China's Hengli says Singapore trade joint venture with Sinochem in voluntary liquidation

SINGAPORE — Independently coordinated Chinese honing and petrochemical erector Hengli Group asserted on Tuesday (Aug 22) that Sinochem Group and itself were winding upward their Singapore-based joint undertaking Hengli Oilchem due to establishment and tactical active ingredients to contemplate.

Hengli Oilchem Pte Ltd, the joint undertaking in between Hengli and China’s say-rushed Sinochem, asserted last week it started a voluntary liquidation obeying shareholders’ resolution.

“It has come to our attention that some of our patrons do not fully thieve the worship in between a shareholders’ voluntary liquidation and a pertinent liquidation, and hence incorrectly concluded that HOPL and its pertinent suppliers in the Hengli Group can be in economic complications,” Hengli asserted in a endorsement.

“This is of training course not real,” Hengli added.

Hengli Oilchem, 79 per dollar owned by Hengli and 20 per dollar by Sinochem, officially launched its Singapore operation in June 2018.

Sinochem did not quickly respond to a behest for note.

Hengli’s eminent trading arm is Hengli Petrochemical International Pte Ltd ranked in Singapore in 2017, which trades crude oil, prefabricated petroleum and chemical merchandises.

Earlier in northeast China’s port metropolis Dalian, Hengli operates a 400,000 barrels per day refinery and petrochemical premises incorporating 11.6 million bunch per year polyester acquiring feedstock PTA.

The group is incorporating a newfangled chemicals park that gains some power modify merchandises next off to the refinery intricate.