CNPC’s financial crisis has not been resolved. Chen Jialin, chairman of the CNPC Labor Union, said today (21st) that the interest rate this year is expected to be as high as 12.5 billion yuan, and Fitch once revised the outlook for CNPC to negative this year. With the guarantee of the Ministry of Economic Affairs, it has proposed to allocate subsidies or increase capital, so it can barely maintain a positive outlook; and this year through the economic The Ministry of Finance strives for CNPC to raise 300 billion yuan from the eight major public equity banks. It has borrowed 240 billion yuan so far, and two-thirds of it is repaying old and new debts. This capital increase and capital increase for CNPC is the 2015 supplementary budget, which is only valid until the end of this year. The capital increase and capital increase must be passed for the sake of national interests.
Chen Jialin said that CNPC started running 3.30 yuan (meaning running from banks) two or three years ago. This is something that is difficult for the outside world to imagine. However, the cost of borrowing has become higher and higher in recent years. The annual interest payment has gone from 4.4 billion yuan to 8.7 billion yuan to 10.2 billion yuan, 11.5 billion yuan, and this year to the end of September has reached 9.6 billion yuan. It is estimated that 12.5 billion yuan will be paid throughout the year. "This is all because the debt is too high, resulting in huge interest expenses."
Under the coordination of the Ministry of Economic Affairs, the country's eight major public equity banks have granted CNPC a financing line of 300 billion yuan. However, CNPC has also borrowed 240 billion yuan, of which about two-thirds, about 160 billion yuan, are used to repay new and old debts, and the remaining one-third, 80 billion yuan, is used for investment and operations; currently, only 60 billion yuan of financing is left.
Chen Jialin also revealed that Fitch once revised the outlook for PetroChina from "stable" to "negative" this year. In the end, the Ministry of Economic Affairs ensured that it would receive subsidies or capital increases, so it did not lower the outlook. Chen Jialin explained that if the credit rating is revised downward and turns negative, there will be three major impacts on credit extension, debt repayment and major energy construction investment, which will further rise to the level of national security issues.
"If it can be adjusted according to the market mechanism" is of course the best way. Chen Jialin said frankly that state-owned oil and electricity have policy tasks. Once oil and electricity increase, all industries and industries will follow suit. However, if the fuel cost of oil and electricity falls and oil and electricity prices fall, various industries and industries will not decrease.
He also gave an example. In 1986, the first-line gas stations were still serving. At that time, premium gasoline was 28 yuan per liter. Compared with the current 95 yuan per liter, the increase was limited, but housing prices have risen significantly. Chen Jialin emphasized that CNPC has long-term cooperation with national policies and must allocate 101.413 billion yuan to make up for losses.
As for China National Petroleum Corporation's capital of only 130.1 billion yuan, it must also "expand the pie" by increasing its capital by 233.834 billion yuan. The debt ratio can be reduced from the current 93.83% to more than 60%, so that it can be stable in international crude oil and natural gas purchases.
This capital increase and capital increase for CNPC is part of the 2015 supplementary budget, and the deadline is only until the end of this year. Chen Jialin hopes that all party committee members will prioritize national interests and pass this capital increase and capital increase.
