In the oil: the cost soared 61.9 billion yuan
PetroChina (China National Petroleum Corp.) released the 2008 first quarter results to verify some of the above argument.
Quarterly Bulletin revealed that the oil in the first quarter of 2008 the average crude price was 87.93 U.S. dollars a barrel over the same period in 2007 of 53.95 U.S. dollars or 63 percent of high 33.98 U.S. dollars; natural gas prices to 3.15 U.S. dollars per 1,000 cubic feet, higher than 2007 24.5 percent or 0.63 U.S. dollars. Its 2008 first quarter of crude oil and natural gas production 2.16 million barrels and 484.7 billion cubic feet to count, in the crude oil and natural gas sales before value-added tax and income tax the profits should increase in 2007 than 7.34 billion U.S. dollars and 300 million U.S. dollars, A total of 7.64 billion U.S. dollars (about 53.48 billion yuan), after deducting the 17 percent value-added tax swap part, there should be 6.34 billion U.S. dollars or 44.4 billion yuan in pre-tax profits.
However, according to The Bulletin in the oil, the company's 2008 revenue was recorded in the first quarter of 259 billion yuan over the same period in 2007 increased 76.4 billion yuan, while its costs rose sharply from 89.4 to 218 billion yuan, resulting in the company's 2008 first The first quarter pre-tax operating profit of 41.1 billion yuan over the same period in 2007 the 54 billion yuan to reduce 12.9 billion yuan. In other words, because of the increase in cost of the downstream business and a total of 57.3 billion of subsidies, this can increase the profits of 44.4 billion yuan instead to reduce the 12.9 billion yuan.
The rising costs of oil, mainly in two aspects: 1. "Apart from taxes other than income tax," and a "procurement, services and other", to 30.3 billion yuan and 134.9 billion yuan, respectively, over the last year, an increase of 180 Billion and 61.9 billion yuan. According to the industry's explanation, the former government of 40 U.S. dollars higher than the price of crude oil / barrels more than charged by the special part of the proceeds, based on the price of crude oil sales and changes in the latter compared to the actual cost of oil changes.
61.9 billion yuan of "procurement, services and other" cost increases, according to JP Morgan (JP Morgan) estimates, about 26 billion yuan subsidies in the oil refining and成品油销售. According to the analysis of the industry, because of the oil in the first quarter and did not significantly increase the production and sales and production for crude oil in a high proportion is likely to subsidize the lower reaches of the actual amount will be more than JP Morgan estimates. Report revealed that in the first quarter of 2008 oil production of 2.16 million barrels of crude oil processing capacity of 2.17 million barrels, the processing volume of only 0.01 million barrels more than production. Therefore, the aforementioned oil is expected in refined oil this year need to 140 billion yuan of subsidies that are not unfounded.
Sinopec more challenges
Sinopec (China Petroleum and Chemical Corporation) the situation is even more challenging.
Sinopec first quarter of 2008 crude oil and natural gas output was 10.33 million tons and 2.057 billion cubic meters, the sales price of 3,943 yuan / ton and 917 yuan / 1,000 cubic meters, up 1,360 yuan over the same period in 2007 and 118 yuan. To the same manner, Sinopec in crude oil and natural gas sales should increase in value-added tax, income tax profit before 14.05 billion and 240 million, a total of 14.29 billion yuan, after deducting the 17 percent value-added tax profits before income tax for 11.86 billion yuan.
Sinopec and the "place of business (loss) / profit" column for the performance of the loss of 435,000 yuan, with 2007 profits of 28.4 billion yuan is Tianyuan other. Sinopec profits substantially and the reasons for the reduction in oil (17.90, -0.02, -0.11%, it) is similar to that of the downstream costs and subsidies soaring. According to the Quarterly Bulletin, Sinopec first-quarter revenue to 332 billion yuan, up 277.1 billion yuan in 2007 increased 54.9 billion yuan or 19.8 percent, but its cost, "operating costs" increased 30 percent to 295.5 billion yuan, " Business tax and surcharges "increased 112 percent to 137 billion yuan," asset impairment losses "to increase 69,223 percent to 9.01 billion yuan (Sinopec in the field of interpretation is: mainly because of controlled prices of refined oil, a quarter of the rise in the cost of crude oil caused Impairment caused by crude oil). I believe the whole year will be no loss of oil refining sectors than in the oil may reach 20 billion U.S. dollars less.
Sinopec refined oil price control by the impact of the reasons for the greater proportion of its production for crude oil and refined oil is not high yield more relevant. Sinopec's crude oil output to 10.33 million tons, the processing capacity of 41.89 million tons, that is to be bought out 31.56 million tons. And its oil sales to 30.18 million tons, of oil than the 21.87 million tons more than the 38 percent or 8.31 million tons.
Taking into account the sale of refined oil were more Kuide more, and in the upstream petrochemical sales revenue far and the situation in the oil, petrochemical in the performance of the situation can understand. But it may be inferred that, Sinopec refined oil subsidies in the amount is likely to be higher in the oil. Therefore, quarterly disclosure, Sinopec in the first quarter was 7.45 billion yuan of refined oil price subsidies.
China's oil refining losses greater than India »
China's oil companies really need the number of subsidies to the issue of refined oil, a petroleum industry analyst pointed out that, taking into account China's oil consumption and the current status of the two major oil companies, China's total amount of subsidies and India are likely to be considerable The level even higher than that of India.
According to June 1 at 16 Japan's version of "Asia's largest oil crisis coming," Indian oil company losses, far exceeding the government about 100 billion yuan of subsidies, the state-owned oil enterprises loss for the year is expected to reach 18,000 in 2008 Billion rupees (about 300 billion yuan).
India's current price of a litre of petrol about 45 rupees, about about 7.5 yuan, China's gasoline prices at around 5.5 yuan. According to the U.S. Energy Information Administration (Energy Information Administration) data, China's current average daily oil consumption of 7.9 million barrels, equivalent to about three times India's. Can be judged, and China has a huge commitment of refined oil subsidies.
Of course, the figures can not be used in India and China make a simple comparison of the two countries in some different. In India's petroleum products, daily use kerosene or even the proportion of more than petrol. According to the U.S. Energy Information Administration data, India, the daily use of kerosene to 198,000 barrels, higher than the 192,000 barrels of gasoline, kerosene and China's petrol consumption is only 4.6 percent. India's current selling price of kerosene was only 10 rupees, or about 1.67 yuan, much lower than the cost of 30 rupees.
Please specify reproduced original article reprinted from the《http://chinasfinancial.blogspot.com/
》
No comments:
Post a Comment