Petrochina Will Own A 100% Stake In Fuel Oil Companies.
In November 25th,
PetroChina
The natural gas Limited by Share Ltd (601857.SH/0857.HK, hereinafter referred to as CNPC) issued a notice that the company spent 392 million yuan from China.
United Petroleum
The limited liability company (hereinafter referred to as the Union Oil Co) purchased 4.356% of the shares of PetroChina's fuel oil Limited by Share Ltd (hereinafter referred to as PetroChina's fuel oil).
After completion of the acquisition, PetroChina will own
Fuel oil company
100% stake.
According to the announcement information, as of October 31, 2010, the total assets of CNPC's fuel oil were 12 billion 300 million yuan, the total value of liabilities was 5 billion 100 million yuan, the total value of net assets was 7 billion 200 million yuan, and in 2009, the net profit of CNPC fuel oil was 1 billion 680 million yuan.
Judging from the acquisition price, PetroChina's acquisition is equivalent to the total price of PetroChina's fuel oil 9 billion yuan, the purchase price can be described as "cheap and fine."
On the day of the acquisition, PetroChina will once purchase the funds into the designated bank account of Union Oil Co.
PetroChina's fuel oil is mainly engaged in domestic bitumen, fuel oil and other investment and development. At present, China's asphalt, fuel oil, solvent oil, distillate oil and other refinery small products are in a period of rapid development. PetroChina believes that putting all the fuel oil under the command is in line with the company's expansion of the terminal market strategy, and is conducive to improving the company's industrial chain, in line with the long-term development interests of the company.
Union Oil Co is an oil trading company co sponsored by China National Petroleum Corporation (CNPC) and China Sinochem Group Corp, which mainly manages the state run trade business and offshore futures business of crude oil and finished oil products managed by the Chinese government.
At the end of 2009, Union Oil Co's book assets totaled 54 billion 547 million yuan and net assets 2 billion 771 million yuan.
PetroChina holds 70% of Union Oil Co.
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