The low profitability of the petrochemical industry stripped out, focus on upstream investment, BP to look more long-term stable oil supply capacity
December 28, 2004, annual output of 900,000 tons of Shanghai Secco ethylene completion of construction machinery, 30, at Jinshan Hotel in Shanghai held a grand signing ceremony. And Game Division fanfare of publicity compared to 50% as investors SECCO of BP (British Petroleum) was very low key, not even issued a press release on this. BP's low-key not accidental. 3 days - 2005 1 1st, a new company in Shanghai, will replace BP SECCO fully take over the investment of the joint venture totaled 2.7 billion integrated petrochemical project.
Divestiture
BP petrochemicals business has 130 million fixed assets, of which more than half of olefins and their derivatives. April 2004, BP announced 顠?arsenazo 鈹?顠?Ba urinate Chang 顚?See drop mark 顑?noon 顎?P lazy 鈷?farewell outside the operating entity. Plan after the announcement, their former natural gas, electricity and renewable products division president Bluff? Alexander as chief executive of BP petrochemicals business, on July 1, 2004 from the office, start stripping project implementation.
BP's olefins and derivatives business has 7,500 employees around the world mainly in the United States and Europe, mainly in China, in Shanghai Caojing BP and Sinopec, Shanghai Petrochemical, a joint venture of Shanghai Secco. As a result, are stripped of natural SECCO the list. Earlier this year in Shanghai, the new company set up in April 1, 2005 will be after finishing the relevant legal procedures, and the formal separation of BP. By then, BP will work with Shanghai SECCO relationship in the legal sense out of. However, BP will continue to SECCO over time investors, SECCO's argument is one to two years.
Three blocks in the BP Group, petrochemical products, the olefins and derivatives business return on investment remained low, dragged down the overall performance of BP. BP says that the long term, stripping more olefins and derivatives business of their own interests. BP China's public relations manager Zhao Yuanheng explained to reporters, BP is a very great importance to the performance of the enterprise, from the perspective of shareholder value, olefin derivatives sector long-term investment returns low, the internal dispute in the BP family of investment environment, olefins and The derivatives business is difficult to secure favorable financing, so not conducive to this part of the business. The olefins and derivatives divestiture of its size in the global petrochemical industry is still in leading position, will become one of the new Global 500, will attract investors to invest.
Strategic Development of the former Department of Sinopec's Dr. Xu Yugao recognized BP's argument: in other business growth and profitability are good cases, this part of the whole tied together with the entire group would lower the return on investment. After stripping the stock market will rise to meet BP want to improve shareholder return requirements.
According to BP's plan, the second half of 2005 through open market approach to selling olefins and derivatives business. BP petrochemical sector in the current global annual output reached 34.59 million tons, including olefins and their derivatives is about 22 million tons annual production. BP has been stressed that BP olefins and derivatives business are good assets, enjoy the global production network, advanced technology, excellent products and strong market position, is the petrochemical industry, the best kind of business assets.
Strive
In fact, BP is not the only one to lower investment returns petrochemical business restructuring enterprises. BP's biggest competitor in Europe, but also Europe's second largest oil companies - Shell Oil Company has already sold most of the petrochemical business, concentrate on working oil production. Ranked third in Europe are France's Total oil company last October announced a reorganization of some of its chemical business, in 2006, before the formation of a new chemical company Arkema. Major oil companies have assets to sell inefficient way to optimize the asset structure, asset profitability.
BP, Shell and Andorra has exploration, mining, oil refining, chemical and petrochemical supply chain integration of the layout, can be a chain of take-all. In other industries in the extended supply chain, the pursuit of supply chain trend of the overall return, the three oil giants invariably withdraw from the petrochemical business, there seems to back the opposite direction of the mean. However, in the world today by the energy constraint, oil as an important strategic, proven recoverable reserves have primacy and who has more proven reserves, whoever has the dominant market position. Therefore, these oil companies have all funds devoted to upstream, the low profitability of the petrochemical industry spun off to improve performance, strengthen the financial capacity to expand in the exploration, development and other upstream inputs.
10 years ago, BP is just a mid-sized European oil company. 10 years later, in 2004, "Fortune" Global 500 Award in, BP, with its 232.6 billion U.S. dollars in 2003, ranked second in revenue, more than U.S. oil giant Exxon Mobil, the world's largest energy companies . BP growth process, that is, mergers and acquisitions, big oil and gas production process.
From 97 years, BP has always been in the oil and gas industry restructuring process of the cutting edge. To 61.9 billion U.S. dollars in 1998 merged with Amoco (Amoco) company, in 1999 BP-Amoco Youyi 31.8 billion merger of ARCO (Arco) company. 2000 will be the world's leading lubricant brand Castrol (Castrol)'s fold after, BP in the results, assets and shareholder return and so on among the ranks of the world's three major oil companies.
M & A Amoco (Amoco) is a series of BP sustained more than two years in the first major M & A transactions. Mergers and acquisitions to enhance BP's position in the global market, many played an important role. Ah (ARCO) after accession, BP covering the United States from the Atlantic to the Pacific fuel market, acquisition strategy, also for the BP ARCO gas business in the Far East provided an opportunity for growth. Through the acquisition of Amoco and ARCO, BP's natural gas output in 10 years increased by 8 times. In addition, BP's acquisition of the Burmah Castrol, BP has made a senior oil is a globally recognized brand "Castrol", BP's operational capacity for consumers greatly strengthened. German VEBA (Veba) oil companies in Germany and Central Europe, retail and oil refining assets acquired, is also a BP to develop a strong retail business strategy. BP made in Germany and Austria leading the market leader in Poland and other Central European countries also have enhanced strength.
In the petrochemical industry chain, the upstream industry's profit is much greater than the downstream industry. BP Group in the upstream petrochemical industry has the advantage of specialization, it has substantial oil and gas resources, currently BP75% -80% of the profits from upstream. In 2003, BP share TNK BP (TNK-BP) 50% stake in the company to create a sixth new upstream profit center. TNK-BP is Russia's third-largest oil company, covering petroleum products from oil resources to all areas of marketing, vertical business. In terms of the production, TNK-BP and Amoco before the acquisition rather, its 3.6 billion barrels of proven oil reserves, of which 28 million barrels under development.
BP's business scale and market coverage and the continued development of world energy supply and demand pattern matching. BP's oil reserves from the acquisition after the beginning of the rise, jumped from 80 million barrels to 200 billion barrels in 2003. In the January 18 "Finance" magazine's annual meeting, the investment bank Goldman Sachs global economist Ru Pakistan said that in the next 20 years, the world will continue to maintain strong demand for oil. BP buried underground or undersea wealth will be gradually transformed into real money.
Chinese thinking
Did not dare to ignore the oil companies of China as a super oil market. China is already the second largest after the U.S. oil consumer. On the foreign oil giants, the retail terminal benefits have been enormous because China's policy of being kept out. December 11, 2004, China's refined oil retail market is fully opened, and has always advocated "first step" in BP as early as June 2001 had the winner, with PetroChina in Guangdong has established China's first joint venture retail sales of refined oil, oil products for both retail and future cooperation in the field of deep foundation.
Statistics show that China's car sales growth in volume of only 30% last year, China's oil product retail to foreign investors understood the significance of the oil giant. November 18, 2004, PetroChina and BP joint venture company for BP oil company, CNPC held a listing ceremony. Before the November 4 by BP and Sinopec joint venture of Sinopec BP (Zhejiang) Petroleum Co., Ltd. was officially established. According to the same year, Premier Wen Jiabao's visit to Britain in May respectively, during the BP and Sinopec and PetroChina signed a contract, the two joint ventures in 2007 were in Guangdong and Zhejiang before the acquisition, construction and operation of 500 service stations. Total investment was 4.775 billion yuan and 2.5 billion U.S. dollars, BP, respectively, in two joint venture owned 49% and 40% of the shares. Of the Petroleum BP, since the early action in 2001, currently owned enterprises in Guangdong province has more than 400 stations, more than 200,000 vehicles every day to provide services, its business volume in the Pearl River Delta Region has reached 20%.
Although the domestic upstream oil and gas exploration and development business is not open to foreign investment has substantially, but in addition to the retail oil products, the demand in the chemical products in China, BP petrochemicals business has enough room for growth, BP also take the hint. Premier Wen Jiabao's visit to Britain during the BP and China signed a series of more than one billion dollars the total amount of the agreement. In addition to these joint venture projects, oil, BP and Sinopec signed an agreement to jointly build an annual production capacity in Nanjing by up to 50 tons of acetic acid joint venture, with each holding 50%. Production is expected by the end of 2006. BP also signed a letter of intent, plans to BP Zhuhai PTA plant's annual production increased from 350,000 tons to 1.2 million tons. Meanwhile BP and Sinopec acetic acid joint venture in Chongqing (Yangtze Acetyl) is proceeding smoothly, the expansion of the acetic acid production capacity from 200,000 tons to 350,000 tons / year.
BP olefins and derivatives business strip, while the retention of the aromatic hydrocarbon and petrochemical business in acetic acid business. BP, as the aromatics and acetic acid as a "superior products" in the field has a strong position. The acetic acid in the field of CATIVA field of technology and know-how PTA has the world's transfer of power in terms of global market share, BP's top two. The Asian market demand for these products is very strong field. BP is clearly not ready to give up the dominant position. From 1973 began to expand their business in China, BP has been accumulated in a series of commercial projects more than 4 billion U.S. dollars investment in 2004, this series has been even more so China's energy industry, BP has become the leading foreign investors. Before that, BP is already China's largest offshore natural gas production enterprises, China's first liquefied natural gas project (LNG) in the only foreign partners, and the largest liquefied petroleum gas (LPG) import and marketing business.
The face of the gradual depletion of oil resources, alternative energy he must come forward, BP's attention has been stretched to the oil outside of the mixed fuel, hydrogen, solar energy on the expansion of investment. BP has announced that the Ministry of Science and Technology of China, participate in a demonstration project of hydrogen fuel vehicles. Drawing on its hydrogen fuel in the world involved in similar project experience, BP will provide project design, construct, operate and provide facilities for hydrogen hydrogenation. Expected in the near future, in Beijing and Shanghai hydrogen-powered cars running on fuel provided by the BP.
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