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. In an interview with Reuters, Zhang said he was "pleased" to have reached agreement on the deal and that it could help boost China's energy security.
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.