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70 replies to this topic | 363 praises

#1

Posted 01 October 2017 - 08:26 AM

Theoldjaffa
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http://www.straitsti...tation-business

Or are they joining the cartel? 🤡


*******

Chinese oil giant Sinopec is muscling into the Singapore petrol station business, having outbid the incumbents for two sites recently.


Observers said this could lead to more competitive petrol prices for consumers.

It is the second Chinese company in the sector here, after PetroChina - a fellow state-owned entity with which Sinopec has a close relationship - acquired SPC eight years ago.

In a Housing Board land tender, Sinopec clinched a 1,689 sq m empty plot in Yishun Avenue 1 for $42.5 million in February.

This was followed, a few months later, by a plot in Bukit Timah Road owned by Ho Bee Land, currently occupied by SPC. The sum for the latter is unknown - Ho Bee Land did not reply by press time.

Sinopec Hong Kong's head of gasoline Jonathan Wong said he did not have the figure, but reckoned it was "around $45 million".


Asked when Sinopec would start fuel retail operations here, Mr Wong said: "There are no firm dates yet. We're looking at some time next year."

Mr Wong added that he was not in a position to say why the Chinese company was interested in a small, highly competitive market such as Singapore. Neither would he say where Sinopec will source its products.

Industry sources, however, said oil giant Shell - which has close ventures with Sinopec in China - would be the supplier.

Asked why it would supply fuel to a competitor, a Shell spokesman said: "We do not comment on specific commercial discussions."

As to why the huge company was keen on a small - and shrinking - petrol station market, industry watchers said it might be more "a political move" than a purely commercial one.

Oil consultant Ong Eng Tong said: "Most of the oil majors would like to divest their petrol stations. First, it is not their priority, and second, (it is due to) the coming of electric vehicles in the not-too-distant future.

"For China, I believe that they are keen to show their flag in Singapore. They are also more cash rich."

A senior oil executive, who did not want to be named, said: "There's no economic sense having just one or two stations. Word in the market is that Shell may release 10 to 15 stations to them. Lease or sell, we do not know.

"They (Sinopec) have about 16 stations in Hong Kong, a very similar market to Singapore. And they are known there for slashing prices and giving very high discounts. If they do the same here, then all oil companies will be thinning their margins."

This, however, should be good news for consumers.

There are around 170 petrol stations here, down from over 220 15 years ago.

Sinopec's move into the Singapore petrol station business follows its entry into the oil bunkering business here, which it started with BP, two years ago.

It has since also set up a lubricant business in Tuas under Sinopec Lubricant (Singapore), and an office in Temasek Avenue under Sinopec Hong Kong Singapore.

Edited by Theoldjaffa, 01 October 2017 - 08:28 AM.

Imac, Blueray, Akula, Atonchia, Tianmo, Solar, Lala81, 5 other members and 1 Anonymous member praised this
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#2

Posted 01 October 2017 - 08:55 AM

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"Oil consultant Ong Eng Tong said: "Most of the oil majors would like to divest their petrol stations. First, it is not their priority, and second, (it is due to) the coming of electric vehicles in the not-too-distant future."

this guy for real?
😂

#3

Posted 01 October 2017 - 09:08 AM

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"Oil consultant Ong Eng Tong said: "Most of the oil majors would like to divest their petrol stations. First, it is not their priority, and second, (it is due to) the coming of electric vehicles in the not-too-distant future."

this guy for real?
😂

 

This threat is real. With a stable no of cars and increased no. of hybrids on Sin roads, Has the total vol petrol sold decreased?  5yr from now, probably 50% of new car sold are hybrid cars. 

Why hybrid cars dont specify battery capacity; like power banks?



#4

Posted 01 October 2017 - 09:32 AM

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This threat is real. With a stable no of cars and increased no. of hybrids on Sin roads, Has the total vol petrol sold decreased? 5yr from now, probably 50% of new car sold are hybrid cars.
Why hybrid cars dont specify battery capacity; like power banks?

This is the reason why petrol prices go up unjustified
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#5

Posted 01 October 2017 - 09:42 AM

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This is the reason why petrol prices go up unjustified

Sinopec is known for slashing prices at HKG. I wonder if they will do the same here too.

Then again, will Singaporeans shun Sinopec because it is from China and their petrol will be deemed as "inferior"

Will they have a rewards Program or will they follow SPC and just give no frills discount?

I just find it interesting that they wanna come in where others like BP went out.

Oh and I kinda miss BP too. Sound so atas! 😂
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#6

Posted 01 October 2017 - 10:11 AM

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Sinopec is known for slashing prices at HKG. I wonder if they will do the same here too.

Then again, will Singaporeans shun Sinopec because it is from China and their petrol will be deemed as "inferior"

Will they have a rewards Program or will they follow SPC and just give no frills discount?

I just find it interesting that they wanna come in where others like BP went out.

Oh and I kinda miss BP too. Sound so atas! 😂

 

Bolehland still have right? I seem to remember seeing a few during my previous trips
 


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#7

Posted 01 October 2017 - 10:11 AM

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This threat is real. With a stable no of cars and increased no. of hybrids on Sin roads, Has the total vol petrol sold decreased? 5yr from now, probably 50% of new car sold are hybrid cars.
Why hybrid cars dont specify battery capacity; like power banks?

ok so we have silly oil majors ( even a new player coming in) paying $50 million to lease land for 30 years to retail petrol in the wake of decreasing petrol demand in the next 5 years

😅

#8

Posted 01 October 2017 - 10:23 AM

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Bolehland still have right? I seem to remember seeing a few during my previous trips

Dunno, I go Malaysia like once or twice a year only
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#9

Posted 01 October 2017 - 10:40 AM

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If Sinopec builds a station at Yishun Ave 1, and sells cheap, I'll definitely go there and pump.

 

Then it will follow by cheap petrol is lousy petrol comments. [laugh]


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#10

Posted 01 October 2017 - 10:44 AM

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If Sinopec builds a station at Yishun Ave 1, and sells cheap, I'll definitely go there and pump.

Then it will follow by cheap petrol is lousy petrol comments. [laugh]

Cheap petrol is lousy petrol?

I have no such worries, I am driving a lousy car anyway.

#11

Posted 01 October 2017 - 10:52 AM

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If Sinopec builds a station at Yishun Ave 1, and sells cheap, I'll definitely go there and pump.

Then it will follow by cheap petrol is lousy petrol comments. [laugh]

If one station it's not going to make any difference.

If at least 15 station spread geographically over SG, maybe when they slash prices, the other cartel will follow.
Be not afraid of moving slowly. Be afraid only of standing still.

#12

Posted 01 October 2017 - 11:00 AM

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If one station it's not going to make any difference.

If at least 15 station spread geographically over SG, maybe when they slash prices, the other cartel will follow.

Don't have too much hope. If petrol prices and margins go down too much, govt will take the chance to increase petrol tax again.
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That is all.

#13

Posted 01 October 2017 - 11:02 AM

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aiya you all listen to the sexpert.... they saying its not about the Petrol stations now.... its more of a political reason and for the future.... they wanna plant the flag now.... later dump price and kill off competition.... ho say.... little red dot don't suck the PRC ass.... Petrol price more expensive than gold!!!  [lipsrsealed]  [rolleyes]  


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#14

Posted 01 October 2017 - 11:14 AM

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aiya you all listen to the sexpert.... they saying its not about the Petrol stations now.... its more of a political reason and for the future.... they wanna plant the flag now.... later dump price and kill off competition.... ho say.... little red dot don't suck the PRC ass.... Petrol price more expensive than gold!!! [lipsrsealed] [rolleyes]

If they covert 15 Shell to Sinopec.
Then Chinese state own petrol companies will have bigger presence in Singapore.

Total 40 SPC + 15 Sinopec = 55
Shell 62-15= 47
Esso = 58
Caltex=26

Dutch is 47
Chinese is 55
American is 84
So USA still bigger

Edited by Atonchia, 01 October 2017 - 11:13 AM.

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#15

Posted 01 October 2017 - 11:16 AM

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ok so we have silly oil majors ( even a new player coming in) paying $50 million to lease land for 30 years to retail petrol in the wake of decreasing petrol demand in the next 5 years

ð

Wash money.....but seriously i do not see how does this make petrol cheaper. All along its a cartel in SG unlike other countries...SG only fight on discounts and loyalty cards...

Edited by Andyngps, 01 October 2017 - 11:18 AM.

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#16

Posted 01 October 2017 - 11:17 AM

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By the way.
BYD electric car is Chinese state own company right?

Maybe these stations will have electric charging points in few more years.
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#17

Posted 01 October 2017 - 11:21 AM

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Sinopec is known for slashing prices at HKG. I wonder if they will do the same here too.

Then again, will Singaporeans shun Sinopec because it is from China and their petrol will be deemed as "inferior"

Will they have a rewards Program or will they follow SPC and just give no frills discount?

I just find it interesting that they wanna come in where others like BP went out.

Oh and I kinda miss BP too. Sound so atas! 😂

very unlikely there will be a big difference in petrol prices as they have given the breakdown for their prices before .... and most of the money goes to the government.


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#18

Posted 01 October 2017 - 11:45 AM

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Wash money.....but seriously i do not see how does this make petrol cheaper. All along its a cartel in SG unlike other countries...SG only fight on discounts and loyalty cards...

 

Chinese stateowned company leh? How to wash money...


By the way.
BYD electric car is Chinese state own company right?

Maybe these stations will have electric charging points in few more years.

 

Tiagong some of these chinese state own oil companies..... Their office buildings already have electrical charging points for cars.


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That is all.

#19

Posted 01 October 2017 - 11:46 AM

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By the way.
BYD electric car is Chinese state own company right?

Maybe these stations will have electric charging points in few more years.

 

Don't think it is state owned. Buffet owns 30% too right?


That is all.

#20

Posted 01 October 2017 - 11:53 AM

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aiya you all listen to the sexpert.... they saying its not about the Petrol stations now.... its more of a political reason and for the future.... they wanna plant the flag now.... later dump price and kill off competition.... ho say.... little red dot don't suck the PRC ass.... Petrol price more expensive than gold!!! [lipsrsealed] [rolleyes]

kill off current competition without any refining assets on the ground and 2 retail petrol stations?

wow....

😂


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