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China 'Teapot' Shandong Hengyuan Petrochemical Closes On Shell Malaysia Refinery Stake

China's Shandong Hengyuan Petrochemical has closed on on a $66.3 million purchase of a 51 percent stake in a 156,000 barrels per day (bpd) refinery at Port Dickson, Malaysia, becoming a partner with Royal Dutch Shell and expanding its regional footprint.

Hengyuan Petrochemical announced the $66.3 million purchase in February, with local press reports on Friday saying that the company plans to apply advanced refining technology to upgrade the fuel quality output to customers mailny in Malaysia.

"The Shell Malaysia plant is still using Euro II (2) fuel standards, while the technology Hengyuan is applying is already of Euro V (5)," Wang Zongquan, vice president of the Shandong-based Hengyuan Petrochemical, was quoted as saying on local media. Shell confirmed in a statement that the deal had closed.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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