Sinopec shares jump 9.7 per cent on news of oil find in northwestern China
Date: Thursday, May 31 @ 08:55:17 PDT
Topic: Geology; Reserves; Oil Fields
Shares of China Petroleum & Chemical Corp. jumped 9.7 per cent Thursday, a day after its parent company said Sinopec had found more crude oil in northwestern China.
Sinopec, Asia‘s largest refiner by capacity, has found oil reserves of 1.03 billion to 1.5 billion barrels in the Xinjiang Autonomous Region, according to its parent company, China Petroleum Corp.
The news helped lift Sinopec shares 9.7 per cent to HK$8.72 (US$1.11) on the Hong Kong stock market.
The find could raise Sinopec‘s total oil reserves by 15 per cent, and its net asset value by about five per cent, according to Gordon Kwan, an oil analyst at brokerage CLSA.
Oilweek
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