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As of 8:10 PM 10/10/14 All times are local (Market data is delayed by at least 15 minutes).

china petroleum & chemical-h (SNPMF) Key Developments

Convenience Retail Asia to Run 10 Sinopec Gas Stations

Convenience Retail Asia Ltd. announced that it has reached an initial agreement with an affiliate of China Petroleum & Chemical Co. on operation and management of ten gas stations and convenience stores in Guangzhou. The cooperation will be pilot project, and the company is likely to expand business cooperation to other regions in Guangdong province and other cities in China. The company runs the Circle K and the Saint Honore in Hong Kong, Macao and mainland China.

China Petroleum & Chemical to Jointly Operate 300 of Its Convenience Stores with Ruentex Group

China Petroleum & Chemical Corp. is planning to jointly operate 300 of its convenience stores with Taiwan's Ruentex Group. The state-run oil giant has shortlisted 37 bidding groups, and is expected to choose a winning bidder by the end of the month. Sinopec and Ruentex have already started jointly managing eight stores in Shanghai and daily revenue at the stores rose nearly 50% during a trial operation in August. The two firms will cooperate on merchandise procurement to cut costs, per an agreement earlier this year, and are also looking into potential e-commerce cooperation.

China Life Insurance Plans To Invest In China Petroleum's Sinopec Marketing

As on August 27, 2014, The Board of Directors of China Life Insurance Co. Ltd. (SEHK:2628) announces that, as approved by the Board, China Life Insurance proposes to participate in the Capital Introduction of Sinopec Marketing Company Ltd., a wholly-owned subsidiary of China Petroleum & Chemical Corp. (SEHK:386). No agreement has been entered into by China Life Insurance with respect to the above proposed transaction as of August 27, 2014. There is no assurance that China Life Insurance will participate in the capital introduction.

Sinopec Receives Expression Of Interest

China Petroleum & Chemical Corp. (SEHK:386) has received 37 non-binding expressions of interest from would-be investors in its open tender for up to 30% of its fuel distribution operation. Fu Chengyu, Chairman of China Petroleum, said on August 25, 2014, "The potential investors have until the end of the month to enter binding bids on the sale that will be completed by the end of next month." He also said "mainland firms and those that can help Sinopec lift non-fuel sales at its fuel stations will have priority to invest. The bidding process is a bit like an initial public offering, those offering the highest price and offer the best value creation proposal would be more likely to be selected." Shares of China Petroleum & Chemical (Sinopec) fell 0.37% in early trade on August 26, 2014.

Sinopec Reports Earnings Results for the Six Months Ended June 30, 2014

Sinopec reported earnings results for the six months ended June 30, 2014. For six months, the company’s net profit was up 7.5% year-on-year, despite weakened domestic demand for oil products. Net profit was CNY 32.54 billion up from CNY 30.28 billion from the same period last year. Revenue fell 4.2% to CNY 1,360 billion from CNY 1,420 billion year-on-year. Operating profit was up 11.8% year-on-year at CNY 52.27 billion.

 

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