On October 9, the Canadian oil and gas producer Daylight Energy Ltd announced that Sinopec wholly-owned subsidiary Sinopec Group International Petroleum Exploration and Development Corporation will acquire its 100% equity at a price of 2.2 billion Canadian dollars.
According to the discounted price of the Canadian dollar of the Canadian dollar of the same day, the purchase amount was approximately 13.5 billion yuan***. The acquisition was the third time that Sinopec acquired resources in Canada. The previous two acquisitions were the purchase of 40% of Canadian Arctic light oil sands project in 2005 and 150 million Canadian dollars in 2005; and the acquisition of US$4.65 billion in June 2010. Canada's Syncrude oil sands project has a 9.03% interest.
Also on October 9th, the company that went to Canada to seek resources was Yanzhou Coal (600188). Its wholly-owned subsidiary, Yan Coal Canada Resources Co., Ltd. purchased 19 potassium mineral resources in Saskatchewan, Canada, for US$260 million. Exploration rights.
According to a researcher from the chemical industry who declined to be named, Chinese companies keen to overseas mergers and acquisitions of oil and gas resources, in addition to petrochemical giants such as Sinopec and PetroChina, also include China Investment Corporation and Sinochem Corporation. Canada was chosen mainly because Canada’s political situation is stable and it is easier to purchase resources for approval.
The researcher also said that due to lack of domestic resources, China's crude oil dependence on foreign countries has reached more than 55%.
Sinopec Group is China's largest producer and supplier of petroleum products and major petrochemical products. At present, the Group's major refining business has been injected into the listed company Sinopec (600028.SH). In 2010, Sinopec’s operating revenue was 1,931.182 billion yuan, of which revenue from refining business was 971.757 billion yuan, accounting for more than 50%.
The reporter contacted the relevant departments of Sinopec Group's International Petroleum Exploration and Development Company in relation to the business conditions of Sunlight Energy, oil and gas production, and the purpose of mergers and acquisitions. The reply received was “All matters are subject to the announcementâ€. It has repeatedly emphasized that the acquisition has not yet been decided. "Inconvenience to disclose."
Sinopec's annual refining capacity has reached more than 200 million tons, while its annual crude oil production is only about 46 million tons. Its own crude oil production can not meet the refining demand, and the gap is huge.
Sunlight Energy Corporation was listed on the Toronto Stock Exchange in 2004 (DAY: TSX). The company's oil and gas core assets are mainly distributed in 69 oil and gas fields. In the first half of 2011, the company’s average equity production was approximately 38,000 barrels of standard oil per day. Based on the global average of 1 barrel per day = 50 tons per year, the company will bring 1.9 million tons of standard oil to Sinopec annually. * About 5% of petrochemical overseas resources.
From the Sinopec's composition of crude oil sources from 2008 to 2010, the amount of crude oil in the last three years was 34.77 million tons, 35.22 million tons, and 35.13 million tons, respectively, of which imported crude oil accounted for 72%, 74%, and 78%, respectively.
In the first half of 2011, the average spot price of international crude oil was 111.16 US dollars/barrel, up 43.9% year-on-year. Sinopec's purchase of crude oil costs 406 billion yuan***, a year-on-year increase of 38%.
Compared with the purchase of crude oil from Others, it is obviously more cost-effective to purchase crude oil resources. Sinopec's purchase price is C$10.08 per share, and the purchase price premium is 43.6% higher than the average share price of Nikko Energy in the previous 60 trading days. The above analysts of China Investment Securities said: "This higher level of premium shows that Sinopec is very particular about acquisitions, or there is competition from Other acquirers."
The average price of Solar Energy in the past three months was 8.52 Canadian dollars per share. As of this point in time, Sinopec’s premium to offer was about 20%. Earlier, Huang Wensheng, a representative of securities affairs of Sinopec, said in an interview with the media that, according to international practice, a three-month evaluation period was chosen, and a 20% premium is also normal.
The transaction is still subject to approval by Sunlight's shareholders meeting and regulatory approvals from the Chinese and Canadian governments.
According to the discounted price of the Canadian dollar of the Canadian dollar of the same day, the purchase amount was approximately 13.5 billion yuan***. The acquisition was the third time that Sinopec acquired resources in Canada. The previous two acquisitions were the purchase of 40% of Canadian Arctic light oil sands project in 2005 and 150 million Canadian dollars in 2005; and the acquisition of US$4.65 billion in June 2010. Canada's Syncrude oil sands project has a 9.03% interest.
Also on October 9th, the company that went to Canada to seek resources was Yanzhou Coal (600188). Its wholly-owned subsidiary, Yan Coal Canada Resources Co., Ltd. purchased 19 potassium mineral resources in Saskatchewan, Canada, for US$260 million. Exploration rights.
According to a researcher from the chemical industry who declined to be named, Chinese companies keen to overseas mergers and acquisitions of oil and gas resources, in addition to petrochemical giants such as Sinopec and PetroChina, also include China Investment Corporation and Sinochem Corporation. Canada was chosen mainly because Canada’s political situation is stable and it is easier to purchase resources for approval.
The researcher also said that due to lack of domestic resources, China's crude oil dependence on foreign countries has reached more than 55%.
Sinopec Group is China's largest producer and supplier of petroleum products and major petrochemical products. At present, the Group's major refining business has been injected into the listed company Sinopec (600028.SH). In 2010, Sinopec’s operating revenue was 1,931.182 billion yuan, of which revenue from refining business was 971.757 billion yuan, accounting for more than 50%.
The reporter contacted the relevant departments of Sinopec Group's International Petroleum Exploration and Development Company in relation to the business conditions of Sunlight Energy, oil and gas production, and the purpose of mergers and acquisitions. The reply received was “All matters are subject to the announcementâ€. It has repeatedly emphasized that the acquisition has not yet been decided. "Inconvenience to disclose."
Sinopec's annual refining capacity has reached more than 200 million tons, while its annual crude oil production is only about 46 million tons. Its own crude oil production can not meet the refining demand, and the gap is huge.
Sunlight Energy Corporation was listed on the Toronto Stock Exchange in 2004 (DAY: TSX). The company's oil and gas core assets are mainly distributed in 69 oil and gas fields. In the first half of 2011, the company’s average equity production was approximately 38,000 barrels of standard oil per day. Based on the global average of 1 barrel per day = 50 tons per year, the company will bring 1.9 million tons of standard oil to Sinopec annually. * About 5% of petrochemical overseas resources.
From the Sinopec's composition of crude oil sources from 2008 to 2010, the amount of crude oil in the last three years was 34.77 million tons, 35.22 million tons, and 35.13 million tons, respectively, of which imported crude oil accounted for 72%, 74%, and 78%, respectively.
In the first half of 2011, the average spot price of international crude oil was 111.16 US dollars/barrel, up 43.9% year-on-year. Sinopec's purchase of crude oil costs 406 billion yuan***, a year-on-year increase of 38%.
Compared with the purchase of crude oil from Others, it is obviously more cost-effective to purchase crude oil resources. Sinopec's purchase price is C$10.08 per share, and the purchase price premium is 43.6% higher than the average share price of Nikko Energy in the previous 60 trading days. The above analysts of China Investment Securities said: "This higher level of premium shows that Sinopec is very particular about acquisitions, or there is competition from Other acquirers."
The average price of Solar Energy in the past three months was 8.52 Canadian dollars per share. As of this point in time, Sinopec’s premium to offer was about 20%. Earlier, Huang Wensheng, a representative of securities affairs of Sinopec, said in an interview with the media that, according to international practice, a three-month evaluation period was chosen, and a 20% premium is also normal.
The transaction is still subject to approval by Sunlight's shareholders meeting and regulatory approvals from the Chinese and Canadian governments.
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