China Oil Stars Risk Being Dimmed by Their Giant Version 2.0
To better combat state-owned giants and the upcoming private rivals, some of the Shandong processors are teaming up for a $5 billion joint venture with the support of their province’s government, according to Dongming’s Zhang. They’ll also seek a fuel export license that’s proved elusive in 2017, he said in an interview during the APPEC conference, held by S&P Global Platts.
While the group will have an initial registered capital of 33.19 billion yuan, the JV aims to gather more private refiners, aiming for total registered capital of 90 billion yuan, according to Zhang. It will eventually integrate about 100 million tons a year, or about 2 million barrels a day, of processing capacity.
With assistance from Javier Blas. To contact the reporters on this story: Serene Cheong in Singapore at firstname.lastname@example.org; Alfred Cang in Singapore at email@example.com. To contact the editors responsible for this story: Pratish Narayanan at firstname.lastname@example.org Anna Kitanaka.
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