Sinopec Oil Services (01033) rose 4% and rose 4% at press time to HK$0.52, with a turnover of HK$953,600.
The Zhitong Finance App learned that Sinopec Oil Services (01033) rose 4% and rose 4% at press time to HK$0.52, with a turnover of HK$953,600.
According to the news, the company recently issued an announcement. Recently, Sinopec Petroleum Engineering and Construction Co., Ltd., a wholly-owned subsidiary of the company, won the bid for the EPCC general contracting project of Liaoning Zhenhua Petroleum Energy Reserve Co., Ltd. (the project). The winning bid amount was approximately RMB 794 million, accounting for about 0.99% of the company's 2023 operating revenue under China's accounting standards. The project has a storage capacity of 2 million cubic meters, built 20 100,000-cubic meter floating crude oil storage tanks, and arranged 5 crude oil tank groups. The construction period is about 443 days. Currently, the relevant parties have not formally signed a contract, and there is still uncertainty about the project.
Guoxin Securities believes that supply-side OPEC+ continues to step up production cuts, OPEC+ extends voluntary production limits until the end of the second quarter, while the Russian government ordered its domestic oil companies to reduce oil production in the second quarter of 2024, further cutting production by 500,000 b/d from about 9.5 million b/d in the first quarter to ensure that the production target of 9 million b/d is reached by the end of June; in addition, US strategic oil reserves have entered the replenishment stage, and the overall supply side is tight. The demand side is gradually entering the peak seasonal demand season as the global economy continues to recover. The bank believes that oil demand is recovering moderately, overall supply and demand are relatively tight, and oil prices are expected to remain high.