Sinopec raised oil profits on the impact of only a drizzle
Sinopec official said, that the price increases to a certain extent, resolve the status of oil refining companies less profitable
Recently, the State Development and Reform Commission raised the domestic gas Diesel fuel The maximum retail price of gasoline and diesel rose are 320 yuan / ton ( Gasoline About 0.24 yuan / liter, diesel is about 0.27 yuan / liter). Adjusted national average price of gasoline and diesel respectively, the maximum retail price of 8220 yuan / ton and 7,480 yuan / ton, respectively, up 4.05% and 4.47%. This is the implementation in 2009 Oil Since the cost price of refined oil price reform, adjusting the ninth.
Raise petrol and diesel prices, the greatest impact in the A-share market is China Oil And Sinopec. Some experts believe that for Sinopec, the price adjustment is to maintain the refining margin in the "lifeline."
Oil prices ease pressure on oil refining industry
China Financial The study said the rise in petrochemical product prices are expected to make to maintain a high refining margins. The price adjustment if the delay would reduce refining profits to promote more steering oil exports, oil refinery maintenance in return enterprises Crude The advent of high powered processing. Price adjustment of about 3.8 U.S. dollars to upgrade refining margin / barrel, Sinopec benefited more.
It is understood that price increases for diesel 320 yuan / ton, aviation kerosene, up 500 yuan / ton, according to China's oil refineries, the average rate of return to measure, improve refining margins 3.8 U.S. dollars / barrel, so that in the petrochemical refinery fourth quarter 2009 gross margin of about 4 U.S. dollars / barrel, the first quarter of 2010, slightly lower than 4 U.S. dollars / barrel, thereby refining plate barely profitable a difference.
CIC Securities, said the short term, if the two-quarter average price of crude oil at 50 dollars to the current oil price of Sinopec net profit level at 3 dollars, the oil is about 2 U.S. dollars. The long term, if oil prices under the new mechanism, to lock the refining margin, USD 80 in oil prices and oil prices are related to the following results.
The petrochemical industry in the Institute of Investment Securities analyst Ruiding Kun told "Securities Daily" said in an interview, according to "22 days +4%" of the price adjustment mechanism, the price rises it is quite reasonable. After the oil price, Sinopec should be maintained with almost a quarter of the profit level, but profit is not high. But if the price adjustment is not the case, the oil refining industry, including Sinopec's refining losses would be substantial.
Cast Securities also believes that the state raise oil prices, equivalent to locking the whole refining profits, performance risk decreases, if the average price of crude oil lower than 50, lower oil prices is certainly a further lag, time zone difference again to a quarter of a similar high-margin, there is the possibility of refining than-expected profits.
Sinopec person in charge of receiving the "Securities Daily" reporters, said the current oil price has not been fully in accordance with the mechanism in place, this is more difficult for the Refinery. The prices can to some extent address the status of oil refining companies less profitable. 80% of Sinopec's crude oil imports, oil prices continued to rise, if oil prices do not rise, for Sinopec's refining business is a lot of pressure.
He said, because the industry is a high input, high risk, high-tech industry, the refining margin will not be too high.
The Chemical industry Industry is not affected
Some experts said on Sinopec, the oil price increases after although greater than the revenue generated in the oil, this part of the revenue to make up crude oil prices largely brought about by rising costs, difficult to produce actual profits, losses can only reduce the magnitude of the improvement of performance has little effect.
Investment bank Morgan Stanley recently published research report, China's refined oil prices rise on profit boost Sinopec's help is limited.
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