su rongsheng for sale

SINGAPORE, Oct 14 (Reuters) - Rongsheng Petrochemical, the trading arm of Chinese private refiner Zhejiang Petrochemical, has bought at least 5 million barrels of crude for delivery in December and January next year in preparation for starting a new crude unit by year-end, five trade sources said on Wednesday.

Rongsheng bought at least 3.5 million barrels of Upper Zakum crude from the United Arab Emirates and 1.5 million barrels of al-Shaheen crude from Qatar via a tender that closed on Tuesday, the sources said.

Rongsheng’s purchase helped absorbed some of the unsold supplies from last month as the company did not purchase any spot crude in past two months, the sources said.

HONG KONG (Reuters) - Jiangsu Rongsheng Heavy Industries Co Ltd has appointed Morgan Stanleyand JP Morganto finalize plans for its long-awaited IPO in Hong Kong, aiming to raise up to $1.5 billion in the fourth quarter, sources told Reuters on Tuesday.

This is Rongsheng’s latest bid to go public after it failed to raise more than $2 billion from a planned IPO in Hong Kong in 2008, mainly as a result of the global financial crisis.

Rongsheng"s early main shareholders included an Asia investment arm of Goldman Sachs, U.S. hedge fund D.E. Shaw and New Horizon, a China fund founded by the son of Chinese Premier Wen Jiabao.

The three investors sold off their stakes in Rongsheng for a profit early this year, said the sources familiar with the situation. Representatives for the banks, funds and Rongsheng all declined to comment.

Rongsheng’s revived IPO plan comes at a challenging time. Smaller domestic rival, New Century Shipbuilding, slashed its Singapore IPO in half last week, planning to raise up to $560 million from the originally planned $1.24 billion due to weak market conditions.

Given uncertainty in the global shipbuilding business environment as well as growing concerns over a huge flow of fund-raising events in Hong Kong, investment bankers suggest the potential size for Rongsheng could be $1 billion to $1.5 billion, according to the sources.

Rongsheng is seeking to tap capital markets to fund fast growth and aims to catch up with bigger state-owned rivals such as Guangzhou Shipyard International Co Ltd.

Rongsheng won a $484 million deal to build four ships for Oman Shipping Co last year. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010.

Corundum wear-resistant refractory bricks. According to different steel grades, this product uses a variety of artificial raw materials such as high alumina bauxite, corundum, silicon carbide, etc. as main materials to compare the locations of severe erosion and damage.

This will result in approximately 4 million dwt tons in additional capacity to the global dry bulk shipping sector and be used to transport Brazilian iron ore to China.

The agreement was signed by Mr. Gurinder Singh, Vale’s Shipping and Distribution Director, and Mr. Xie Chunlin, President of China Merchants Energy Shipping Co., LTD’s and was witnessed by Mr. Claudio Alves, Vale’s Global Director of Iron Ore Marketing & Sales, and Mr. Su Xingang, China Merchants Group’s Vice President.

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Hadrien de Montferrand Gallery is pleased to introduce a selection of 30 drawings and preparatory sketches that reflect part of the social realist production of the time. Those works were created by masters including Cai Liang, Lin Gang, Pang Tao, Quan Shanshi, Song Ren, Su Gaoli, Sun Zixi, Tang Xiaohe, Wang Shenglie, Xiao Feng, Yin Rongsheng and Zhan Jianjun.

Privately owned unaffiliated refineries, known as “teapots,”[3] mainly clustered in Shandong province, have been at the center of Beijing’s longtime struggle to rein in surplus refining capacity and, more recently, to cut carbon emissions. A year ago, Beijing launched its latest attempt to shutter outdated and inefficient teapots — an effort that coincides with the emergence of a new generation of independent players that are building and operating fully integrated mega-petrochemical complexes.[4]

The changing roles played by China’s independent refineries are reflected in their relations with Middle East suppliers. In the battle to ensure their profitability and very survival, smaller Chinese teapots have adopted various measures, including sopping up steeply discounted oil from Iran. Meanwhile, Middle East suppliers, notably Saudi Aramco, are seeking to lock in Chinese crude demand while pursuing new opportunities for further investments in integrated downstream projects led by both private and state-owned companies.

China’s “teapot” refineries[5] play a significant role in refining oil and account for a fifth of Chinese crude imports.[6] Historically, teapots conducted most of their business with China’s major state-owned companies, buying crude oil from and selling much of their output to them after processing it into gasoline and diesel. Though operating in the shadows of China’s giant national oil companies (NOCs),[7] teapots served as valuable swing producers — their surplus capacity called on in times of tight markets.

Yet, the Chinese government has spent the better part of two decades trying to consolidate the country’s sprawling independent refining sector by starving private operators of access to imported crude oil and targeting the smallest, least efficient plants for closure.[8] In 2011, China’s National Development and Reform Commission (NDRC) issued guidelines to eliminate small refineries to achieve economies of scale and improve efficiencies. Nevertheless, policies meant to discourage activity had the opposite effect, as most of the units that were earmarked for suspension expanded to stay open.[9]

2021 marked the start of the central government’s latest effort to consolidate and tighten supervision over the refining sector and to cap China’s overall refining capacity.[14] Besides imposing a hefty tax on imports of blending fuels, Beijing has instituted stricter tax and environmental enforcement[15] measures including: performing refinery audits and inspections;[16] conducting investigations of alleged irregular activities such as tax evasion and illegal resale of crude oil imports;[17] and imposing tighter quotas for oil product exports as China’s decarbonization efforts advance.[18]

The politics surrounding this new class of greenfield mega-refineries is important, as is their geographical distribution. Beijing’s reform strategy is focused on reducing the country’s petrochemical imports and growing its high value-added chemical business while capping crude processing capacity. The push by Beijing in this direction has been conducive to the development of privately-led mega refining and petrochemical projects, which local officials have welcomed and staunchly supported.[20]

Yet, of the three most recent major additions to China’s greenfield refinery landscape, none are in Shandong province, home to a little over half the country’s independent refining capacity. Hengli’s Changxing integrated petrochemical complex is situated in Liaoning, Zhejiang’s (ZPC) Zhoushan facility in Zhejiang, and Shenghong’s Lianyungang plant in Jiangsu.[21]

As China’s independent oil refining hub, Shandong is the bellwether for the rationalization of the country’s refinery sector. Over the years, Shandong’s teapots benefited from favorable policies such as access to cheap land and support from a local government that grew reliant on the industry for jobs and contributions to economic growth.[22] For this reason, Shandong officials had resisted strictly implementing Beijing’s directives to cull teapot refiners and turned a blind eye to practices that ensured their survival.

But with the start-up of advanced liquids-to-chemicals complexes in neighboring provinces, Shandong’s competitiveness has diminished.[23] And with pressure mounting to find new drivers for the provincial economy, Shandong officials have put in play a plan aimed at shuttering smaller capacity plants and thus clearing the way for a large-scale private sector-led refining and petrochemical complex on Yulong Island, whose construction is well underway.[24] They have also been developing compensation and worker relocation packages to cushion the impact of planned plant closures, while obtaining letters of guarantee from independent refiners pledging that they will neither resell their crude import quotas nor try to purchase such allocations.[25]

To be sure, the number of Shandong’s independent refiners is shrinking and their composition within the province and across the country is changing — with some smaller-scale units facing closure and others (e.g., Shandong Haike Group, Shandong Shouguang Luqing Petrochemical Corp, and Shandong Chambroad Group) pursuing efforts to diversify their sources of revenue by moving up the value chain. But make no mistake: China’s teapots still account for a third of China’s total refining capacity and a fifth of the country’s crude oil imports. They continue to employ creative defensive measures in the face of government and market pressures, have partnered with state-owned companies, and are deeply integrated with crucial industries downstream.[26] They are consummate survivors in a key sector that continues to evolve — and they remain too important to be driven out of the domestic market or allowed to fail.

In 2016, during the period of frenzied post-licensing crude oil importing by Chinese independents, Saudi Arabia began targeting teapots on the spot market, as did Kuwait. Iran also joined the fray, with the National Iranian Oil Company (NIOC) operating through an independent trader Trafigura to sell cargoes to Chinese independents.[27] Since then, the coming online of major new greenfield refineries such as Rongsheng ZPC and Hengli Changxing, and Shenghong, which are designed to operate using medium-sour crude, have led Middle East producers to pursue long-term supply contracts with private Chinese refiners. In 2021, the combined share of crude shipments from Saudi Arabia, UAE, Oman, and Kuwait to China’s independent refiners accounted for 32.5%, an increase of more than 8% over the previous year.[28] This is a trend that Beijing seems intent on supporting, as some bigger, more sophisticated private refiners whose business strategy aligns with President Xi’s vision have started to receive tax benefits or permissions to import larger volumes of crude directly from major producers such as Saudi Arabia.[29]

The shift in Saudi Aramco’s market strategy to focus on customer diversification has paid off in the form of valuable supply relationships with Chinese independents. And Aramco’s efforts to expand its presence in the Chinese refining market and lock in demand have dovetailed neatly with the development of China’s new greenfield refineries.[30] Over the past several years, Aramco has collaborated with both state-owned and independent refiners to develop integrated liquids-to-chemicals complexes in China. In 2018, following on the heels of an oil supply agreement, Aramco purchased a 9% stake in ZPC’s Zhoushan integrated refinery. In March of this year, Saudi Aramco and its joint venture partners, NORINCO Group and Panjin Sincen, made a final investment decision (FID) to develop a major liquids-to-chemicals facility in northeast China.[31] Also in March, Aramco and state-owned Sinopec agreed to conduct a feasibility study aimed at assessing capacity expansion of the Fujian Refining and Petrochemical Co. Ltd.’s integrated refining and chemical production complex.[32]

Commenting on the rationale for these undertakings, Mohammed Al Qahtani, Aramco’s Senior Vice-President of Downstream, stated: “China is a cornerstone of our downstream expansion strategy in Asia and an increasingly significant driver of global chemical demand.”[33] But what Al Qahtani did notsay is that the ties forged between Aramco and Chinese leading teapots (e.g., Shandong Chambroad Petrochemicals) and new liquids-to-chemicals complexes have been instrumental in Saudi Arabia regaining its position as China’s top crude oil supplier in the battle for market share with Russia.[34] Just a few short years ago, independents’ crude purchases had helped Russia gain market share at the expense of Saudi Arabia, accelerating the two exporters’ diverging fortunes in China. In fact, between 2010 and 2015, independent refiners’ imports of Eastern Siberia Pacific Ocean (ESPO) blend accounted for 92% of the growth in Russian crude deliveries to China.[35] But since then, China’s new generation of independents have played a significant role in Saudi Arabia clawing back market share and, with Beijing’s assent, have fortified their supply relationship with the Kingdom.

Smaller Chinese independents have been less fortunate, hit hard not just by tougher domestic regulation but by soaring crude oil prices.[36] US-led sanctions flowing from the war in Ukraine have compounded the pressure on teapots, which prior to the conflict had sourced about a fifth of their crude oil from Russia. Soaring oil tanker freight rates and the refusal of Chinese banks to issue letters of credit for Russian crude have choked off much of this supply, though some private refiners have compensated by using cash transfers to pay for Russian ESPO blend crude.[37]

Meanwhile, though, enticed by discounted prices Chinese independents in Shandong province have continued to scoop up sanctioned Iranian oil, especially as their domestic refining margins have thinned due to tight regulatory scrutiny. In fact, throughout the period in which Iran has been under nuclear-related sanctions, Chinese teapots have been a key outlet for Iranian oil, which they reportedly unload from reflagged vessels representing themselves as selling oil from Oman and Malaysia.[38] China Concord Petroleum Company (CCPC), a Chinese logistics firm, remained a pivotal player in the supply of sanctioned oil from Iran, even after it was blacklisted by Washington in 2019.[39] Although Chinese state refiners shun Iranian oil, at least publicly, because of US sanctions, private refiners have never stopped buying Iranian crude.[40] And in recent months, teapots have been at the forefront of the Chinese surge in crude oil imports from Iran.[41]

China’s small-scale, inefficient “first generation” teapot refiners have come under mounting market pressure, as well as closer government scrutiny and tightened regulation. Though some have already been shuttered and others face imminent closure, dozens of China’s teapots, concentrated mainly in Shandong province, continue to operate thanks to the creative defensive measures they have employed and the important role they play in local economies.

Vertical integration along the value chain has become a global trend in the petrochemical industry, specifically in refining and chemical operations. China’s drive to self-sufficiency in chemicals is a key factor powering this worldwide trend.[42] And it is the emergent “second generation” of independent refiners that it is helping make China the frontrunner in developing massive liquids-to-chemicals complexes. Following Beijing’s lead, Shandong officials appear determined to follow this trend rather than risk being left in its wake.

As Chinese private refiners’ number, size, and level of sophistication has changed, so too have their roles not just in the domestic petroleum market but in their relations with Middle East suppliers. Beijing’s import licensing and quota policies have enabled some teapot refiners to maintain profitability and others to thrive by sourcing crude oil from the Middle East. For their part, Gulf producers have found Chinese teapots to be valuable customers in the spot market in the battle for market share and, especially in the case of Aramco, in the effort to capture the growth of the Chinese domestic petrochemicals market as it expands.

On June 28, China Rongsheng Heavy Industry Group Holdings Co., Ltd. announced that the new construction machinery factory in Hefei Economic and Technological Development Zone was officially put into operation, and the first excavator was also successfully rolled off the line that day. With the commissioning of the new plant, in the future, construction machinery, as a growth point for new businesses, will also play an important role in the group"s diversified development and strengthening of the RMB business strategy.

On the 28th, relying on the front-end excavator to slowly drive off the production line also means that China Rongsheng Heavy Industry"s construction machinery sector has entered a stage of comprehensive development.

The new plant in Hefei is one of the production base projects of China Rongsheng Heavy Industry"s construction machinery sector. The production base is listed by the Anhui Provincial Government as a key construction project of the "861 Action Plan" and is a key promotion of the Hefei Municipal Government’s "Twelfth Five-Year Plan" The project, the excavator project covers an area of 850 mu. According to reports, the construction of the new factory has also created a new Rongsheng speed. From the official start of construction in November 2010 to the start of production on June 28, 2011, it only took more than 7 months. The 18-month assembly workshop construction cycle was shortened to 6 months, creating a miracle in the engineering construction of the same industry.

At the beginning of the establishment of China Rongsheng Heavy Industry, it was recognized that the risks of the shipbuilding industry fluctuate greatly with the economic cycle. The development of diversified industries with high added value and diversified profit growth is a good way to resist systemic risks. According to this strategy, and in response to the industrial planning policy of Anhui Province to build Hefei into the "Construction Machinery Capital", in March 2010, China Rongsheng Heavy Industry registered and established "Rongsheng Machinery Co., Ltd." (Rongsheng Machinery) in Hefei. ), mainly engaged in the manufacturing and sales of construction machinery. 10% of the planned listing and financing will be used in the construction machinery sector

In 2010, through the acquisition of Hefei Zhenyu, Rongsheng Machinery currently produces 16 types of hydraulic excavators and two types of hydraulic crawler cranes. While building a new production base, Rongsheng Machinery has also entered the pre-development stage and will replace the original The direct sales model was changed to an agency model and expanded to 10 companies, and the overall cooperation with financial companies was strengthened. Through the acquisition of Quanchai Group, the construction machinery sector has obtained a stable supply of engine parts. With the commissioning of the new plant, Rongsheng Machinery will enter a stage of comprehensive development. In the future, the new production base will have a production capacity of 30,000 excavators.

As the Chinese government increases investment in infrastructure and gradually implements a series of policies to promote the development of the central and western regions, the market demand for construction machinery is expected to continue to increase. Su Zimeng, secretary-general of the China Construction Machinery Industry Association, revealed at the "2011 China Construction Machinery Industry Development Strategy Forum" held recently that the "12th Five-Year Plan" of the construction machinery industry has been reported to the relevant state departments before May 1st this year. Monthly release. He pointed out that during the "Twelfth Five-Year Plan" period, the sales revenue of the construction machinery industry is expected to reach 900 billion yuan, with an average annual growth rate of 17%, and the export target is set at 26 billion US dollars. Sales of 10,000 units rose to 250,000 units.

At the same time, the development of construction machinery business will also help China Rongsheng Heavy Industries develop RMB business and effectively resist exchange rate risks. Chen Qiang, president of China Rongsheng Heavy Industry, said that the company will vigorously expand its domestic shipbuilding and construction machinery business due to the continuous appreciation of the RMB against the US dollar.

At present, a considerable part of China Rongsheng Heavy Industries" orders are from overseas. Therefore, most of the shipbuilding contracts are settled in U.S. dollars, while the costs are calculated in RMB. How to effectively control exchange rate risks has always been the focus of China Rongsheng Heavy Industries. At present, China Rongsheng Heavy Industry has consciously increased its RMB settlement business. It is expected that with the full development of construction machinery, the group"s future income sources will also show a diversified trend, and the income of RMB and US dollars will be more balanced.

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The deal with New Continental Oil & Gas will see China Rongsheng cough up 1.4 billion of its own shares for HK$2.18 billion (US$281.89 million), it said on Thursday.

New Continental has an agreement with national oil company Kyrgyzstan Petroleum in respect of four oilfields in the Fergana Valley. The area comprises five oilfield zones, namely Saili-Su 4, Eastern Izbashkent, Izbashkent, Changyrtash and Chigirchik.

On Trip.com, it"s easy to search for hotels in Suining. Book your hotel on Trip.com for an amazing travel experience. You can plan a day tour in Suining. Suining may not be a metropolis, but there are still great hotel options on Trip.com. Suining is not far from Suqian and Si County. These places can also be included in your itinerary.

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