Sinopec Scandal Points to Big Oil Crackdown 中石化：“天价酒”事件实为敲山震虎？
A growing scandal around Sinopec (NYSE: SNP; HKEx: 386) points to a looming crackdown by Beijing on its three major oil companies, all basking in fat profits under the country’s current fuel pricing regime. First things first. The scandal that’s been making headlines is relatively small by itself, blasting Sinopec’s Guangdong branch for spending lavishly on liquor at several recent internal events (English article; Chinese article) Obviously this is bad publicity for Sinopec, but more importantly it’s a sign of the growing public discontent at how these companies are posting fat profits at the expense of ordinary citizens who see themselves being exploited by Sinopec and its two main rivals, CNOOC (NYSE: CEO; HKEx: 883) and PetroChina (NYSE: PTR; HKEx: 857; Shanghai: 601857). In the past week alone, two friends have complained to me that Chinese gas prices are now higher than those in the US, a rarity in these times. Given all the noise, combined with Beijing’s worries about inflation, it’s just a matter of time, probably months or even weeks, before Beijing takes action to rein in fuel prices.
Bottom line: Public anger over high fuel prices and Beijing’s resolve to tame inflation mean the days of fat profits for China’s oil majors are numbered.
中石化“天价酒”事件昭示中央政府“修理”三大油企的日子越来越近。先说一下事件原委。事件本身并不算大，媒体抨击广东石化在多次内部活动中用酒极其奢侈，这显然大损中石化公关形象，但更重要的是，事件是一种民意对石油三巨头日趋不满的彰显：三巨头财源广进，百姓却遭赤裸剥削。仅过去一周中就有两个朋友向我抱怨，中国油价现在已超过美国，这在时下两国物价的对比中尚属罕见。抱怨四起、政府心忧通胀，中国抑制油价只是时间问题，可能也就在这几个月甚至几周。
一句话：民众严重不满高油价、政府决心控通胀，中国大油企“高利润”时代即将寿终正寝。
Related postings 相关文章:
◙ China’s Oil Shuffle: Not So Fast, Naysayers 石油巨头高管轮换：先别急着唱衰
◙ PetroChina Gets in Bed wtih Saudis to Secure Oil Supplies 中石油的沙特“情缘”
◙ Oops: Beijing thows oil majors a meager bone
