Sinopec Group

“Spikes even up to US$150 per barrel [for FY2022] cannot be ruled out,” according to the analysts at DBS.

The analysts have upped their Brent crude oil price forecast for 2021 to US$55 to US$60 ($72.98 to $79.62) on bullish trends.

The contract is expected to have a positive impact on the group’s financial performance in FY20 and FY21.

With Hin Leong owing $3.85 billion to 23 banks, a deal with Sinopec could help rebalance the firm's balance sheets.

(Oct 1): Saudi Aramco has approached Asian state oil producers including Malaysia’s Petroliam Nasional and China’s Sinopec Group about potential cornerstone investments in its initial public offering, people with knowledge of the matter said.