Latest news with #Sinochem
Zawya
15 hours ago
- Business
- Zawya
Sinochem delivers first Middle East oil cargo on Platts window, sources say
SINGAPORE - Sinochem has delivered its first Middle East crude cargo during the Platts Dubai Market on Close process, trade sources said, part of an effort by the Chinese firm to step up oil trading in Asia. The company delivered an Oman crude cargo for October loading to Trafigura during the S&P Global Platts Market on Close process on Monday, after completing the sale of 20 Dubai partial lots so far this month, data from trade sources showed. Platts assesses trades conducted during the MoC process, also known as the window, to set daily prices for Middle East crude benchmark Dubai, used in pricing more than 14 million barrels per day of oil produced in the Middle East and exported to Asia. Sinochem is participating in window trades to diversify its trading tools and capabilities, one source familiar with the matter said. Another two sources said the company is expanding derivatives trading from its Beijing and Singapore offices and has relocated a trader from China to Singapore. Sinochem did not respond to a Reuters email seeking comments on its trading activity. (Reporting by Siyi Liu and Florence Tan in Singapore;Editing by Sonali Paul)
Reuters
16 hours ago
- Business
- Reuters
Sinochem delivers first Middle East oil cargo on Platts window, sources say
SINGAPORE, Aug 12 (Reuters) - Sinochem has delivered its first Middle East crude cargo during the Platts Dubai Market on Close process, trade sources said, part of an effort by the Chinese firm to step up oil trading in Asia. The company delivered an Oman crude cargo for October loading to Trafigura during the S&P Global Platts Market on Close process on Monday, after completing the sale of 20 Dubai partial lots so far this month, data from trade sources showed. Platts assesses trades conducted during the MoC process, also known as the window, to set daily prices for Middle East crude benchmark Dubai, used in pricing more than 14 million barrels per day of oil produced in the Middle East and exported to Asia. Sinochem is participating in window trades to diversify its trading tools and capabilities, one source familiar with the matter said. Another two sources said the company is expanding derivatives trading from its Beijing and Singapore offices and has relocated a trader from China to Singapore. Sinochem did not respond to a Reuters email seeking comments on its trading activity.
Reuters
31-07-2025
- Automotive
- Reuters
Pirelli trims 2025 revenue guidance due to forex impact
July 31 (Reuters) - Italian tyremaker Pirelli ( opens new tab trimmed its 2025 revenue forecast on Thursday due to the expected impact of adverse currency movements. The company lowered its guidance to a range of around 6.7-6.8 billion euros ($7.66-7.78 billion) from its previous target of around 6.8-7.0 billion euros. Pirelli said that adverse currency movements accounted for a 2.9% revenue loss compared to last year's first-half due to the weakness of the U.S. dollar and the volatility of emerging country currencies against the euro. However, the firm confirmed its target to achieve an around 16% adjusted EBIT margin for the whole year. Pirelli flagged that the results were approved with 9 out of 15 votes from board members, with opposition from the Sinochem-linked members, including the Chairman Jiao Jian. Chinese and Italian shareholders are in a dispute over the group's governance. China's state-controlled Sinochem ( opens new tab is Pirelli's largest investor with a 37% stake, while Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, holds 27.4%. Camfin claims that a large Chinese presence in Pirelli poses a threat to its ambitions to expand its business in the United States. The firm makes over 20% of its revenues in North America. Pirelli, the sole supplier of tyres for Formula One cars, posted a second-quarter core profit (adjusted EBIT) of 278.5 million euros, up 0.7% year-on-year, topping analysts' consensus forecast of 274 million euros, according to data provided by the company. The core profit margin for the quarter came in at 16%. The Milan-based firm's second-quarter net profit came in at 136.8 million euros, above a 123 million euros consensus, while its revenues totalled 1.74 billion euros, matching estimates. ($1 = 0.8742 euros)
Reuters
20-06-2025
- Business
- Reuters
Pirelli boss says issues with China's Sinochem will be fixed
MILAN, June 20 (Reuters) - Pirelli ( opens new tab chief Marco Tronchetti Provera said on Friday the tensions at the tyremaker involving China's state-controlled Sinochem ( opens new tab, its main shareholder, are on the way to being resolved. Sinochem, which owns a 37% stake, has crossed swords with the company and its second largest shareholder Camfin, which claim that a large Chinese presence in Pirelli poses a threat to its ambitions to expand its business in the United States. Tronchetti Provera, Pirelli's executive vice chairman, controller of Camfin and de facto top boss, said at a conference in Milan that the company was on the right track towards a positive outcome.
Bloomberg
12-06-2025
- Business
- Bloomberg
Pirelli's Chinese Owner Votes Against Results, Escalating Clash
Pirelli & C. SpA's biggest shareholder, Sinochem International Corp., escalated a clash among the Italian tiremaker's owners by voting against the approval of last year's financial results. The Chinese group was the only shareholder that didn't approve the 2024 report at a shareholder meeting in Milan on Thursday, according to a press release. The annual report was approved with 57% of the votes.
