Looking for the "preliminary" machine The two domestic petrochemical giants have completed the exchange of blood for senior management (2)
The wrestling between the two parties has never stopped. Since the beginning of this year, with the continuous rise of international crude oil prices, all walks of life have always paid close attention to changes in the global energy supply and demand pattern. According to statistics, China's current consumption of disposable energy accounts for more than 10% of the world's total, followed by the United States as the world’s second largest energy consumer. From the incremental point of view, China's new energy demand accounts for a higher percentage of the world's new energy demand. According to OPEC's estimation, from 2001 to 2004, China's new oil demand contributed 36% of the world's new oil demand. China's energy demand, especially oil demand, has become the most compelling factor in the world energy market. Among the oil shortages that have occurred in some parts of Guangdong this year, the price inversion mechanism for crude oil and refined oil has become the target of public criticism, and the new national energy policy is ready to come. As a result, PetroChina and Sinopec, which dominate the production and supply of China's oil resources, have become the focus of attention.
Sinopec is worrisome Recently, CNPC suddenly took over the acquisition of its listed subsidiary and planned to go public after being integrated. At the same time, Sinopec has suddenly accelerated the pace of integrating its subsidiaries. At the same time, the two giants started to unveil the prelude to a new round of national energy strategic adjustments.
In the early days of its listing, CNPC, which was listed in Hong Kong, promised to “choose the opportunity†to integrate its listed subsidiaries. In the past five years, PetroChina finally waited for a golden opportunity for integration. It issued three announcements on October 27, relying on abundant cash flow, and paid a premium of about 40% higher than the average price for the first six months before the plan was announced. Its three listed companies - Liaohe Oilfield, Jinzhou Petrochemical and Jilin Chemical.
At the same time as PetroChina's high adjustments, Sinopec has also begun to accelerate its integration. On November 3, Zhenhai Refinery, a subsidiary of Sinopec, suspended trading in Hong Kong and issued an announcement of privatization. Compared with PetroChina, the reorganization of Sinopec is more complicated because PetroChina has only three listed companies in domestic A-shares, while Sinopec has more than a dozen A-share listed companies and Zhenhai Refinery, a pure H-share company. Industry analysts believe that PetroChina and Sinopec have different styles. PetroChina does not do it. To buy it once and buy back three A-share companies, Sinopec is accustomed to mature ones and launch one. For these two completely different approaches, some analysts believe that PetroChina now has more than US$10 billion in cash on hand, and the integration cost of about one billion US dollars does not constitute financial pressure. What is worrying is Sinopec. Because of major losses in refining projects, the company’s subsidiary’s market value is relatively large, and it is difficult to repurchase these companies in the short term. Later, it will have to face the complex issue of split share structure reform.