Friday, July 10, 2020
Martin Hennecke

China refiners to jointly buy crude
<p>China&#39;s state-owned oil refining giants are in discussions to form a purchasing group to buy crude together, which will increase their bargaining power and avoid bidding wars, Bloomberg reported citing people familiar with the matter.</p><p>Senior executives from Sinopec (0386), PetroChina (0857), CNOOC (0883) and Sinochem are in advanced talks to iron out details of the plan, and has won the support of the central government and industry watchdogs, the people said.</p><p>This came as the net profit of mainland stated-owned firms surged by 2.5 times month-on-month in May, recovering to 94.5 percent of the level a year ago, according to data from the Ministry of Finance. For the first five months this year, net profit plunged 52.7 percent year-on-year to 663.09 billion yuan (HK$726.31 billion).</p><p>Despite the recovery in the mainland, Hong Kong&#39;s total exports and imports shrank 7.4 percent and 12.3 percent year-on-year, respectively, government data showed, worse than market expectation.</p><p>A visible trade deficit of HK$13.7 billion, equivalent to 4.1 percent of the value of imports, was recorded in May.</p><p>For the first five months, the value of total exports decreased by 8 percent from a year ago, while the value of imports decreased by 9.8 percent. A trade deficit of HK$141.7 billion was recorded.</p>
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