Expect a long wait for return of
(Adds quotes and details, recasts)
HONG KONG, March 23 Canada Goose Jackets www.canadagooseparks.com canada goose sale https://www.canadagooseparks.com (Reuters) Asia canada goose uk shop largest refiner, Sinopec Corp, canada goose store said on Monday canada goose clearance it expects prolonged Canada Goose sale weakness in canada goose clearance sale global oil prices, forcing it to cut spending and turn more cautious about acquisitions.
year oil prices won be high. It will take a very, very long time for international crude canada goose uk outlet prices to rise cheap canada goose uk back to $100 Canada Goose Online a barrel, its chairman Fu Chengyu told canada goose factory sale reporters at the company results briefing.
companies need to get used to operating and developing in a low oil price environment, Fu said. need to think more about cost canada goose coats reduction.
Sinopec on Sunday posted its first quarterly loss since becoming a public company in 2000, hit by a slide in global crude oil prices and flagging domestic demand.
Like many other oil majors, Sinopec has been buy canada goose jacket hurt by a more than 50 percent fall in crude prices since June, with analysts saying that the uk canada goose drop has resulted in inventory losses at the company.
Sinopec said it will cut capital expenditure by 12 Canada Goose online percent to 135.9 billion yuan ($22 billion) this year and put more emphasis on investment in quality and efficiency, like rival PetroChina and others in the sector.
Sinopec has used almost all its canadian goose jacket high cost crude inventory, with its current inventory averaging about $50 a barrel, Wang Xinhua, Sinopec chief financial officer uk canada goose outlet said.
Its inventory cost stood at about $78 at end 2014, Fu said, adding that it would be positive for Sinopec refining business if crude prices stabilise at current levels.
Benchmark Brent crude oil futures were trading at around $54.80 on Monday.
Fu said it was not time yet for Sinopec to make any major overseas acquisitions Canada Goose Outlet because of oil price uncertainties.
But opportunities may emerge if oil price weakness persists, which would hurt cash flows of some producers including some companies canada goose uk black friday in Latin America, Fu said, without giving details.
Sinopec Corp parent Sinopec Group was China most acquisitive energy company between 2005 and 2012, spending tens of billions of dollars buying overseas oilfields and producers. But, like PetroChina, cheap Canada Goose Sinopec has made few acquisitions in the last two years as Beijing pushes state canada goose coats on sale firms to focus more on profitability and efficiency rather than expansion.
Sinopec will list its retail arm, but there was no timetable, Fu said, adding that there was buy canada goose jacket cheap disagreement among the retail firm shareholders over the timing of a stock listing.
Sinopec signed a Canada Goose Parka deal last year to sell a $17.5 canada goose black friday sale billion stake in its canada goose the business, which includes 23,000 petrol stations across China, marking the country biggest privatisation push since President Canada Goose Coats On Sale Xi Jinping came to power about two years ago.