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Sinopec Shanghai Petrochemical Company Limited (SHI)

- NYSE
  • Mon, Apr. 27, 8:15 AM
    • PetroChina (NYSE:PTR) and Sinopec (SNP, SHI), China’s two largest oil explorers, jumped by their daily trading limit in Shanghai on speculation the government is considering consolidating the industry.
    • PTR jumped 10% to 14.65 yuan, the highest in more than five years, and SNP also surged 10% to 8.56 yuan at the close in Shanghai; in U.S. premarket action, PTR +5%, SNP +5.7%, SHI +17.1%.
    • A report also said China’s state-assets regulator may cut the number of government-owned enterprises to 40 from 112 through mergers and restructuring.
    • Earlier: Chinese shares continue powerful ascent
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  • Apr. 17, 2012, 12:27 PM
    China's Sinopec (SHI +1%) is reportedly in talks to buy Repsol's (REPYY.PK stake in YPF (YPF +0.1%) for $15B. Repsol's chairman Antonio Brufau confirmed that certain companies have shown interest, but declined to comment on whether Sinopec was one of the interested suitors.
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Company Description
Sinopec Shanghai Petrochemical Co Ltd is a petrochemical company. The Company, along with its subsidiaries, is engaged in processing crude oil into synthetic fibres, resins and plastics, intermediate petrochemicals and petroleum products.