The hottest Sinopec Angola project has countless d

2022-08-17
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Sinopec: there are countless doubts about the Angola project

since Sinopec's listing, the first overseas oil and gas asset injection was concluded at a price of $2.457 billion. Is the high price reasonable? What kind of intimate relationship does the partner have with Sinopec? Everything is shrouded in doubt

on March 26th, 2010, Sinopec disclosed that it had purchased 55% of the equity of SSI with us $2.457 billion. SSI company is mainly engaged in the exploration, development and production of oil and natural gas, and owns 50% of the equity of Angola block 18. This is also the first overseas oil and gas asset injection of Sinopec since its listing

the company that transferred this 55% equity is Sinopec's brother company "group guokan (soogl)", which is also a subsidiary of Sinopec Group

holding another 45% of the equity of SSI is a joint venture between a private company registered in Hong Kong and Angola national oil company - Anzhong International Oil Holding Co., Ltd. With the disclosure of the acquisition, the mysterious partner of Sinopec also surfaced

according to a number of public information, the business of Anzhong international oil holdings limited, which is registered in Hong Kong, is mostly related to the reconstruction of Angola and cooperates with a number of Chinese enterprises in infrastructure projects in Angola. The investor of Anzhong holdings is also the main investor of a mysterious company, China International Fund Corporation

it was the 34.4 billion yuan "Angola housing project" signed by Zhongji and Hangxiao steel structure that triggered major violations in the securities industry in 2007

is the equity transaction price of $2.457 billion reasonable? What is the inextricable relationship between PetroChina and Sinopec

everything is shrouded in doubt

the transaction price is not cheap

after the downturn last year, the international oil price has rebounded rapidly since the beginning of this year, boosted by the economic recovery, and has been maintained at a high of $80

"this transaction price is not cheap. Now that the oil price has risen, it is certainly not cheap to buy oil fields. But the key is to see the later discovery of reserves." An analyst at China Merchants Securities said

although the US $2.4 billion also includes the US $779 million that Sinopec has to pay to its parent company to acquire the outstanding loans of SSI, most securities analysts believe that this price is not cheap

Bank of China pointed out in its subsequent report that based on the proved reserves of block 18 at present, the price of acquiring reserves per barrel is $29.7/barrel. Considering 2p, the price per barrel is $18/barrel. It should be said that this price is not very cheap. Further exploration of reserves is required. SSI's annual performance was only 4.8 billion when the international crude oil price was the highest in 2008. The average price of crude oil this year is expected to exceed that of 2008. Considering the 55% equity ratio, it is expected that the contribution to Sinopec's performance in 2010 will not exceed 3 cents

in this regard, the above-mentioned person of Sinopec said that the company's priority when choosing asset injection is to boost performance, and will benefit in the long term, "because our company's share capital is large, if diluted, the benefit per share is certainly not very large."

another comparable data is that Sinopec acquired 100% equity of Swiss oil company addaxwith US $7.24 billion last June

by the end of 2008, Addax's proven oil reserves were 536 million barrels, with an average daily crude oil output of 140000 barrels and an annual crude oil output of 51.1 million barrels, about 7million tons/year. The total revenue of the whole year was 3.762 billion US dollars, and the net profit was 784 million US dollars

as of the end of November 2009, the remaining recoverable reserves of SSI's economic net equity in the eastern region of block 18 in Angola: the proved reserves are 102.49 million barrels (including 79.04 million barrels of developed reserves and 23.45 million barrels of undeveloped reserves), and the estimated reserves are 67.24 million barrels

it can be roughly judged from the above data that the reserves of Angola block 18 are far lower than that of Addax oil company, but its purchase price of US $2.4 billion is equivalent to 33% of US $7.24 billion

the above Sinopec related person said that the asset value of the oil field block cannot be judged only from the reserves. The assets of block 18 are more high-quality, and the oil field has not been put into production for a long time, and has stable income

according to the report disclosed by Sinopec, the daily production capacity of the eastern area of block 18 is as high as 240000 barrels, which is in the upper production period. This transaction has a positive role in promoting the company's income, profit margin and cash income

why only inject this block

about the oil resources of Sinopec Group in Angola, the latest record is that in July 2009, Sinopec Group established a joint venture with CNOOC and invested US $1.3 billion to acquire 20% of the interests under the product sharing contract and joint operation agreement of Angola block 32 held by marazon oil company in full cash

this time, Sinopec took over from the group company 55% of the equity of SSI company, which is held by guokan, a wholly-owned subsidiary of the group, and SSI company owns 50% of the equity of Angola block 18

in the transaction disclosure announcement, Sinopec did not disclose when and how much capital the group company acquired the interests of the above 18 blocks. We consulted with relevant personnel of Sinopec Group and Sinopec on this matter and did not obtain accurate information

according to public reports, in 2006, sonangolsinopecinternational, a joint venture between SINOPEC Group and Angola national Petroleum Corporation, obtained the equity of these 15, 17 and 18 offshore oil fields through public bidding. Sinopec Group holds 75% of the equity of the joint venture

based on the shareholding ratio of both parties in the joint venture, Sinopec Group will invest US $330million in the block 18 project. However, these data have not been confirmed by Sinopec Group

"we don't care about when the group company will jointly acquire the assets of Angola Oilfield Block with which company. We only care about whether the assets themselves are of high quality and whether they are beneficial to listed companies and shareholders." A relevant person from the Board Secretary of Sinopec told

this person said that the fundamental reason why Angola block 18 stood out from so many overseas assets of Sinopec Group and finally injected into listed companies is that this block has no risk and has stable income

"block 18 is an oil field in production, and there is no risk exploration, which means that in the case of rising oil prices, the income of this oil field will be stable in the future." He said

he also revealed that when choosing this asset injection, the company carefully compared all overseas oil and gas assets that should immediately turn off the main power supply if the stop button failed. Angola block 18 is the block with the least risk and stable income. Previously, the company also considered injecting the assets of blocks 15 and 17 into listed companies, but there are many constraints. For example, for some small equity transfers, other equity owners of the oil field block have the preemptive right

he said that there is no political handle and no risk for shareholders is the criterion for Sinopec to choose assets to inject into listed companies. In the future, Sinopec's overseas oil and gas assets, such as Addax, a Swiss oil company acquired last year, may also be injected into listed companies. The mysterious Anzhong holdings Anzhong International Petroleum Holdings Co., Ltd. researchers found that thermal cycle usually makes the bending and transverse tensile strength of composites decline. The company was founded in 2004, headquartered in Hong Kong, and mainly engaged in diversified businesses such as oil sector, natural gas, mineral investment, exploration and exploitation, crude oil trade and large-scale engineering and construction projects. At present, Anzhong international petroleum has branches in China, Africa, Latin America and other countries

the business scope covers more than a dozen countries and regions, such as Angola, Mozambique, Russia, North Korea, Argentina, etc

Sinopec disclosed in the transaction announcement that Anzhong International Oil Holding Co., Ltd. was established by Chuanghui International Development Co., Ltd. and sonangole P. 70% and 30% equity

Chuanghui International Development Co., Ltd. was established in Hong Kong, and Ms. Luo Fanghong and Ms. Feng Wanyun ultimately own 30% and 70% of the equity respectively

SonangolE. P. It is a wholly-owned state-owned company in the Republic of Angola, responsible for the management of Angola's oil and gas reserves

it is said that Angola national oil company is the only oil exploration and development concessionaire in the country. Since 2006, Angola has been China's largest trading partner in Africa and the world's second largest crude oil supplier

the China International Fund Company previously involved in the case of Hang Xiao steel structure is also inextricably linked with Anzhong holdings. Ms. Luo Fanghong is the main investor of Zhongji and Anzhong holdings

according to Hong Kong data, China International Fund Corporation was incorporated in Hong Kong on December 3, 2003. The company is a private company with an authorized share capital of HK $1million

Zhongji company has two shareholders, one is Dayuan International Development Co., Ltd., holding 99% shares; In addition, Luo Fanghong personally holds 1%

the original name of Dayuan international was North Asia International. North Asia International was incorporated in Hong Kong on August 22, 2003. Among the original shareholders, 70% of the equity was held by a company called "Chuanghui International Development Co., Ltd", and the company's signatory was "the rise of Luo cobalt price has its objective factors, Fang Hong". The owner of the other 30% equity is Beiya industry, and the representative signatory of the company is "Wuyang". In 2006, when "North Asia International" changed its name to "Dayuan international", the second largest shareholder of the company was strangely changed directly to "Wuyang"

in July 2009, the U.S. - China Economic and Security Review Commission released the investment of China International Fund Corporation and its affiliates in Africa, Latin America and the United States. The committee was established by the US Congress to examine the impact of us China trade on security

in the investigation report, the United States directly pointed out that Wu Yang was a member of Sinopec. Wu Yang had planned to serve as an independent director of Beijing Yanhua High Tech Co., Ltd., a subsidiary of Sinopec, from 2005 to 2008, but he suddenly resigned before and after the renaming of "North Asia International" in 2006

in view of the relationship between Anzhong holdings and Angola national oil company, it is rumored that Anzhong holdings is a company that specializes in searching for oil assets in Angola and Africa for Chinese state-owned oil companies

no response was received from Sinopec Group regarding the relationship between Anzhong holdings and Sinopec Group. The relevant person in charge of Sinopec Group said that relevant information can be learned from listed companies, while a person from the Sinopec board secretary said that there must be detailed records of when the parent company acquired the equity of these oil blocks in Angola, but since the parent company is not a listed company, it does not need to be disclosed

he also suggested that it is very difficult for Chinese oil companies to acquire oil and gas assets overseas. Some European and American countries have long taken away many high-quality assets, but these countries have increased their interference in the acquisition of overseas assets by Chinese oil companies

note: this reprint is a clear source of the most direct downstream industry of the petrochemical industry. It is reprinted for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

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