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of an addition 150 million yuan for a total of 500 million yuan from China Petroleum Finance. Jichai Diesel paid a 1 million yuan ‘guarantee fee’ to its controlling shareholder for the loan in 2007. Another controlling shareholder, Jichai Diesel Factory provided guarantees for Jichai Diesel’s borrowing of close to 190 million yuan in loans. Sinopec Limited had 11.9 billion yuan in short-term loans from Sinopec Group and its affiliates in 2011. The total amount listed at the end of the report is 53.0 billion yuan. Sinopec Limited provided 782 million yuan in guarantees for its joint and cooperatively operated companies, versus a total of 4.5 billion yuan in guarantees. For loans maturing in less than one year, PetroChina had 37.9 billion yuan worth that were guaranteed by CNPC and its affiliates. It had 113 billion yuan in long-term loans, at least 40 billion yuan of which came from PetroChina Finance. By the end of 2011, PetroChina had borrowed 134.2 billion yuan from CNPC and its affiliates. Shanghai Petrochemical in 2011 borrowed 4.8 billion yuan from Sinopec Finance Company. It began listing Sinopec Finance as a related party in 2008, and noted loans of 230 million yuan from this company in 2009. A loan of 5.2 billion yuan was made by Sinopec Finance to Shanghai Petrochemical in 2010. It lists a single loan guarantee of 200 million yuan for a related subsidiary. Outstanding Accounts Examining informal means of finance in 2007, the group of domestically-listed NOPCs had an average of 457 million yuan in related party receivables and 1.69 billion yuan in related party payables in 2007. This indicates a net flow of capital into listed vehicles from related parties. The influence of Sinopec Limited and PetroChina on this average is heavy. Sinopec had 3.99 billion yuan in receivables and 5.47 billion yuan in payables to related parties, while PetroChina had 4.09 billion yuan in receivables and 29.5 billion yuan in payables— topping the ranks of both financial categories.

Billion yuan in payables to PetroChina indicates that CNPC is directing cash into propping PetroChina away from two smaller companies, though the absolute amount—totalling less than 50 million yuan—is likely of little importance. Related party other receivables differ from related party receivables in being classified as involving debts arising from transactions outside the scope of a company’s main business. Sinopec Limited and PetroChina again lead the list with 6.8 billion yuan and 4.7 billion yuan, amounting to less than 1% of operating income for 2007, but accounting for respectively 57% and 30% of all other receivables. This large ratio of other receivables arising from related parties - averaging 54% but ranging from 7% to 91% for companies with more than 1.5 million yuan outstanding in this category—indicates that, no matter the nature of transactions with related parties outside of main business, the flow of capital outward is strongly oriented to related parties. This contrasts with the analysis of business-related receivables and payables above. A final observation is that there are extensive other receivables for firms such as Nanjing Tanker, Shanghai Petrochemical, Sinochem International, COSL and Shangdong Haihua, all of which have between 200 million and 450 million yuan in other receivables. In 2011 the NOPCs averaged 1.07 billion yuan in receivables and 2.7 billion yuan in payables to related parties. Sinopec Limited and 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。