With the government of Argentina for the country's largest oil company YPF nationalization, China Petroleum and Chemical Corporation ( referred to as" Sinopec" ) takeover of YPF program also was forced to suspend.
Spain's largest oil and gas producer Repsol ( Repsol ) the company currently has a 57.4% stake in YPF. Before this, the message says, Sinopec has been associated with thunder Cape zolda became a non-binding agreements, plans to spend $15000000000to buy Repsol possession YPF equity.
Our newspaper learns, Sinopec previously and Repsol signed agreement of intent, and hope in the Argentina market has" gains". But now, with the government of Argentina oil and gas policy changes, Sinopec 's takeover of YPF to wait.
" Sinopec's overseas acquisition is generally by Sinopec exploration ( China International Petroleum Exploration and development company ) to seek and implement, on the YPF that potential acquisition opportunities will not let go, before also has really been in contact, but at present it can defer." Sinopec China to collate said.
The upstream business has Sinopec is short board, in the domestic oil and gas resources is almost a monopoly situation in the oil, Sinopec can only focus on overseas. At the beginning of this year, Sinopec launched the" Twelfth Five-Year Plan " at the end of the interests of overseas oil production of 50000000 tons of plan.
Nationalization crisis.
The reporter understands, Sinopec and Repsol company signed a preliminary agreement of intent, not binding. If the Repsol company and the Argentina government representations fail, Sinopec does not need to assume any responsibility, also won't face loss.
In April 16th, Argentina's president Christina announced that the government would impose, holding the country first oil company YPF, realize national control over the sources of oil, reversed the trend that drops ceaselessly in oil gas production.
The same time, the message says, Sinopec has with Spain's Repsol signed a non-binding agreement, would pay $15000000000 to buy the latter possession YPF equity.
In fact, in the government of Argentina announced the implementation of YPF nationalization, Repsol and including Sinopec, several Chinese companies in contact, and the program will hold the hands of the YPF shares are sold to sinopec.
YPF called Repsol-YPF, is Argentina's largest oil company, in the last century90 time ever for state-owned enterprises. In 1999, Repsol through several times to buy, for YPF complete privatization, once the stake high up to 97.5%.
At present, Repsol owns a 57.43% stake in YPF, Petersen Argentina Energy Group owns 25.46% of the company, other shareholders and the government of Argentina with17.09% and0.02% of the shares.
Recently, government of Argentina to the parliament of Argentina submitted a motion to Repsol, and Argentina Pedersen group takeover96560000 shares and100000000 shares, which owns a 50.1% stake in YPF, realize state-owned holding.
The latest news, the Argentina Senate committee has approved the recovered YPF 51% shares legal bills, and in April 25th the Senate plenary vote. If passed, the house of representatives.
April 17th morning, the Spanish government issued a statement strongly condemning the government of the Argentina, the Spanish oil company Repsol holding subsidiary company Repsol - YPF nationalization" overbearing" decision.
In fact, the government of Argentina has not satisfied with Repsol company investments in the country. The government of Argentina that YPF upstream on the insufficient investment in Argentina, the domestic refined oil supply shortage.
To this end, Argentina a number of oil provinces even withdrew the company some blocks of the mining license, and the market often outgoing YPF or nationalised news. While the YPF will be refined oil supply shortage due to" policy failures".
It is reported, in the government of Argentina announced that the forcible acquisition of YPF stake, Repsol is presented to the government of Argentina to claim US $10500000000, but Argentina refused. " Judging from the current situation, Repsol company and the Argentina government relationship is strained. Sinopec had to suspend the acquisition of YPF program. However, who also don't know what will change, now only waiting." Sinopec China to collate said.
Resource of temptation.
For the acquisition, Sinopec official declined to comment. Sinopec spokesman said Huang Wensheng, and had not heard this acquisition. Ernst & Young ( China ) financial transaction advisory partner Zhuo Chaoan April 19th is known, Sinopec and YPF transaction amount is too large, not likely. The acquisition of the disclosed the purchase amount, in recent years in the international market of oil gas of the biggest brushstroke.
These people also said, now judge the acquisition failure too early, after all, the government of Argentina for YPF nationalization did not become an established fact.
Message personage says, Sinopec hoped from Repsol acquired its holdings of YPF equity transactions have been Repsol board support. Repsol also depend on this sale to improve their financial condition.
It is reported, Sinopec decided to big takeover of YPF, is optimistic about the latter in Argentina idle block development potential. The Argentina government has been accused of YPF in these unused blocks devoted inadequacy. While Sinopec 's advantage, Sinopec is not a lack of funds, if the successful bid, fully able to meet the Argentina government asked YPF to accelerate the development of strength requirements.
Data shows, YPF upstream exploration and production business mainly concentrated in North Africa, Latin America, the Gulf of Mexico, Trinidad and Tobago. Early in 2009, the company has 4200000000 barrels of oil and natural gas proven reserves.
YPF not only has the upper reaches of the rich assets, or the Argentina the largest petrochemical and gas station retail enterprises. YPF owns9oil refineries, Libby Leah in the Peninsular and Latin American occupied the largest market share. In addition, YPF in Argentina also has thousands of gas station.
In fact, this is not the Chinese company for the first time on YPF initiated the acquisition. In early 2009, PetroChina and CNOOC had put in at least 17000000000dollars to buy all the shares of the YPF.
At that time, Repsol for cash flow tension, considering the sale of YPF, later by the successful financing were sold in the middle east. In addition, the Spanish media said, CNOOC to euro 9160000000bid for YPF.
Fill short board.
At the beginning of this year, Sinopec launched the" overseas Daqing" plan, arrive namely 2015, overseas oil assets to reach 50000000tons, accounting for the total output of oil and gas in the half of the country"".
In 2011August, Sinopec chairman Fu Chengyu at the internal leadership cadre informal discussion that Sinopec should as soon as possible," the" short board" fill". Focal points in the strategic structural adjustment is the priority "long board" lengthened, as soon as possible " short board" s, let" long board" and "short board" will become strong.
But with the oil, Sinopec in the upstream business" short board". In2010, Sinopec crude oil output is2.6 times, natural gas production is more than 5 times of sinopec.
Sinopec's dependence on foreign oil nearly 70%, this also let the Sinopec high-rise headache. But the upstream exploration and lack of resources is not a short duration of time can make up for.
And in the petrochemical refining plate is the strongest, the possible long-term loss in state. Fu Chengyu has publicly said, when the international oil prices above $90/ barrel, the oil refining business will loss. His biggest fear is, international oil prices will continue to run high.
In the domestic oil gas asset is mostly in the oil occupies the circumstance, Sinopec can turn their sights on the overseas market. " In the overseas upstream resources, Sinopec enthusiasm than oil, CNOOC will be high." The above said.
In fact, in the purchase of YPF, Sinopec has been acquired through to enter the Argentina market. In 2010December, Sinopec and the United States western Petroleum Company ( OXY ) signed a purchase agreement. OXY is the American fourth big oil and gas companies.
This acquisition has been completed by the end of this year the 2delivery, involving a total amount of $2450000000. After the success of the acquisition, Sinopec access to OXY Argentina100% stake in the company, and the first to enter the Argentina market of development of oil gas exploration. Through this acquisition, Sinopec acquired the company in Argentina in 23exploration blocks.
At present, the Sinopec's overseas oil and gas production accounted for about 40% in. Sinopec China collate senior engineer Zhang Zhigang disclosed in March 18th, predict 2015, Sinopec's interests of overseas oil production will reach 43000000tons, natural gas production reached 3000000000~ 5000000000cubic meters.
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