state - owned ChemChina will increase its 50 % holding in Geneva - owned Mercuria Group in exchange for a minority stake of the chemical company 's oil refining operations . The move would be the first time a global trading house has acquired a stake in a Chinese refinery . ChemChina has a 530,000 barrels per day processing capacity . Trading house also has holdings in oil transport , storage and upstream operations .
State-owned ChemChina will increase its 12% holding in Geneva-based Mercuria Group in exchange for a minority stake of the chemical company's oil refining business. The move would be the first time a global trading company has taken a stake in a Chinese refinery. ChemChina has a 530,000 barrels per day processing capacity. Trading house Mercuria has holdings in oil transport, storage and upstream operations.