China oil refiners set up $5 billion joint ventureStaff Writer | October 11, 2017
A group of six Chinese independent oil refiners set up a 33 billion yuan ($5 billion) joint venture to compete with state-owned giants and the rise of private chemical giants.
Oil exploration A group of six
Dongming, China's largest independent refiner, is the venture's biggest stakeholder with 22.63 percent. The number of investors, though, is much smaller than the around 20 independent, or "teapot", refiners expected earlier by the two initiators Shandong Dongming and the Shandong Qingyuan Group.
A fund managed by Shandong province-backed Shandong Marine Group owns 22.59 percent and is the second-largest shareholder, said Zhang.
Members of the alliance are expected to coordinate their production, marketing, crude oil imports and investments. ■