Sinopec Group Engineering and Lubricant Plate Integration Launch
“At the beginning of the year, Chairman Fu Chengyu has approved the listing plan for its lubricant product business.†An employee of China Petroleum & Chemical Corporation (hereinafter referred to as “Sinopec Groupâ€) told this reporter that Fu Chengyu believes that its lubricant products are independent from Sinopec. The opportunity to spin off the listing has matured. Lubricant product sales channel integration is to prepare for follow-up listing.
“The financial statements of the eight engineering companies have been combined.†A source close to the Sinopec Group revealed that the management and specific operations of the engineering company of the Sinopec Group have not yet changed, but they are already preparing to meet the listing conditions.
The above sources continued that the main task of Fu Chengyu's transfer from CNOOC to Sinopec Group was to help achieve the goal of spin-off listing of Sinopec Group's business and accelerate the pace of internationalization of the business. Fu Chengyu, the leader who has worked for CNOOC for more than 30 years and is good at acquisitions, reorganizations, spin-offs, and opening up the international market, has gradually started major operations on Sinopec.
Engineering company established in the middle of the year
In February of this year, Huang Wensheng, spokesperson of Sinopec Group, said that Sinopec Group has officially launched a professional restructuring. At present, the two major sectors of petroleum engineering services and refining and chemical engineering are the first to start. The next step will also continue to professionally restructure the other affiliates of the Group to achieve the professional management of each sector.
The above two major sections will be reorganized into Sinopec Refining and Chemical Engineering Company and Sinopec Petroleum Engineering Services Company. The former will merge Sinopec's engineering construction companies and subordinate companies in Sinopec and Sinopec's refining and chemical project contracting business to unify the management of domestic and overseas oil refining and chemical project market development and project implementation. The latter is mainly to integrate all its resources related to petroleum engineering services, and to uniformly manage and manage the Group’s exploration and mining projects at home and abroad.
"In the middle of 2012, Sinopec will merge its eight engineering construction companies into Sinopec (600028, Shares) Engineering Co., Ltd." According to the sources, these eight companies are the fourth of Sinopec Engineering Construction Corporation and Sinopec Group respectively. , Fifth, Tenth Construction Company, Sinopec Shanghai, Ningbo, Nanjing, Luoyang Engineering Company.
“Although the previous Sinopec oil refinery was listed on the stock market, after the merger of the eight companies, there will be no major changes in the management of the companies.†In fact, according to the sources mentioned above, after the merger of the eight engineering construction companies, both leaders Or the cooperation between the companies will continue as usual.
However, after the merger, the engineering construction business can gain more advantages in the tendering process. According to the sources mentioned above, the advantages of the engineering construction companies in these 8 companies are in the aspect of technical design and technology transfer, and the construction of the company’s main business It is the construction of the project.
In addition, the consolidation of the financial statements of eight companies is also to meet the requirements for listing in Hong Kong. At present, the Sinopec Group’s financial statements, staff salary distribution, project investment and other aspects have begun to meet the requirements of listed companies in Hong Kong.
The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited stipulate that for companies listed in Hong Kong, the total net profit for the first three years of listing must reach 50 million Hong Kong dollars, and the most recent year must reach 20 million Hong Kong dollars. "To achieve this standard is not difficult for the refinery project segment." A person in charge of the Sinopec Engineering Construction Company stated that the sale price of the company's patented technology ranged from millions to 100 million yuan.
Lubricant business channel reconstruction
As Huang Wensheng said, other sectors are undergoing professional restructuring.
Sinopec Group recently held a special meeting attended by the relevant heads of sales systems and lubricants companies to deploy lubricant oil sales.
According to an employee who works for Sinopec Great Wall Lubricant Company, Great Wall Lubricant Products had been previously assigned by the provincial and municipal oil company sales companies to perform the distribution function of Lubricant Oil in the Great Wall of China within the Sinopec region. In the old channels, sales agents are divided into three levels. Lubricant companies need to first distribute refined oil products to provincial sales companies, distribute them to city sales companies, and sell refined oil products to distributors in various places. After the integration of the channels, the Lubricating Oil Company will carry out the integrated management of Great Wall Lubricating Products' production, sales and research.
According to the above-mentioned employees, Lubricating Oil Company hopes to realize the goal of “specialization, flatness, and high efficiency†of sales channels. From April 1, the lubricant company and the sales company began to transfer the sales network. In this process, the Lubricant Company will transfer the networks of sales companies in various provinces and municipalities to lubricant companies, sell products directly to regional distributors, and improve and supplement the number of dealers in each region.
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