Six China Oil Refining Companies Form Joint Venture

Published: Oct 11 2017
Deal Summary

The six China's independent refining companies formed a joint venture to compete with state-owned companies and the rise of private chemical companies.

The new joint venture is named as Shandong Refining & Chemical Group. The total investment of the joint venture is CNY33 billion (US$5 billion).

The refining companies consist of Shandong Dongming Petrochemical Group Co Ltd., Shandong Qingyuan Group Co., Ltd., Shandong Tianhong Energy Chemical Co., Ltd., Shandong Shouguang Luqing Petrochemical Co. Ltd., Wudi Xinyue Fuel and Chemical Co Ltd., and Shandong Haihua Shengxing Chemical Co., Ltd.

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