China acquires 51% of Malaysia’s Shell Refining Company
With this purchase, Shangdong Hengyuan became one of the few smaller refining companies in China which has a refinery overseas, apart from the bigger ones such as Sinopec and PetroChina, the reports revealed.
The Chinese company reportedly said this acquisition will enable them to increase their overseas sales volume considerably as well as the crude oil that they can use by 6 million tons. The company also said they are planning to increase SRC’s earnings by getting into wholesale trading and petrochemicals and to continue to supply petroleum products to Shell’s downstream business in Malaysia.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey shattered as PP prices shoot up to surreal levels
- Polymer markets face one of most chaotic times
- Turnaround season set to get underway in Asia
- Crude oil heals COVID-inflicted wounds; now what lies ahead?
- Global shipping turmoil deepens, adding to the upheaval in plastic resins
- China’s post-holiday polymer outlook supported by supply limitations, crude oil
- US PE exports hit record high for 2020 despite production and logistics hurdles
- African PP, PE markets firmer on continued tightness in supplies
- Lack of sales pressure supports SEA PE markets
- Will soaring prices attract PP, PE imports to Europe?