Market Currents

• Monday, December 21, 2009

• 08:45 AM Sources say Royal Dutch Shell (RDS.A) plans to auction off $5B worth of oilfields in Nigeria as the country prepares to impose harsher terms on foreign operators. Shell's decision to reduce its reliance on Nigeria - once its primary growth engine - signals a huge shift. Two state-owned Chinese firms - Sinopec (SNP) and CNOOC (CEO) - are seen as frontrunners. Comment!

• Wednesday, November 25, 2009

• 08:55 AM Sources tell Bloomberg News China's biggest oil refiner, Sinopec (SNP), and U.S. buyout firm TPG are sizing up a possible rival bid to Reliance Industries $10-12B offer for bankrupt Dutch-based U.S. petrochemical giant LyondellBasell. However, different sources told Reuters it was "completely incorrect" that the two companies are contemplating such a move. Comment!

• Monday, August 24, 2009

• 08:19 AM After posting a record H1 profit yesterday, Sinopec (SNP) says it's planning 'rapid' overseas expansion to secure oil supplies. 2 Comments

• Sunday, August 23, 2009

• 07:15 AM Sinopec (SNP): H1 net profit of 33.25B yuan vs. consensus of 26.5B and 7.68B a year ago. Revenue of 534B (-27%). Proposes dividend of 0.07 yuan/share. (DJ) Comment!

• Monday, August 3, 2009

• 07:36 AM China National Radio reports Sinopec (SNP) is in talks with oil firm CNPC and a top economic planner to change the oil pricing mechanism put in place in January, because it "often leads to speculation and product hoarding." Sinopec denies the claims. Comment!

• Friday, July 24, 2009

• 10:18 AM BP (BP) is reportedly in talks with Chinese oil giants Sinopec (SNP) and PetroChina (PTR) to build large refineries in coastal cities, a renewed attempt to push into the world's second-biggest oil market while demand in developed countries remains weak. 1 Comment

• Monday, July 20, 2009

• 05:37 AM Sinopec (SNP) and Cnooc (CEO) agree to buy a $1.3B stake in an offshore Angolan oil block, and hope to avoid the political opposition that faced planned acquisitions in the U.S. and Australia. The firms are buying their 20% stake from Marathon Oil (MRO). Comment!

• Wednesday, June 24, 2009

• 07:29 AM Sinopec (SNP) agrees to buy Swiss explorer Addax Petroleum (ADXTF.PK) for $7.3B in cash, gaining access to oil reserves in Iraq's Kurdish region and Africa. 1 Comment

• Monday, April 13, 2009

• 09:08 AM Royal Dutch Shell (RDS.A) is in advanced talks with China's two biggest state-owned oil companies - PetroChina (PTR) and Sinopec (SNP) - on a possible joint bid to develop the Kirkuk oil field in northern Iraq, sources say. Comment!

• Monday, February 23, 2009

• 09:45 AM Chemtura (CEM) surges at the open. Over the weekend, reports that Sinopec (SNP) and other Chinese firms are reviewing the $1B plus of assets it's looking to offload. CEM +24% to $0.77. Comment!

• Thursday, December 18, 2008

• 08:40 AM In an effort to spur spending, China cuts fuel prices by 14%. The move could weigh on the earnings of Sinopec (SNP) and PetroChina (PTR). 1 Comment

• Wednesday, November 19, 2008

• 07:00 AM Shanghai soared Wednesday, with Sinopec (SNP +10%) leading the way on news China will move ahead with its plans for a fuel tax that is seen as closing the gap between domestic and international oil prices. Elsewhere in Asia markets ticked lower. Nikkei -0.66% to 8,273. Hang Seng -0.77% to 12,816. Shanghai +6.05% to 2,017. BSE -1.83% to 8,774. Comment!

• Monday, October 27, 2008

• 09:27 AM Premarket losers: THOR -14%. AZ -12%. SI -12%. CTL -12%. SNP -11%. LFC -11%. CEO -11%. TTM -11%. PTR -10%. L -10%. AXA -10%. ACH -10%. DB -9%. CS -10%. AAUK -10%. AEG -9%. CGV -9%. RTP -9%. JAVA -8%. DAI -8%. WPPGY -8%. Comment!

• Thursday, October 2, 2008

• 05:29 AM In the latest effort by China's state-owned energy firms to expand globally, oil firm Cnooc Ltd. bids for natural-gas assets in the Caribbean, and joins up with Sinopec (SNP) to buy a stake in an Angolan oil field from Marathon Oil (MRO). Comment!

• Thursday, September 25, 2008

• 07:01 AM China Petrochemical (SNP) announces a $1.8B bid for Tanganyika (TYK) to gain access to oil and natural gas operations in Syria and to boost its oil production by around 2%. Comment!

• Wednesday, August 27, 2008

• 05:49 AM Cnooc (CEO): Oil and gas sales gain 63.9% to ¥54.46B. Net profit of ¥27.54B was up 89.3%. Cnooc is number-three to PetroChina (PTR) and Sinopec (SNP). Comment!