www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

Teapot refiners to spread wings abroad

By Du Juan (China Daily) Updated: 2016-01-16 08:34

Teapot refiners to spread wings abroad

A Shell employee hands out sales promotion material at a gas station in Beijing. A private refiner in Linyi, Shandong province, will acquire Shell Refining Company of Malaysia. [Photo provided to China Daily]

Shandong-based refiner makes first move with Shell Malaysia acquisition

Teapot refiners from Shandong province are accelerating their global moves to cash in on business opportunities arising from low crude prices.

Shandong Hengyuan Petrochemical Co Ltd, a private refiner headquartered in Linyi, Shandong, has got approval from local authorities to invest $130 million for the acquisition of Shell Refining Company of Malaysia.

The deal will be the first outbound acquisition by the teapot refiners from Shandong.

Teapot refiners are independently run firms with relatively small capacities, ranging from 20,000 barrels per day to 100,000 barrels per day.

Wang Youde, general manager of Hengyuan Petrochemical, said in a recent interview that a large number of private refiners were eager to gain overseas resources, but they were not as confident as State-owned players due to the political instability in the Middle East.

Li Yan, a crude oil analyst at consultancy Shandong Longzhong Information Technology Co, said an increasing number of private refiners will go overseas once they get crude import licenses from the central government.

"The current deal with Shell Malaysia may not bring instant profits, considering the current low crude prices, but it is a step in the right direction in the long run," he said. "China's private refiners need to be more internationalized if they want to grow stronger."

China's private refiners have been facing crude shortages for years before the government decided to give crude oil import licenses to private companies that can meet the qualification standards last year.

In July 2015, the Ministry of Commerce said 32 private companies had been given fuel-oil import licenses for the first time, marking a significant step toward breaking the monopoly of State-owned oil companies such as Sinopec Group, to import crude directly.

On Jan 4, it said that a second group of 15 non-State refineries had been given licenses to import fuel oil.

Shell Malaysia, established in 1960, suffered losses in 2014 when the global crude prices started to plunge. Royal Dutch Shell Plc, the parent of Shell Malaysia, did not comment on the matter when contacted.

Shen Gang, a spokesman for Shell China, said the company has a significant footprint in Malaysia comprising upstream, midstream and downstream businesses.

"We continue to have confidence in our prospects in Malaysia," he said.

In addition to the M&A strategy, China's teapot refiners are also increasing their raw material sourcing by cooperating with foreign suppliers.

Shandong Tianhong Chemical Co Ltd, a subsidiary of China Wanda Group, signed a crude supply agreement with British oil giant BP Plc's integrated supply and trading arm on Tuesday, according to Shanghai-based energy consultancy ICIS-C1 Energy.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 美女超爽久久久久网站 | 国产亚洲高清在线精品不卡 | 国产在线高清视频 | 深夜福利视频大全在线观看 | 成年人在线免费 | 日产国产精品久久久久久 | 国产一级做a爰片久久毛片99 | 国产精品无码久久综合网 | 色拍拍在精品视频69影院在线 | 免费黄色三级网站 | 26uuu天天夜夜综合 | 美女被免费视频的网站 | 久草在线国产视频 | 久色视频在线观看 | 国产亚洲男人的天堂在线观看 | 亚洲人成网站在线观看播放 | 国内免费视频成人精品 | 中文字幕免费在线视频 | 在线aaa| 日韩理论在线 | 成人久久在线 | 亚洲视频在线网 | 特黄特级a级黄毛片免费观看多人 | 男女性生活网站 | 国产精品久久久久久久久久98 | 日本成人中文字幕 | 国产2区 | 亚洲欧洲国产视频 | 午夜欧美日韩在线视频播放 | 久久精品综合 | 精品欧美成人高清视频在线观看 | 久久一本一区二区三区 | 精品国产成人高清在线 | 久久狠狠躁免费观看2020 | 日韩一区二区视频在线观看 | 天堂1在线观看 | 网友自拍第一页 | 67194午夜| 日韩免费三级 | 免费特黄一区二区三区视频一 | 国产一级做a爰片在线看免费 |