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2018-03-26 07:45:00

SINOPEC INVESTMENT WILL UP

SINOPEC INVESTMENT WILL UP

REUTERS - China's Sinopec Corp said on Sunday it would raise spending by 17.7 percent this year after posting its best annual earnings since 2013.

The company, officially known as China Petroleum and Chemical Corp, said net income rose by 10.1 percent year on year to 51.1 billion yuan ($8.10 billion) in 2017, while revenues climbed 22.2 percent to 2.36 billion yuan as oil prices advanced.

Fourth-quarter net profit, however, came in at 12.746 billion yuan, down 26.1 percent year on year, according to Reuters calculations.

In a statement to the Shanghai Stock Exchange, Sinopec said it had allocated 117 billion yuan of capital expenditure for 2018, up from an actual spend of 99.38 billion yuan last year.

That includes a 55 percent hike in upstream spending to 48.5 billion yuan, as China's biggest refiner looks to make the most of a rally in oil prices since early February to over $70 a barrel.

Rival PetroChina on Thursday said it would also lift spending on exploration and production in 2018, by 3.5 percent, despite a drop in fourth-quarter earnings.

Sinopec said some of the funds would go towards building more shale gas production capacity in southwest China, as well as on boosting output from oil projects in the northwest of the country.

The company expects to produce 290 million barrels of crude oil in 2018, or approximately 795,000 barrels per day, which is slightly down from 293.7 million barrels in 2017 and would mean Sinopec's oil output declining for a fourth straight year.

It also plans to produce 974.1 billion cubic feet of natural gas, up 6.8 percent from 2017.

"We expect the natural gas market to grow rapidly and international oil prices to be stable," Sinopec said. ($1 = 6.3110 Chinese yuan renminbi)

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Earlier:

 U.S. - CHINA LNG
2017, November, 9, 13:35:00

U.S. - CHINA LNG

China’s top state oil major Sinopec, one of the country’s top banks and its sovereign wealth fund have agreed to help develop Alaska’s liquefied natural gas sector as part of U.S. President Donald Trump’s visit, the U.S. government said on Thursday. The agreement will involve investment of up to $43 billion, create up to 12,000 U.S. jobs during construction, reduce the trade deficit between the United States and Asia by $10 billion a year, and give China clean energy.

 

 SINOPEC NET PROFIT UP TO 74%
2017, March, 27, 18:40:00

SINOPEC NET PROFIT UP TO 74%

The state-owned company, known as Sinopec Corp, saw fourth quarter net profit jump to 17.25 billion yuan from 9.9 billion yuan in the third quarter, it said in a statement to the Shanghai Stock Exchange.

 

 CHINA'S OIL&GAS REFORMS
2017, January, 13, 18:40:00

CHINA'S OIL&GAS REFORMS

SHARES of China National Petroleum Corp and Sinopec rebounded during the week on reforms that are set to transform the two oil and gas giants into more competitive and market-focused entities.

 

 CHINA'S SHALE GAS UP
2016, November, 7, 18:45:00

CHINA'S SHALE GAS UP

Sinopec Ltd. reported that Fuling shale gas field in southwestern China produced a cumulative 3.76 billion cu m of gas from January to September. The 107% increase in production was accompanied by additional processing capacity of 5.5-6.5 bcm, the company said. In 2014, Sinopec announced plans to bring production capacity to 10 bcm/year by 2017.

 

 SINOPEC NET PROFIT DOWN 21.6%
2016, August, 31, 18:35:00

SINOPEC NET PROFIT DOWN 21.6%

China Petroleum and Chemical Corporation (Sinopec) has reported a 21.6% drop in net profit for the six months that ended on June 30 as international oil and natural gas prices remained low.

 

 REPSOL VS SINOPEC: $5.5 BLN
2016, June, 22, 18:00:00

REPSOL VS SINOPEC: $5.5 BLN

The claim relates to a U.K. joint venture between the Chinese and a Canadian firm which the Spanish oil producer acquired last year.

 

 SAUDI PROTECT THEIR MARKET
2015, December, 16, 19:50:00

SAUDI PROTECT THEIR MARKET

Saudi Aramco, the kingdom's state oil giant, is seeking to borrow $4.7 billion from banks to refinance capital used to build a refinery in collaboration with China's Sinopec, three sources with knowledge of the matter said on Tuesday.

Tags: CHINA, SINOPEC, INVESTMENT, OIL, GAS

Chronicle:

SINOPEC INVESTMENT WILL UP
2018, October, 22, 11:55:00

RUSSIA - EXXON: NEW PROJECTS

BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.

SINOPEC INVESTMENT WILL UP
2018, October, 22, 11:50:00

IMF HAS UKRAINE FOR $3.9 BLN

IMF - The agreement reached today reflects the IMF’s commitment to continue to help Ukraine achieve stronger, sustainable, and inclusive economic growth. The new program has been developed in close coordination with the World Bank and the European Union, who have parallel operations to support Ukraine. The authorities’ steadfast and effective implementation will be critical for the program to achieve its objectives.

SINOPEC INVESTMENT WILL UP
2018, October, 22, 11:45:00

UKRAINE'S GAS PRICES UP 23.5%

CNBC - Ukraine announced on Friday it would raise household gas prices by nearly a quarter as Prime Minister Volodymyr Groysman warned that the country risked default if it crashed out of its International Monetary Fund aid program.

SINOPEC INVESTMENT WILL UP
2018, October, 22, 11:40:00

SCHLUMBERGER NET INCOME $644 MLN

Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion

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