rongsheng singapore factory

(Reuters) - Private Chinese oil refiner and petrochemical manufacturers Hengli Petrochemical Corp and Rongsheng Petrochemical Corp have each hired a new executive for its Singapore trading desk, company officials said.

Hengli Petrochemical (Singapore) Pte Ltd, the trading unit for Hengli Petrochemical, hired James Zhang, formerly a commodities trading manager at ICBC Standard Bank, as its vice president in charge of finances, a company spokesman said.

Separately, Zhu Yanyu, previously a veteran oil products trading manager at state-owned oil and gas company PetroChina , started in June at Rongsheng Petrochemical (Singapore) Pte Ltd as a deputy general manager in charge of refined products trading, said two company officials.

The Singapore operation is the international trading unit for Rongsheng Petrochemical Corp, which is a key stakeholder in Zhejiang Petrochemical Corp (ZPC), one of China"s largest private refiners which operates a 400,000 barrels per day refinery in east China"s Zhoushan.

Company nameCountryRevenueBusiness descriptionSingapore< 1MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore< 1MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore< 1MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore< 1MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore< 1MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore< 1MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore10M - 100MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore10M - 100MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore10M - 100MManufacture and sale of chemicals, as well as the treatment and recycling of industrial waste. It also produces and sells petrochemical products.

Singapore10M - 100MManufacture and sale of chemical and petroleum products, as well as the recovery and intermediate treatment of industrial waste. We will also work on the development of photocatalysts, etc.

Key competitors of RONGSHENG PETROCHEMICAL (SINGAPORE) PTE. LTD. are GRAND TRUST PETROCHEMICAL PTE. LTD., SINGAPORE AGROCHEMICALS PTE. LTD., SINGAPORE HUIDA PETROCHEMICAL PTE. LTD., Z F PETROCHEMICAL PTE. LTD., UNICORN PETROCHEMICALS PTE. LTD., JST PETROCHEMICAL PTE. LTD., TUBAN PETROCHEMICALS PTE LTD, JAYTA PETROCHEMICAL PTE LTD, INDOMIL PETROCHEMICALS PTE. LTD., FUDAO PETROCHEMICALS GROUP PTE. LTD.

Rongsheng Heavy Industries Group Holdings Limited is pleased to announce the establishment of Rongsheng Offshore & Marine Private Limited (“Rongsheng Offshore & Marine”), the Group’s new offshore engineering base, in Singapore. The company will focus on research and development, marketing and “Engineering, Procurement and Construction” (“EPC”) projects in offshore engineering, drawing on Singapore’s superior industry advances and human resources. On the same day, Rongsheng Offshore & Marine also officially announces that it has secured an EPC contract for a 2,000-meter deepwater tender barge. With sound developments made in the high-end offshore equipment manufacturing field, the Group will seek to accelerate its all-round transformation into an offshore engineering service provider.

Rongsheng Offshore & Marine, a wholly-owned subsidiary of China Rongsheng Heavy Industries and registered in Singapore, is set to become a light asset, high technology and first class offshore engineering talent base. It will play an important role in the Group’s offshore engineering strategy; the sales team is positioned to help the Group to gain market share in the international offshore engineering market, and the operational team will help the Group to achieve greater breakthroughs by engaging in high-end operational activities such as research and development, EPC project management and international procurement.

Mr. Chen Qiang, Executive Director and Chief Executive Officer of China Rongsheng Heavy Industries, said: “The opening of Rongsheng Offshore & Marine marks an important milestone towards the Group’s goal to upgrade and transform into an offshore engineering service provider. Combined with the company’s new, innovative operating model and technological platform and Jiangsu Rongsheng Heavy Industries Company Limited’s (“Jiangsu Rongsheng”) strong manufacturing base, China Rongsheng Heavy Industries has gained access to the global market and can now make their presence felt in the high-end marine equipment manufacturing field. By improving efficiency and lowering cost through synergizing the Group’s various business areas, we are confident that we can build Rongsheng into a world-class offshore engineering brand.”

The project in question is an EPC project, covering Engineering, Procurement, Construction. Rongsheng Offshore & Marine is the general contractor, and Jiangsu Rongsheng is the manufacturer. China Rongsheng Heavy Industries is one of the few shipbuilders in China capable of undertaking an EPC project, and the winning of this tender highlights the technological and manufacturing strength of China Rongsheng Heavy Industries in the marine engineering field. It also demonstrates the recognition received by the Group in the international shipbuilding and offshore engineering industries.

Mr. Don Lee, Director and Chief Executive Officer of Rongsheng Offshore & Marine, has made great achievements in offshore engineering and commands a considerable reputation, having established extensive contacts and close cooperation with offshore rig owners and petroleum companies over the course of 40 years in the field. Prior to his appointment at Rongsheng, Mr. Lee served as an Senior General Manager at Sembcorp Marine’s subsidiary Jurong Shipyard, Senior Vice President of the Marketing of Sembcorp Marine,Director of Jurong Brazil, Director of Brazil Netherlands BV, and Director of PPL Shipyard.

RUGAO, China/SINGAPORE (Reuters) - Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder.A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province December 4, 2013. REUTERS/Aly Song

The shipbuilder this week predicted a substantial annual loss, just months after appealing to the government for financial help as it reeled from industry overcapacity and shrinking orders. Rongsheng lost an annual record 572.6 million yuan ($92 million) last year, and lost 1.3 billion yuan in the first half of this year.

While Beijing seems intent to promote a shift away from an investment-heavy model, with companies reliant on government cash injections, some analysts say Rongsheng is too big for China to let fail.

Local media reported in July that Rongsheng had laid off as many as 8,000 workers as demand slowed. Three years ago, the company had about 20,000 staff and contract employees. This week, the shipbuilder said an unspecified number of workers had been made redundant this year.

“Without new orders it’s hard to see how operations can continue,” said one worker wearing oil-spattered overalls and a Rongsheng hardhat, adding he was still waiting to be paid for September. He didn’t want to give his name as he feared he could lose his job.

“Morale in the office is quite low, since we don’t know what is the plan,” said a Rongsheng executive, who declined to be named as he is not authorized to speak to the media. “We have been getting orders but can’t seem to get construction loans from banks to build these projects.”

While Rongsheng has won just two orders this year, state-backed rival Shanghai Waigaoqiao Shipbuildinghas secured 50, according to shipbroker data. Singapore-listed Yangzijiang Shipbuildinghas won more than $1 billion in new orders and is moving into offshore jack-up rig construction, noted Jon Windham, head industrials analyst at Barclays in Hong Kong.

Frontline, a shipping company controlled by Norwegian business tycoon John Fredriksen, ordered two oil tankers from Rongsheng in 2010 for delivery earlier this year. It now expects to receive both of them in 2014, Frontline CEO Jens Martin Jensen told Reuters.

Greek shipowner DryShips Inchas also questioned whether other large tankers on order will be delivered. DryShips said Rongsheng is building 43 percent of the Suezmax vessels - tankers up to 200,000 deadweight tons - in the current global order book. That"s equivalent to 23 ships, according to Rongsheng data.

Speaking at a quarterly results briefing last month, DryShips Chief Financial Officer Ziad Nakhleh said Rongsheng was “a yard that, as we stated before, is facing difficulties and, as such, we believe there is a high probability they will not be delivered.” DryShips has four dry cargo vessels on order at the Chinese firm.

Rongsheng declined to comment on the Dryships order, citing client confidentiality. “For other orders on hand, our delivery plan is still ongoing,” a spokesman said.

At least two law firms in Shanghai and Singapore are acting for shipowners seeking compensation from Rongsheng for late or cancelled orders. “I’m now dealing with several cases against Rongsheng,” said Lawrence Chen, senior partner at law firm Wintell & Co in Shanghai.

Billionaire Zhang Zhirong, who founded Rongsheng in 2005 and is the shipyard"s biggest shareholder, last month announced plans to privatize Hong Kong-listed Glorious Property Holdingsin a HK$4.57 billion ($589.45 million) deal - a move analysts said could raise money to plug Rongsheng"s debts.

Meanwhile, Rongsheng’s shipyard woes have already pushed many people away from nearby centers, and others said they would have to go if things don’t pick up. Some said they hoped the local government might step in with financial support.

The Rugao government did not respond to requests for comment on whether it would lend financial or other support to Rongsheng. Annual reports show Rongsheng has received state subsidies in the past three years.

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

The No 4 dock at Jiangsu Rongsheng Heavy Industries Co Ltd"s Nantong shipbuilding base on May 26, 2012. With a dimension of 139.5*580m，the dock is equipped with a 1600-T gantry crane, the world"s largest. [Photo/chinadaily.com.cn]

China Rongsheng Heavy Industries Group Holdings Ltd, the nation"s largest private shipbuilder, may seek "cooperation with one or two ship builders" in 2013 or 2014, grasping the opportunity emerging from an industry recession, according to Xu Yifei, assistant president of Jiangsu Rongsheng.

In response to this round of recession, Rongsheng has been actively upgrading technology and design. It has also put more focus on the offshore engineering sector to further diversify its business.

Rongsheng is setting up its offshore engineering company in Singapore, aiming to take advantage of Singapore"s technology and existing market to deepen its penetration in the global offshore engineering market, according to Xu.

The company entered the marine engineering sector years ago. China"s first deepwater pipe-laying crane vessel, known as Hai Yang Shi You 201, was built by Rongsheng. The vessel can lay pipes at depths of 3000 meters and lift 4000 metric tons and will operate at the South China Sea"s Liwan 3-1 gas field.

Rongsheng"s president, Chen Qiang, said in an earlier interview that he hoped orders from marine engineering will make up about 40 percent of the company"s new orders this year.

Most straight-run fuel oil consumed in the Middle East is sourced locally, Iraq in particular, brought to Singapore to be blended to the refiner"s desired specification before being sold to the final destination. Other sources of supply are Russia"s M100 blend as well, usually sold directly to China.

Price for straight-run fuel oil with sulfur content below 1% was around $65-$70/mt against the Mean of Platts Singapore 380 CST assessment for a July-delivery cargo, according to traders and refiners.

However, Ningbo Zhongjin Petrochemical, a regular straight run fuel oil buyer for petrochemical production, has been on the sideline amid sufficient feedstock since getting its latest arrival in mid-May, a Singapore-based source with its parent company Rongsheng said.

Rongsheng Heavy Industries Group Holdings Ltd"s shares have been suspended on the Hong Kong Stock Exchange after a media report said that the company cut 8,000 jobs in recent months.

Last year, Rongsheng Offshore & Marine was established in Singapore to seek new market growth points. Its business segments include shipbuilding, offshore engineering, marine engine building and engineering machinery.