PetroChina and Sinopec may trade or change the settlement price of linked oils. Sinopec, which has 35 molecular refining and chemical companies, purchases millions of tons of crude oil from PetroChina every year. China business news recently learned from many sources that since January 2012, PetroChina has changed the crude oil pricing of Sinopec from the price linked to the "Xinta" region, or to other cheaper crude oils. Yesterday, PetroChina did not give a clear answer in an interview, "the annual cooperation agreement between the two sides has just been signed, and the crude oil variety is not up to PetroChina to decide."
the settlement price fell unexpectedly
internal data obtained from relevant channels showed that the settlement price of taxable crude oil from Daqing Oilfield and Jidong Oilfield to Sinopec in this month was 5762 yuan/ton, down 351 yuan from 6113 yuan/ton last month. The settlement prices of Huabei Oilfield and Dagang Oilfield were set at 5662 yuan/ton and 5181 yuan/ton this month, with a decline of hundreds of yuan compared with 6006 yuan/ton and 5916 yuan/ton in December 2011
"taking Daqing Oilfield as an example, assuming that it is linked to the Xinta oil price, the settlement price of PetroChina this month is about 6000 yuan/ton, 238 yuan higher than the actual settlement price announced by PetroChina in January. The reason why the actual settlement price has fallen sharply may be that the crude oil variety linked to PetroChina has changed from the 'Xinta' spot price to the 'Dubai' spot price." An industry source pointed out
the aforementioned industry insiders told that Daqing crude oil was priced with reference to the spot price of Xinta crude oil in 2011, and the pricing period was from the 26th to the 25th of the next month. "To put it simply, the tax payment price of Daqing in November 2011 is based on the average price of Xinta in a pricing period, multiplied by the central parity of the Sino US currency exchange rate and the ton barrel ratio in the pricing period of the current month, plus the discount, and then the settlement price of Daqing in the current month is obtained." The person said
therefore, the person still found that the settlement price of PetroChina in January 2012 was about 6021 yuan/ton according to this formula. But in fact, the settlement price announced by PetroChina is only 5762 yuan/ton, with a large gap
if the "average price of Dubai in December 2011" is put into the formula, it is found that the settlement price of PetroChina is about 5760 yuan/ton, which is only 2 yuan difference from the actual announcement, "has PetroChina changed the hook product 3. The challenge brought by the new national standard into Dubai oil price?"
in fact, taking the average price of Dubai and Xinta crude oil in December 2011 as a comparison, "according to relevant statistics, the former is cheaper. In the pricing period in December, the average price of Xinta was 111.667 US dollars/barrel, and the average price of Dubai was 106.852 US dollars/barrel; During the pricing period in November, the average price of Xinta was $113.292/barrel, and the average price in Dubai was also low, at $108.777/barrel
"two barrels of oil" are cost-effective
why should PetroChina set a relatively cheap crude oil price, which will reduce its profits
according to the analysis of the aforementioned industry insiders, although China has adjusted the threshold of oil special income in 2012, the resource tax was fully rolled out in 2011, and the collection of these fees was based on the sales price of crude oil. Therefore, if the settlement price of crude oil is reduced, the tax expenditure of PetroChina may be reduced
in 2010, PetroChina spent nearly 52.2 billion yuan on special oil income alone. Zhoumingchun, the company's chief financial officer, once told this newspaper, "the taxes and fees of upstream businesses, such as oil special income and resource tax, mineral resource compensation fees, overlap with each other." Since the current quotation in Dubai is 4-5 dollars/barrel less than that in Xinta, if the crude oil is 5million tons, PetroChina may save 160million dollars of special income if it changes the linked oil type (from Xinta to Dubai) as its main oil field settlement price
secondly, most oil field companies, including Daqing, Jidong and other PetroChina, supply only 5million tons of crude oil to Sinopec every year. "It is possible that Daqing Oilfield has different quotations for different customers and different types of oil after more than 20 years of struggle and development. A lower price for Sinopec, maybe a higher price for other companies, can also balance the interests of the company." Liu Bo, a researcher at Guojin securities, analyzed
Lu Bin, an analyst at zhuochuang information, also said that in addition to direct sales customers, the crude oil settlement price system referred to by PetroChina will change at regular intervals. According to this newspaper, PetroChina adjusted the international crude oil variety attached to the main oil fields from "Minas" to "Xinta" in May 2008, while Sinopec changed the attached variety from "Xinta" to "duri" in the second half of 2007 [Minas and Xinta belonged to China National Petroleum I and China National Petroleum II respectively, and the settlement price of the former (Xinta) was higher than the latter at that time]
in addition, under the current high crude oil price, the low settlement price of PetroChina also helps Sinopec save crude oil costs
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