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SHA:600028

14 stories mentioning SHA:600028Updated 6d ago

Every FINWIRES story that references SHA:600028, newest first.

Asia

Market Chatter: Chinese Traders Expediting Russian Crude Purchases as Middle East Tensions Rise

Chinese oil buyers, led by China Petroleum & Chemical or Sinopec (HKG:0386, SHA:600028) unit Unipec, are rushing to purchase Russian ESPO oil amid an escalation of tensions in the Middle East, Bloomberg reported Friday, citing traders familiar with the market.August shipments from the Russian Pacific port city of Kozmino have run out, while September cargoes are loading faster than usual, the report said, citing the traders.Russian ESPO, or Eastern Siberia-Pacific Ocean oil, is being sold at a discount of about $1 per barrel to ICE Brent crude from up to $4 two weeks ago, Bloomberg said.Unipec parent Sinopec did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSEHKG:0386SHA:600028
Asia

Sinopec Reports Flat H1 Crude Oil Output

China Petroleum & Chemical (SHA:600028, HKG:0386), or Sinopec, said it produced 139.9 million barrels of crude oil in the first half of 2026, down 0.1% from 140 million barrels a year prior.Natural gas production climbed 0.7% year-on-year to 741.6 billion cubic feet, according to a Hong Kong bourse filing Thursday.Meanwhile, domestic sales of refined oil products dropped 9.2% year on year to 79 million tonnes, figures showed.

HKG:0386SHA:600028
Asia

China Central SOEs Step Up Share Buybacks, Stake Purchases to Steady Capital Markets

China central state-owned enterprises have unveiled share repurchase plans or major shareholder stake increases, signaling strong confidence in their valuations and the broader market.China Three Gorges Renewables (SHA:600905) announced its controlling shareholder will acquire 1.5 billion to 3 billion yuan worth of shares via open-market purchases over the next year. Metallurgical Corp. of China (SHA:601618, HKG:1618) has repurchased over 146 million A-shares costing 415.4 million yuan and 25 million H-shares. Sinopec (SHA:600028, HKG:0386) bought back approximately 77.9 million A-shares since mid-June, totaling 365.4 million yuan.The moves align with regulatory efforts to stabilize capital markets. China's securities regulator will soon hold symposiums with securities firms, fund managers and listed companies to gather input for future policymaking.

Shanghai Composite^SZSEHKG:0386HKG:1618SHA:600028SHA:600905SHA:601618
Asia

Market Chatter: China LNG Importers Looking to Reduce Reliance on Qatar

Chinese liquefied natural gas importers, including China Petroleum & Chemical Corp (HKG:0386, SHA:600028) and PetroChina (HKG:0857, SHA:601857) are in talks with exporters from outside the Persian Gulf to reduce reliance on Qatar amid the ongoing war, Bloomberg reported Friday, citing people with knowledge of the matter.The two companies are looking to sign LNG contracts with other countries, including Canada, that would start before 2030 and would last at least 10 years, according to the report.The pivot could signal that the disruptions in the Strait of Hormuz could reshape the LNG market, Bloomberg said.Sinopec and PetroChina did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSEHKG:0386HKG:0857SHA:600028SHA:601857
Asia

Market Chatter: China to Loosen Oil Export Restrictions Beginning in July

China has relaxed restrictions on oil exports after it safeguarded its supply following the war in the Middle East, Bloomberg reported Tuesday, citing people familiar with the matter.The Commerce Ministry already allowed state-owned refiners to export oil to a wider range of countries than initially allowed, beginning in July, the report said.Sinopec (HKG:0386, SHA:600028), China's largest refiner, and the Commerce Ministry have not yet responded to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Shanghai Composite^SZSEHKG:0386SHA:600028
Asia

Market Chatter: Sinopec, PetroChina Weigh Iranian Oil Imports as US Waiver Opens Door

China Petroleum & Chemical or Sinopec (HKG:0386, SHA:600028) and PetroChina (HKG:0857, SHA:601857) are assessing a resumption of Iranian crude purchases for the first time in six years, Reuters reported Thursday, citing industry sources.A recent U.S. waiver permits dollar transactions, though ample rival supplies from Saudi, Kuwait, and Iraq, plus weak Chinese fuel demand, curb their interest, the news wire said.The firms are also scrutinizing banking, insurance, and shipping logistics, while uncertainty remains over which financial institutions can facilitate the deals, the report said.Sinopec and PetroChina didn't immediately respond to MT Newswire's request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0386HKG:0857SHA:600028SHA:601857
Asia

Market Chatter: Singapore's Fuel Prices Drop Amid US-Iran Peace Progress

Fuel pump prices in Singapore have eased, with 95-octane petrol dropping to SG$3.42 per liter across all major operators, The Straits Times reported Tuesday, citing the Consumers Association of Singapore's Price Kaki tracking app.The rate was reached after Esso matched the four-cent reductions introduced days earlier by Caltex, Shell, China Petroleum & Chemical Corp. (SHA:600028, HKG:0386) or Sinopec, and SPC.The price cuts follow a decline in global oil markets amid the US-Iran framework agreement, with the benchmark crude oil dropping to around $77 a barrel on Wednesday, according to Trading Economics.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

China's Sinopec Secures Proven Geological Reserves for Ziyang Dongfeng Shale Gas Field

China Petroleum & Chemical Corp. (SHA:600028, HKG:0386), d/b/a Sinopec, secured approval for proven geological reserves of about 235.687 billion ​cubic meters of gas at the Ziyang Dongfeng field.The company said late Wednesday that the project, as approved by the Ministry of Natural Resources of China, will be the country's first ultra-deep, 100-billion-cubic-meter-level shale gas field.

HKG:0386SHA:600028
US Markets

Sinopec's Q1 Profit Jumps 28% as Crude Rally Offsets Lower Fuel Sales

China Petroleum & Chemical or Sinopec (HKG:0386, SHA:600028) reported higher first-quarter earnings as it benefited from rising oil prices, offsetting the drop in sales during the period.The Beijing-headquartered oil and gas company's attributable profit jumped 28% to 17 billion yuan from 13.3 billion yuan a year earlier, according to a Wednesday filing with the Shanghai Stock Exchange.Earnings per share climbed to 0.141 yuan from 0.109 yuan.Pre-tax profit surged 33% to 24.2 billion yuan from 18.3 billion yuan, which Sinopec attributed to inventory gains from higher crude oil prices and improved margins of refining by-products.Higher crude prices helped Sinopec offset the 3.9% drop in revenue to 706.7 billion yuan from 735.4 billion yuan. Refined oil sales slipped to 55.5 million tonnes in the three-month period from 55.6 million tonnes in the prior-year period.Meanwhile, total operating costs slid to 674.9 billion yuan from 722.4 billion yuan.Sinopec's oil and gas production edged up to 131.5 million barrels of oil equivalent in the first quarter from about 131 million barrels a year earlier.During the period, the oil and gas company said it adjusted production and operations to hedge for the impact of the Middle East conflict."Oil prices have potential for further upside and are expected to remain elevated throughout 2026," the South China Morning Post reported the same day, citing Shenwan Hongyuan (SHE:000166, HKG:6806) analyst Shao Jingyu.Sinopec also warned of the impact of rising alternative energy consumption to the company. In Q1, Sinopec said China's demand for natural gas grew 3.1% year over year, but refined oil product consumption slipped 2.3% year over year.Sinopec's results reflect normalcy despite tensions in the Middle East, according to a report by CLSA.However, the real test for Sinopec could be seen in the second quarter, as supply disruptions during the war may have affected the oil and gas giant's imports, the financial services company said.Sinopec earlier denied plans of purchasing oil from Iran but could tap state reserves, according to media reports.For the two upcoming months, the company will reportedly adjust refinery output and increase refining yields in order to secure an adequate domestic supply.S&P Global Ratings analysts believe Sinopec could be vulnerable to operational shocks due to its dependence on Middle East imports, Dow Jones reported separately.

HKG:0386HKG:6806SHA:600028SHE:000166
Asia

Sinopec's Q1 Profit Jumps 28%; Revenue Down 4%

China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec reported a 28% jump in net profit in the first quarter to 17 billion yuan from 13.3 billion yuan a year earlier, according to filings with the Hong Kong and Shanghai bourses late Tuesday.Earnings per share climbed to 0.141 yuan from 0.109 yuan.Revenue fell 3.9% to 706.7 billion yuan from 735.4 billion yuan, the oil and gas company said.

HKG:0386SHA:600028
Asia

Market Chatter: Sinopec Unit Disposes of Stake in CATL

A subsidiary of China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec offloaded 5.5% of its stake in Contemporary Amperex Technology's (SHE:300750, HKG:3750) or CATL for $770 million, Reuters reported Wednesday, citing a term sheet.About 8.5 million CATL shares were sold for HK$708 per share, a 3.8% discount from the battery manufacturer's closing price on Tuesday, the report said.Previously, Sinopec (Hong Kong) owned 9.45% of CATL, according to the media outlet, citing data from the LSEG.Sinopec and CATL did not immediately respond to Reuter's request for comment, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0386HKG:3750SHA:600028SHE:300750
Asia

China Stocks Rise as Investors Await US-Iran Truce; China Unicom Slides 3%

Chinese stocks continued their upward trend on Wednesday as investors showed cautious optimism following the extension of a truce between the U.S. and Iran.The Shanghai Composite Index, the main gauge of Chinese stocks, gained 0.5% or by 21.18 points to 4,106.26. The Shenzhen Component Index rose 1.3% or by 195.15 points to 15,177.29.The rise comes as U.S. President Donald Trump said he would indefinitely extend a truce with Iran to accommodate more peace negotiations, Reuters reported separately Wednesday.Investors seemed to have heaved a sigh of relief even if it was not yet clear whether Iran or Israel would adhere to the extension, Reuters said.The market has also become increasingly numb to the effects of geopolitical tensions, with Middle East geopolitical risks gradually easing, according to the newswire, citing Nanhua Futures analysts.In corporate news, China United Network Communications' (SHA:600050) shares dropped 3% during the closing bell following an 18% fall in first-quarter profit to 2.14 billion yuan.China Petroleum & Chemical (SHA:600028) or Sinopec's Shanghai shares slipped 1% after one of its units trimmed its stake in battery giant Contemporary Amperex Technology (SHE:300750, HKG:3750) by 8.5 million shares, equivalent to HK$6 billion, multiple media reports said. CATL's Shenzhen shares fell nearly 1%.

Shanghai Composite^SZSESHA:600028SHA:600050SHE:300750
Asia

Sinopec Reduces Stake in China Merchants Energy Shipping

China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec will reduce its shareholding in China Merchants Energy Shipping (SHA:601872) by about 80.7 million shares, according to a Saturday filing with the Shanghai bourse.The reduction will be equivalent to not more than 1% of China Merchants' share capital, the filing said.Sinopec is the company's second-largest shareholder.

HKG:0386SHA:600028SHA:601872
Asia

Market Chatter: China to Allow State Refiners to Tap Commercial Oil Reserves Amid Energy Crunch

China has allowed state refiners to tap commercial oil reserves, Bloomberg News reported Friday, citing people familiar with the matter.The move comes amid a global energy crisis brought about by the war in Iran, according to the report.The sources did not say how much the state-owned refiners such as China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec and PetroChina (HKG:0857, SHA:601857) parent China National Petroleum Corp. could take, the report said.China could allow refiners to extract reserves of up to 1 million barrels daily from April to June, the report said, citing analysts at Energy Aspects.Chinese crude imports reach 11 million barrels daily, Bloomberg reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0386HKG:0857SHA:600028SHA:601857

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