Core Viewpoint - The announcement details the external guarantees provided by Sinopec Oilfield Service Corporation for its wholly-owned subsidiaries and joint ventures, highlighting the total guarantee amount and the financial implications for the company [2][3][4]. Summary by Sections Guarantee Overview - The total amount of guarantees provided by the company for its wholly-owned subsidiaries and joint ventures in the first half of 2025 is RMB 2.451 billion, which accounts for 28.34% of the company's latest audited net assets [2][3][7]. - As of June 30, 2025, the cumulative guarantee balance stands at RMB 28.625 billion [2][7]. Guarantee Details - The company has provided credit guarantees and performance guarantees with a maximum limit of RMB 20 billion for credit guarantees and RMB 26.5 billion for performance guarantees for wholly-owned subsidiaries, and up to USD 275 million for joint ventures [4][5]. - The guarantees are aimed at supporting international market expansion and daily operations, particularly for the Mexico EBANO project [6][9]. Risk and Financial Implications - There are no overdue guarantees reported, but some of the guaranteed entities have a debt-to-asset ratio exceeding 70%, which may raise concerns for investors [3][10]. - The company has not provided any guarantees to its controlling shareholders or related parties, maintaining a focus on its subsidiaries and joint ventures [10]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to facilitate the company's business operations, especially in overseas markets, and to ensure the smooth execution of projects like the EBANO oilfield development [9].
中石化石油工程技术服务股份有限公司关于2025年半年度对外担保实际发生情况的公告