State-owned ChemChina will increase its 12% holding in Mercuria-based Geneva 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 Geneva 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.