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51% stake acquired
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A refiner based in Shandong Province said yesterday that it has acquired 51 percent in Shell Refining Co in Malaysia, one of a few such acquisitions done by petroleum companies outside the three major state-owned enterprises including Sinopec and PetroChina.
Shandong Hengyuan Petrochemical Co has agreed to buy the controlling stake for US$66.3 million and will continue to provide petroleum products to Shell’s downstream businesses in Malaysia. The acquisition was conducted through Shandong Hengyuan’s subsidiary in Malaysia, Malaysia Hengyuan International Ltd. The completion of the deal means that a mandatory general offer has been triggered. The company has said it intends to buy the remaining 49 percent stake.
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