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...
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops
- Tight supply keeps expectations bullish in Turkey’s PVC market
- End of China’s ‘zero-COVID’ stance: Double-edged sword for Asia PVC, PP and PE markets
- Mid-Eastern sellers approach China, SE Asia and Turkey with firmer PP, PE prices for Jan
- Egypt’s local PE, PP markets head north as pound plunges to new low
- Styrenics markets reverse slump after months-long downtrend in Europe