China: Shandong Wantong Petchem acquires Zibo Huikaifeng Chemical

Chemical News: China: Shandong Wantong Petchem acquires Zibo Huikaifeng Chemical

https://www.chemnet.com Mar 10,2011
Shandong Wantong Petrochemical Group bought 100% stake in Zibo Huikaifeng Chemical and renamed the latter as the Zibo Branch of Shandong Wantong Petrochemical, revealed a source with Wantong Petrochemical.

"Acquisition agreement has already been signed, but handover is still underway," said the source.

The news was later confirmed by a source with Zibo Huikaifeng Chemical.

"What attracted us is Huikaifeng Chemical's oil product production license," said the source with Wantong Petrochemical, which added Wantong Petrochemical was only qualified to produce bitumen.

Wantong Petrochemical also took over Huikaifeng Chemical's quota for Shengli crude, which is 30,000-40,000mt per month, according to the source.

Wantong Petrochemical has annulled Huikaifeng Chemical's plan to build 1.2-mil-mt/yr crude distillate unit and 400,000-mt/yr fluid catalytic cracker, because Wantong Petrochemical would still make Dongying as its development center, the source elaborated.

Wantong Petrochemical, located in Dongying City of Shandong Province, is capable of processing 1-mil mt of crude annually. Its products mainly comprise bitumen, fuel oil, VGO, LPG and MTBE, etc.

Zibo Huikaifeng Chemical is located in Shandong's Zibo City, equipped with a 200,000-mt/yr CDU.

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