Investors Doubt Price Rise Is Cure for China Refiners
2008年06月23日12:56
周五亚洲交易时段，中国两大石油巨头的股价出现上扬，此前中国政府上调了成品油的价格，但由于人们疑心政府此举不会显著降低两公司炼油业务的亏损，投资者在调价消息发布伊始所迸发出的热情很快便消退了。
Shares in China's top two oil refiners advanced in Asian trading Friday after Beijing increased oil-product prices, but early enthusiasm among investors waned amid doubts the move will put a significant dent in the companies' losses.
在香港证交所，中国石油化工股份有限公司(China Petroleum & Chemical Corp., 简称：中国石化)和中国石油天然气股份有限公司(PetroChina Co. Ltd., 简称：中国石油)的股价上周五开盘双双上扬5%，但股市收盘时涨幅都出现了回落。
China Petroleum & Chemical Corp., known as Sinopec, and PetroChina Co. each rose 5% at the open Friday on the Hong Kong Stock Exchange, but the gains eased by the end of the day.
中国此次将汽油和柴油的基准价每吨上调了人民币1,000元(合145.35美元)，将航空燃油的价格每吨上调了1,500元，调价措施于上周五生效。此次行动令市场感到意外，人们原本预计政府在8月份奥运会结束前会维持油价的稳定。这次调价主要是为了解决日益严重的燃油供应短缺问题，由于炼油商要以不断飙升的国际市场价格购入原油，却不得不以政府限定的价格在国内市场出售成品油，因此，为了避免炼油业务出现更大亏损，炼油商开始缩减燃油产量。
China increased the base price of gasoline and diesel by 1,000 yuan (US$145.35) a metric ton and raised prices paid to refiners for jet fuel by 1,500 yuan, effective Friday. The move surprised the market, which had expected the government to hold off until after the Olympics in August. The increases were aimed largely at addressing worsening shortages, caused by refiners reducing their production to avoid losses that they incur by buying crude at soaring global prices and selling it at capped domestic prices.
不过即使是在此次调价之后，中国的汽油和柴油零售价仍比国际水平低三分之一左右，这意味着中国石化和中国石油的炼油业务有可能继续亏损。投资者还担心中国政府可能会取消给予进口原油和成品油的增值税退税优惠，这一优惠措施旨在弥补炼油商的损失。
But even after the increase, gasoline and diesel prices are still roughly a third below international levels, meaning Sinopec and PetroChina are likely to continue to incur losses on refining. Investors also questioned whether Beijing will persist with rebates on value-added taxes on imported crude oil and oil products that had been intended to ameliorate losses for the refiners.
DBS唯高达(DBS Vickers )的石油分析师Gideon Lo说，此次调价对弥补石油企业炼油业务的巨额亏损起不了太大作用，它也没能缓解炼油行业所面临的政策不明朗因素。
The 'actual contribution will not be significant compared to their huge refining-operation losses. It also does not ease the policy overhang that is overshadowing the sector,' said Gideon Lo, an oil analyst at DBS Vickers.
中国石化发言人黄文生说，政府未通知将停止执行上述退税政策，这一政策定于本月底到期。
Sinopec spokesman Huang Wensheng said Beijing hasn't issued a notice that it will stop paying the rebate, which is to end this month.
在上海股市，中国石化A股上周五收于人民币12.83元，涨幅2.1%。中国石油A股收于15.86元，涨幅4.6%。而两公司在香港上市股票的涨幅则要小些，中国石化H股涨1.1%，中国石油H股涨1.6%。
In Shanghai, Sinopec's Class A shares, traded mostly by domestic investors, ended the day up 2.1% at 12.83 yuan. PetroChina's Class A shares rose 4.6% to 15.86 yuan. Gains in the companies' shares listed in Hong Kong were more muted. Sinopec rose 1.1% in Hong Kong, while PetroChina added 1.6%.
David Winning
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