Sinopec Oilfield Services guarantees reach CNY 2.44bn in Q1 2025

Sinopec Oilfield Service Corp (SSE:600871) reported that it provided guarantees for its wholly-owned subsidiaries, their affiliates, and its joint venture DS Servicios Petroleros, S. A. de C. V., amounting to CNY 2.44 billion in Q1 2025. As of March 31, 2025, the company's cumulative guarantee balance stood at CNY 286.11 billion. The guarantees include credit and performance guarantees, with a portion having counter-guarantees from DIAVAZ DEP, S. A. P. I. de C. V., a partner in the joint venture. Some of the subsidiaries guaranteed have liabilities exceeding 70%, prompting a cautionary note for investors. The guarantees are within the scope authorized by the 2023 Annual General Meeting.