Most popular Sinopec breaks into Russia to resolve

2022-08-23
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On the evening of August 5, Sinopec announced that the company had signed a shareholders' agreement with Russia Xiboer Holding Co., Ltd. (hereinafter referred to as Xiboer) on Krasnoyarsk synthetic rubber plant Co., Ltd. ("Keshi rubber plant"), subscribing for 25% shares +1 shares of the rubber plant and participating in the management

Sinopec said that this was the company's first overseas chemical project investment, and the signing of the agreement marked the successful delivery of the project and the establishment and operation of the joint venture

at present, whether there is excess refining and chemical capacity in China is becoming the focus of public opinion controversy. Sinopec's move undoubtedly makes the industry curious. "On the one hand, Russia is rich in resources, and the Russian government encourages us to invest in petrochemical downstream projects; on the other hand, nitrile rubber (the main product of Keshi rubber factory) in the Chinese market is still highly dependent on foreign countries, and this investment is in line with the company's long-term strategy." A person from Sinopec headquarters said on the 6th

in fact, as early as 2011, Sinopec announced that it would jointly invest and build an oil refinery with Saudi Aramco, the world's largest crude oil producer, in Yanbu City, Saudi Arabia, on the Red Sea coast, combining technologies such as tableland silk design and repeated processing. The above Sinopec personnel pointed out that the domestic refining capacity has faced excess, and seizing the markets in the Middle East and other places as soon as possible is undoubtedly beneficial to the long-term development of the company

enter Russia

Russia is a famous non OPEC oil producer and one of China's important oil sources. However, the Russian side, both the government and the business community, are dissatisfied with the Chinese enterprises' practice of purchasing only crude oil. They expect Chinese enterprises to invest more in Russia's downstream fields

Sibur is the largest petrochemical company in Russia and Eastern Europe, with a revenue of 239 billion rubles (about 7.5 billion US dollars) in 2010. Its production chain includes natural gas treatment, monomer, plastic, rubber, mineral fertilizer, tire and industrial rubber products production, and plastic processing. As of June 30, 2012, it has owned and operated 27 production bases in Russia, employing nearly 31800 employees. Naturally, it is an ideal partner for Chinese oil enterprises to cooperate

in 2012, Sinopec and Sibur signed a framework agreement, reaching an agreement on the acquisition of 25% shares +1 shares of Keshi rubber factory, and completed the whole acquisition after implementing a series of details

Sinopec said that after the establishment of the joint venture, the shareholders of both parties will probably discuss the expansion of the existing nitrile rubber plant from 42500 tons/year to 56000 tons/year

it is understood that nitrile rubber is widely used in automotive, aerospace, oil exploitation, petrochemical, textile, wire and cable, printing, food packaging and other fields due to its strong physical and mechanical properties of oil resistance. Due to the serious supply shortage of domestic nitrile rubber, the degree of dependence on foreign countries has been very high

according to the previously disclosed information, in addition to the expansion of the rubber plant in Krasnoyarsk, the two sides also plan to build a 50000 ton annual nitrile rubber facility in Shanghai, China; However, Sinopec did not disclose when to implement the plan

"at present, domestic public opinion is resistant to the construction of chemical production capacity, and the construction of Xiamen PX project and Yunnan PX project has aroused the dissatisfaction of local residents," said Zheng Yueming. Therefore, it is understandable that China and Russia treat the next investment plan with caution. " The above Sinopec headquarters said

he declined to disclose the amount of this equity investment on the grounds of trade secrets

resolve the risk of overcapacity

since the start of heavy chemical industry in 2000, China's refining and chemical industry capacity has shown a rapid growth trend. Up to this year, the domestic refining overcapacity has been very obvious, and Sinopec, the largest oil supplier, had to sell diesel oil to the Far East market at a low price

according to the data of the market information agency e-trade Research Center, China's diesel exports have increased significantly since October 2012, from the initial monthly export of 144000 tons to 420000 tons in March this year, an increase of nearly three times; At the same time, the price of diesel oil in Singapore also began to decline sharply, from the initial US $130.27/barrel to US $115.8/barrel found in the certified third-party laboratory test on May 6

this embarrassing situation was actually expected by Sinopec executives. However, under the pressure of performance and "supply guarantee" social pressure, the company has not relaxed the investment progress of refining and chemical capacity. At the same time, "the company also actively seeks investment opportunities in the international market from a global strategic perspective." The above Sinopec said

shortly after total announced that it would withdraw from the Yanbu oil refining project jointly built with Saudi Aramco in 2010, Sinopec announced that it would take over the project and would continue to build the project with Saudi Arabia

it is understood that Yanbu oil refining project is one of the largest oil refining projects in the Middle East in recent years, with a daily crude oil processing capacity of 400000 barrels (annual output of about 20million tons). Once the project is put into operation, it can not only meet Saudi Arabia's domestic oil product demand, but also cover other Middle East oil product markets. It has always been the "fat meat" in the eyes of transnational oil giants

"at that time, total withdrew because of the strategic direction adjustment of the company, not the reason of the project itself; we also obtained the equity of the project with the help of the energy cooperation framework arrangement between China and Saudi Arabia." Said the Sinopec official

according to the memorandum signed by both parties in 2011, Sinopec will hold 37.5% equity of the project, and Saudi Aramco will hold the remaining 62.5% equity

"in the past, the three major central oil enterprises all focused on the domestic market, but with overcapacity, the market heating and foaming process will be more leisurely, and the competition will become increasingly fierce. They have begun to plan how to establish their own international trade channels and point layout. In the future, the overseas investment focus of China's petroleum industry will slowly shift from the upstream field to the uniform distribution of the whole industrial chain." Some analysts from multinational investment banks said

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