Sinopec's subsidiary enterprises have participated in equity, while Southern Petrochemical Group has applied for bankruptcy in domestic and foreign trade | Industry insiders | Enterprises
Recently, Southern Petrochemical Group Co., Ltd. applied for bankruptcy reorganization due to failure to fulfill its obligations of 4.569 billion yuan. The case was handled by the Intermediate People's Court of Guangzhou City, Guangdong Province.
According to the Qichacha APP, the company belongs to the oil and petrochemical trading industry, with a small enterprise scale and 24 employees in 2022.
Several senior energy industry insiders unanimously stated in an interview with First Financial reporters today that generally speaking, integrated enterprises are unlikely to easily go bankrupt, and they have not heard of or had contact with this enterprise before. However, poor company management or chemical products not within the cycle can both be reasons for bankruptcy.
The reporter from First Financial News checked the official website of Southern Petrochemical and found that the latest news on its website was "New Year's Speech" on December 31, 2021. According to the official website, the company's goal was to create a comprehensive business network platform that combines domestic and foreign trade and integrates upstream and downstream.
The main business of Southern Petrochemical includes oil and gas development, energy trade, warehousing and logistics, financial support, and industrial investment. Among them, energy trade is one of the company's core businesses, covering more than 100 types of products such as crude oil, natural gas, refined oil, fuel oil, and chemicals.
In addition, warehousing and logistics were once a pillar industry of Southern Petrochemical.
![Sinopec's subsidiary enterprises have participated in equity, while Southern Petrochemical Group has applied for bankruptcy in domestic and foreign trade | Industry insiders | Enterprises](https://a5qu.com/upload/images/4aca3aae7401cc8d853b27391df8267c.jpg)
According to information on the company's official website, Southern Petrochemical has a total storage capacity of 1.8 million cubic meters and one petrochemical liquid bulk terminal with a capacity of over 20000 tons; We have 11 professional ships, including super tankers, with a total capacity of over 1.2 million tons. We can carry out international shipping, offshore storage of crude oil and fuel oil, and offshore oil supply business in key Southeast Asian waters.
According to the Qichacha APP, Southern Petrochemical Group Co., Ltd., formerly known as Guangdong Petroleum Enterprise Group Southern Petrochemical Co., Ltd., was established in 2002. Guangdong Petroleum Enterprise Group, a subsidiary of Sinopec, once participated as a minority shareholder. In March 2022, Guangdong Petroleum Enterprise Group Company withdrew from the shareholder list of Southern Petrochemical. As of now, the actual controller of Southern Petrochemical is Xiao Liangping, with a shareholding ratio of 69.7%.
The risk information of the Qichacha APP also shows that the total amount of execution by Southern Petrochemical currently exceeds 1.3 billion yuan, and the total amount of unfulfilled obligations in this case is about 4.568 billion yuan, with an unfulfilled proportion of 100%.
At present, there are a total of 12 external investments made by Southern Petrochemical, including Southern Petrochemical Co., Ltd. and Southern Petrochemical Holding Co., Ltd. At present, the company's holdings of approximately 178 million shares in multiple companies have been frozen.