Hengli Oilchem to begin voluntary liquidation
Privately controlled Chinese refining and petrochemical manufacturer Hengli Group said that Sinochem Group and itself were winding up their Singapore-based JV, Hengli Oilchem, due to business and strategic considerations.
Hengli Oilchem Pte Ltd (HOPL), the JV between Hengli and China's state-run Sinochem, said last week it began a voluntary liquidation following shareholders' decision.
"It has come to our attention that some of our customers do not fully understand the distinction between a shareholders' voluntary liquidation and a compulsory liquidation, and thus wrongly concluded that HOPL and its related companies in the Hengli Group may be in financial difficulties," Hengli said in a statement. "This is of course not true," Hengli added.
Hengli Oilchem, 79% owned by Hengli and 20% by Sinochem, officially launched its Singapore operation in June 2018.
Hengli's main trading arm is Hengli Petrochemical International Pte Ltd set up in Singapore in 2017, which trades crude oil, refined fuel and chemical products.
Back in northeast China's port city Dalian, Hengli operates a 400,000-bpd refinery and petrochemical facilities, including 11.6 MMtpy polyester-making feedstock PTA.
The group is adding a new chemicals park that makes some energy transition products next to the refinery complex.
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