Teapot refiners to spread wings abroad

Shandong-based refiner makes first move with Shell Malaysia acquisition

Teapot refiners from Shandong province are accelerating their global moves to cash in on business opportunities arising from low crude prices.

Shandong Hengyuan Petrochemical Co Ltd, a private refiner headquartered in Linyi, Shandong, has got approval from local authorities to invest $130 million for the acquisition of Shell Refining Company of Malaysia.