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Three lard enterprises overseas acquisition preference in recent years, and is the so-called anything is opportunity and risk; overseas acquisition is even more so.
According to media reports, because the Argentine government no cash overdue $184 million compensation, sinopec faced with financial crisis, in the local investment may therefore and idling.
Analysts say, sinopec the money or may through the government help, through the political channel response with the compensation.
Default propping up a $184 million compensation
According to Argentine daily "BuenosAires Economico reported, sinopec has asked the Argentine government cash overdue $184 million compensation.
Sinopec said, because the Argentine government failed to get the reasonable compensation, the company in the local business has been faced with financial problems, if the problem cannot be corrected, sinopec may be difficult to report to the local service provider payment charge, also hard to pay employee salary.
"The company have not received relevant information, are now checking." Have sinopec insiders said.
In 2011, sinopec $2.45 billion acquisition of the western oil companies Argentina subsidiary 100% stake and its affiliates, at present is Argentina's fourth largest oil and gas producer.
Sinopec has called, through this transaction, the company won the western oil companies Argentina subsidiary company and its affiliates to the exploration and development of the block. The project company in Argentina have 23 production and exploration block, 2010 cumulative production more than 1500 barrels of crude oil, natural gas sales 14 billion cubic feet.
But after soon, Argentina is issued against foreign petroleum enterprise development policy. In February, Argentina cancelled aims to encourage large petroleum enterprise hydrocarbon exploration, production and refining the new investment two financial preferential policies. The Argentine government thus can save every year about 2 billion Argentine pesos ($4.33 million), but oil company will need to pay the same amount of money.
And now, Argentina not only was in arrears has promised to financial subsidies, the future will no longer have subsidies, the above policy undoubtedly let the bad operating environment add insult to injury.
In addition, in Argentina, product long-term to maintain in 42 dollars/barrel low, far lower than the international market price, and the Argentine government also to oil and gas export collection of up to 40% of high tariffs.
The energy industry researcher RenHaoNing told reporters: "because of Argentina's oil prices lower, much lower than the international market price, even if collection high tariff also have large profits can map, sinopec to covet already for a long time, and the government has promised to financial subsidies, sinopec acquisition Argentina assets profit quite abundant."
He also said, meet this kind of situation, sinopec should know the details as soon as possible the Argentine government industrial policy, well in advance guard, transfer assets, equipment, technology to other areas, lest cause more damage.
Or should be through the government coordination take back compensation
Early before the message says, sinopec had planned to $15 billion acquisition of Argentina's first big oil companies repsol - YPF 57.4% stake, but because the Argentine government wishes to its nationalization and stranding.
In fact, the Argentine government on economic intervention is more and more strong, petroleum enterprise business environment is deteriorating.
Analysts ChenQing says the global economic situation is bad, Argentina has not been immune. Argentina's economic depend mainly on export, two export one is the United States, one is Europe, now that the economy is no, import are greatly reduced, so a serious decline in Argentina's economic. Now Keynesian look up, the Argentine government began to intervene in control the market, so some necessary strategic materials resource recovery, the government to control, it's necessary to damage the interests of the overseas investment enterprise.
With this, there are analysts believe that China's petroleum enterprise to Argentina market will face propping up intervention market and labor dispute problems. Argentina labor dispute is deteriorating, the government energy price intervention will also strengthen, China's oil enterprises the challenge will increase.
RenHaoNing said, sinopec can seek relevant government agencies help, through political channel response to get compensation.
"I think in the future there are three possibilities, one is our country government coordination; 2 it is sinopec will against Argentina international court, three is sinopec and Argentina compromise, transfer to part ownership, joint management propping up." ChenQing said, "take a step back with the Argentina compromise the possibility of joint management more big, idling or retreats words loss are too big."
It is notable that around 2006, because of dissatisfaction with the Argentine government oil price policy, shell announced his retirement from the local market.
To this, RenHaoNing said: "the Argentine government industrial policy to have continuity, especially for oil field control more strict, shell exit has illustration of this problem, sinopec following its lead is not rare things."
Overseas acquisitions need to further improve the effect
In recent years, Chinese enterprises go out the stepunceasingly to speed up, but the risk to control is not satisfactory, especially political risk.
For including three lard, the numerous enterprises for energy enterprises, overseas acquisition is positive. However, the effect of overseas acquisition is worrying.
Statistics data show that in the past 20 years of global large enterprise mergers and acquisitions or merger case, really make expected effect of only 50%, and 67% of China's overseas acquisition is not successful, if the amount involved is huge economic losses.
To the oil, for example, because since the end of 2010, continuing the Middle East and north Africa political unrest has not quell, led directly to the oil in its Great Wall drilling engineering company in Libya and Niger six large overseas project contract suspended.
According to statistics, petrochina this six terminated project is expected to affect the income of 1.2 billion yuan.
To this, RenHaoNing think, in overseas acquisition, Chinese enterprises should strengthen the public relation ability, known as soon as possible the local government industrial policy, completes the risk aversion preparation; In addition, the enterprise should strengthen the coordination between the overseas market, improve the regional equipment, fund, human transfer efficiency, to prepare a