China teapots form JV: report

China

BEIJING, October 11, 2017 – Chinese independent refiners have set up a joint venture to compete with state-owned rivals, international media reported on Wednesday.

The new USD 5-billion entity, called Shandong Refining & Chemical Group, was registered in late September, Reuters reported.

ShanDong Dongming Petrochemical Group, the largest independent refiner in the country, heads the alliance with a 22.63% interest in the JV, which comprises also Shandong Qingyuan Group, Shandong Tianhong Chemical, Shandong Shouguang Luqing Petrochemical, Wudi Xinyue Fuel and Chemical and Shandong Shengxing Chemical.