An unnamed fund manager said that Sinopece may have illegal oil trading in its future derivatives with hundreds of millions of losses, but so far Sinopece has not confirmed this.
(CEO of the Union Petrochemical Chen Bo)
Caijing Reporter Wu Haishan Han Shulin / Wen Lu Ling / Editor
After the opening of A-shares, at 13:00 p.m., on December 27, the price of Sinopec (600028) was plunged suddenly. At the end of the day, Sinopec's share price dropped by 6.75% to 5.25 yuan. At the same time, the Chinese Petrochemical Corporation (HK0386) in Hong Kong also fell suddenly, dropping from 4.68% to 5.7 Hong Kong dollars.
Two other "oil barrels" barrel – Chinese Oil (601857) Shares have closed, only 0.41% a day, at 7.22 yuan. Nowadays, the A-share market was wider and smaller. Since shutting down, the Shanghai Composite Index has dropped 0.61%, much lower than the decline in the price of Sinopec's quota.
The market quickly dropped Sinopec's stock price and Sinopec's subsidiary, China, the International Petroleum and Chemical Corporation (hereinafter referred to as "Petrochemical Batu").
At noon, on 27 December, commercial rumors, Chen Bo, United Petrochemical Managing Director, and Zeng Junek, secretary of the party committee, suspended the group company and could cause losses in hundreds of millions of oil trades. According to sources, Chen Bo bought a large amount of money in the derivative market, with international oil prices higher than $ 70 and about 30-70 million barrels. In any case, the international oil prices were slow. If the top rumors are true, Together petrochemicals lost millions of dollars.
Currently, this rumor is not directly confirmed by important parties in Sinopec, but agencies do not refuse rumors of new markets, and the truth is confusing.
In the afternoon, Sinopece announced the loss of the partial loss caused by the company's fall in some of the crude oil trades, and the company evaluates the exact situation.
Sinopec party parties confirmed that Chen Bo, Chief of State of the United States of China, and Zhan Jun, the secretary of the party's commission, had been abolished for reasons of work. At present, joint petrochemistry is the chief general manager of Chen Gang and the company's work usually works.
According to public information, United Petrochemistry was established in 1993. Its main business includes crude oil trading, refined petroleum trading, LNG trading and logistics storage. With headquarter in Beijing, Sinopec's subsidiary is fully owned. Sinopec's crude oil trading is mainly done in United States petrochemicals, with billions of billions of dollars a year.
An unnamed fund manager said that Sinopec could negotiate a large number of future derivative transactions, but due to major mistakes in court management, accumulated accumulated losses were billions. But, until now, no agency has responded positively.
This year, Sinopec's performance was good. According to the latest financial report published by Sinopec, Sinopec's operating costs for the first three quarters of 2018 amounted to 20,729,700 million yuan and net profit amounted to 59,980 million RMB, 18.8% and 56.3% respectively. Profit or profit account is better than PetroChina. Based on the company's foundations, there is no diving in stock prices.
That is why the market is very concerned about why there were two synopec petrochemical industry joint venture managers. If these issues cause major losses in oil trades, the effect of this incident may be greater than that of more than a decade of CAO events.
In 2004, China Aviation Oil (Singapore) Co., Ltd. He refused because of the loss of trade of 550 million dollars of derivative oil. Chen Jiulin, later chief executive, was sentenced to imprisonment.
However, the foreign oil company told Caijing that Sinopec has a fairly rich experience in the crude oil trade and that it has been a number of major commercial losses. According to the presentation, United Volume Petrochemical Trading volume is around 7.4 million barrels per day, including oil and gas products and refining and chemical products. According to the estimates, the sum of the petrochemical wholesale transaction should be more than ten times the annual crude oil consumption.
Singapore is an important oil derivative market. Before China's future crude oil futures lists, there were many coins in Singapore's crude oil.
In March 2018, Chinese crude oil futures were listed, and Chinese prices appeared worldwide. On December 27, the main SC1903 contract for the future crude oil market increased by 7.98%. United Petrochemistry is a member unit.
On the other hand, the reports from the third quarter of Sinopec showed that crude oil prices fluctuated in the first three quarters and Brent oil prices were down by 39.0%. In the first three quarters of 2018, the price of over $ 70 / gallon is not particularly high.
At the press conference, Gross Brent crude oil accounted for 2.75% and $ 53.77 per month, while WTI fell by 2.42% and 45.48% in the barrel.
Many industrial sectors reminded the oil price trend to surpass predicted forecasts for previous organizations. At the end of 2017, most organizations around the world expect oil prices of $ 60 a year. Reuters survey of more than 30 organizations announces that the average price of Brent is $ 58 / pounds; Goldman Sachs has reported that the average price of Brent is $ 62 / pound and the price of "three oil barrels" is also $ 55- $ 60. About dollars.
In the first 10 months of 2018, Brent's oil price growth was much higher than $ 60 for more than $ 60 in forecasting, with a maximum of $ 26. Since it reached $ 86.29, it has dropped dramatically on October 3. Almost 40% fell the highest.
In September of 2018, Chen Bo said at the Asia Pacific Petroleum Conference (APPEC) the current supply and demand situation in the global market, Chen Bo said crude oil prices are normal at $ 60-80.
But it is clear that international oil prices have exceeded their expectations.
Wu Ziyu, Aberdeen Standard Investment Management Asia Fixed Income Investment Manager, allegedly through supply and demand analysis, today's oil price is a bit low and it will be recovered for 3-6 months.
According to data, Chen Bo was graduated from the Institute of Oriental Technology of China (current Chinese Science and Technology University) in July 1986, in oil refining engineering. Sinopec is working inside. In 1993, he joined the United Petrochemicals and Chief Executive Officer of the Oil Department, the United Petrochemical Director. In fact, Sinopec controlled the tens of thousands of dollars a year in the crude oil trading business.
(Also helped by the inner Zuo Lin)
(Editor: Xu Manfei)