Shell has reached an agreement to sell its 51% stake in its Malaysian Port Dickson refinery to a subsidiary of Hengyuan Petrochemical, an independent refiner in China. In this deal valued at US$66.3 million, Shell has managed to achieve three favourable results that enables the long-term sustainability of its other downstream business in Malaysia. Hengyuan is the first independent Chinese refiner to acquire refining business overseas and represent a new class of buyers who are waiting to spread their wings wide in the Asian refining space.
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Shell divests refining business in Malaysia
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