in nearly two years earlier this week as Chinese independent refiners shunned the pricey oil, trade sources said on Thursday.

The slump in ESPO premiums could have a ripple effect across Asia's crude markets, especially for similar quality grades from the Middle East such as light crude from Abu Dhabi and Russian Sokol.

Russian producer Surgutneftegaz sold three January-loading cargoes at premiums of between $4 and $4.30 a barrel to Dubai quotes in its third tender this month, the sources said, the lowest in two months.

Shell and Vitol likely bought the cargoes loading on Jan. 20-27, 24-30 and 27-31, they added.

"(Chinese buyers) just don't want end-month cargoes," a Chinese trader said, adding that these cargoes will arrive close to Chinese New Year and there is uncertainty over whether independent refiners will be able to operate during the winter Olympics in China in February.

Also, refining "margins in China are bad now", he said.

Beijing is expected to limit the operation of heavy industry during the Olympics, but most independent refiners, also known as teapots, are based in China's eastern Shandong province, well to the south.

Earlier this week, ESPO crude was sold at premiums of $6-$6.40 a barrel, the highest levels in 22 months. (Reporting by Florence Tan; Editing by Himani Sarkar and Richard Pullin)


ę Reuters 2021
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Financials (USD)
Sales 2021 25 226 M - -
Net income 2021 4 078 M - -
Net cash 2021 40 976 M - -
P/E ratio 2021 6,63x
Yield 2021 2,01%
Capitalization 16 924 M 16 963 M -
EV / Sales 2021 -0,95x
EV / Sales 2022 -0,94x
Nbr of Employees 113 000
Free-Float -
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Number of Analysts 7
Last Close Price 0,47 $
Average target price 0,81 $
Spread / Average Target 70,0%
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Managers and Directors
Vladimir Leonidovich Bogdanov General Director & Director
Vladislav Georgievich Barankov First Deputy Director General-Finance & Taxation
Vladimir Petrovich Erokhin Chairman
Georgy Rashitovich Mukhamadeyev Independent Director
Valery Nikolaevich Egorov Independent Director
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