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Sinopec

By Jack Ford,2014-08-05 08:09
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Sinopec

    Sinopec

    ChinaonSeptemberl1aunchedal50%specialexporttar- iffonnitrogcnonsI"crtlizerandsyntheticanllrlonla,aITIOVCto satisfydomesticdemand.accordjngtotilecustomstariffCOITI

    missionfCTC1oftheStateCouncil.

    Thecommissionsaidthespecialtariffonthetwoproducts wouldlastthroughtheendofthisyear.Theprevioustarifffbr thetwofcrtjlizerswasl()()%.Itsalsosaidthel00%special exporttariffonotherfertiliZCFShasbeenextendedtotileendof thisyear.

    OnApril20.tilecountrystartedcollcctingal00percent

    specialtarifffatariffyetagainlcvicdonexportfcrtilizersin additiontotheeonlmontariffrate)onallfcrtilizcrexportsand SOITICfertilizer-relatcdrawmatcrialsthroughSeptember30,a periodofhighdomesticdcmand.filhua1

    ChinaPctroleu111andChemicalCorporationfSinopecCorp1 isexpcctingalOSSinitsAngustchemicalproductionafterreport

    inghugerefininglOSSCS.Soaringnaphthapricesandfiercemar- ketcompetitionwcrcbchindthelOSS.allinsidcrwiththeSinopec Group.parentol,SinopccCorp.saidonSeptember1.

    Tl1ecompanyreapedlittleptofitI"tomitsJulythemicalpro

    duction.whichwouldturnit1t0lOSSinAugust.accordingtotile sourcewhodecljnedtobenamed.InAugust.thepriceofnaph

    tha.arawmatcrialofethylene,morethandoubledfromthestart oftileyeartomorethanUS$1200pertonnc.

    Themoreexpensivenaphthalcdtoapriceincreaseineth

    ylene.buttheriseCOUldnotcovertilehighercosts.1lesaid.This exacerbatedthecompany'ssituationasitsrefiningbusinesswas losingmoneybecauseofastatesetfuelpriceandhighcrworld

    crudeprices.

    ThesourcesaidtilecompanywouldloselrlorethanUS$200 fromeachtonneofireportedcrudeoilitrefined.evenwhenthe worldcrudepricestoodatUS$ll5perbarre1.Nearly80)ofthe cruderefinedbySinopecintheJanuarytoJuneperiodwasjnl

    China'schemicalfibersectorsawadrasticslowdowninpro

    ductionandexportintilefirsthalfofthisyear.withitseconomic returnsdecliningsubstantiallY.theChinaChemicalFibersASSO

    ciationsaidOIlAugust24

    TheassociationascribedtheweakPertofinancelargelv tolowerdemandresultingfromslowingtexti1esexportandto mountingcostscausedbypricerisesforrawmaterials,coal, powersupplyandtransportservices.

    BctwecnJanuaryandMay.10.04miontonsofchcmica1

    fiberswereproducednationwide.agrowth0f7.4%onthesame periodoflastyear,and753,000tonswerecxpotted,up2798%. Thegrowthrateswerel0.49percentagepointsand20.72percent

    agepoints,respectively,lowerthantheyear-earlier1eve1. 0verthefivemonthstilesectorgarneredRMB3.72bi1- ljon(US$544.4Illilljon1jnprofjts,downRMB1.36billion. or26.77%frOlllthesameperiodoflastyear.Approximatcly 24.13%0fchemicalfjbersenterprjsesnationwjdesuffered 1OSSCS,3.48peroentagcpointshighertl1antheyearearlier

    1eve1.

    TheenterpriSCSinrcdrecordedRMB2.02billionj111osses. doublingtheyear-agoleve1.accordingtotheindnstryassocia

    tion.(XiHht;a)

ported.

    Theworldcrudcoi1Pricehadrecent1Yf,a11cnto1ess thanUS$120perbarrclfrOlllitsUS$147peakonJuly11.Dai HOHliang.Sinopec'sellieffinancialomcer.saidtilegovernment wouldcontinuetoprovidcsubsidiestotilecompanyinthethird quarter.butitconlddecreasetheamountbecauseoffal1ingworld crudepricesandaninereaseindomesticrefinedoilpricessnee Jnne2U.

    Toeasethetightrefinedoilsupply,centralfinancebeganto givcasubsidytoSinopecCorpandPctroChinaCompanyLim

    ited.thecountry'stwomajoroilrefiners.Thiswastocompensate fbrlOSSCSarisingfromtheireportedcrudeoilprocessingandto refundtilevalueaddedtaxireposedonrefinedoilireportsofthe twogrants.

    Sinopec'sfirsthalfnetprofitfel1734fromayearearlier

    toRMB9.34bi11ionfaboutUS$1.37bil1ion).despitereceiving subsidicsofRMB33.4bil1ion.Thecompanyforecastitsnetprofit woulddecliliebymorethan50)inthefirstthreequartersfroma yearearljer.fXinhua)

    China'sliquefiedpctrolcu111gasfLPG,import

    declinedbyadoubledigitrateintilefirstsixmonths

    ofthisyear.asimporters'enthusiasmwasdampened bypricegapbetweendomesticandoverseasmarkets,=_l

    tileGeneralAdministrationofCustoressaidonAu_l

    gust24.

    From,lanuaryto.1tme.Chinajreported2.8111ion

    tonsofLPGandotherhydrocarbongases.adeclincof l3.4%fronlthesameperiodof1astyear.Butowingto oi1pricehikcsoninternationalmarkets.thearrivals

werevalued5.1%higheratUS$1.48bi1lion.thead111in—习

    jstrationadded.LPGwaspricedatRMB7.600pert0nabroadonaverage,RMB800hiherthant

    hed0l11esticpnce.I

    (ivcntheg0vernl11cntcffbrtst0capLPGDriccat h0metosafguardinterestsofconsun1ers,thepricegap w0u1dc0ntinucinacertainDeri0d0ftil11et0c0n1e.mar_=

    ket0bserverssaid.

    ofthet0taljmDortsnthersthalfvca11.288mil

    liontons,or46%,camefromAustralia.at1d781.000?_

    t0ns,or27.8%,rromtheUnjtcdArabEmirates.Kuwait andSaudiArabja.

    Thesouthcrnprovjnce0fGuangdongwasthelead

    jngimp0rtcr,claimjngan80ls11arcofthet0talLPG arrjvals,acc0rdingt0theadn1jnjstratj0n.f,2(,) s

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