China's two largest petrochemical giants successively unveiled the prelude of national energy strategy adjustment
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The article said that in the near future, CNPC suddenly took over the acquisition of its listed subsidiary and planned to go public after being integrated. At the same time, another oil giant Sinopec has suddenly accelerated the pace of integrating its subsidiaries. The two oligarchs shot at the same time, unveiling a prelude to a new round of national energy strategic adjustments.
In the early days of its listing, CNPC, listed in Hong Kong, promised small and medium shareholders to “choose the opportunity†to integrate its listed subsidiaries. In the past five years, PetroChina finally waited for a golden opportunity for integration. It issued three announcements on October 27th and announced the formal opening of the integrated subsidiary of CNPC. PetroChina relied on its abundant cash flow, which represented a premium of about 40% higher than the average price for the first six months before the plan was announced. It held high to repurchase three of its listed companies—Liaohe Oilfield, Jinzhou Petrochemical, and Jilin Chemical.
Although PetroChina’s acquisition is in line with the company’s commercial interests, it is certain that PetroChina’s attempt to integrate its listed companies is not intended to compete with small and medium investors. In fact, the integration of PetroChina's subsidiaries is not an isolated incident but a part of the national decision-making process that has initiated a new round of national energy strategy. If the national energy New Deal is compared to a chess game, the vigorous integration of CNPC's subsidiaries is just one of the pieces. PetroChina's acquisition of the upstream and downstream company's acquisitions is a prelude to the country's adjustment of its energy policy. It is a major measure to launch a series of new energy policies to rationalize the upstream and downstream relationships within the industry.
PetroChina also began to speed up its integration efforts while PetroChina was engaged in consolidation. On November 3, Zhenhai Refinery, a subsidiary of Sinopec, suspended trading in Hong Kong and issued an announcement of privatization. Compared with PetroChina, Sinopec's restructuring is more complex. PetroChina has only three listed companies in domestic A shares, while Sinopec has more than a dozen A-share listed companies (two with H shares) and Zhenhai Lian, a pure H-share company. Change. As we all know, with the full implementation of the share reform, Sinopec will face greater pressure for share reform. According to common sense, if Sinopec Corp. conducts repurchases and reorganization, it should start with the domestic A-share market, such as Qilu Petrochemical and Yangzi Petrochemical with better performance. However, Sinopec’s repurchase begins with Zhenhai Refining, which is mainly engaged in refining business. The main driving force behind the integration of PetroChina and Sinopec Corp. comes from the adjustment of national energy policies rather than the internal commercial interests of the company.
According to statistics, China's current consumption of disposable energy accounts for more than 10% of the world's total, followed by the United States as the world’s second largest energy consumer. From the incremental point of view, China's new energy demand accounts for a higher percentage of the world's new energy demand. According to OPEC's estimation, from 2001 to 2004, China's new oil demand contributed 36% of the world's new oil demand. China's energy demand, especially oil demand, has become the most compelling factor in the world energy market. In this year's oil shortages in parts of Guangdong, the price inversion mechanism for crude oil and refined oil has become the target of public criticism, and the new national energy policy is ready to come. The core of the new national energy strategy is the pricing mechanism. The difficulty lies in the problem of fuel tax, and the establishment and improvement of the energy crisis management mechanism will be a long-term issue.
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