rongsheng international trading for sale

SINGAPORE, Dec 5 (Reuters) - Chinese conglomerate Zhejiang Rongsheng Holding Group has hired a senior crude oil trader to be based in its Singapore office, a company official said on Tuesday.

Trader Ray Liu, formerly from BB Energy and Sinochem Corp, will join Rongsheng International Trading Co in January, said the official who declined to be named.

The company set up a trading office in Singapore last year which will handle crude purchases as well as the trading of oil products and petrochemicals.

* Rongsheng International Trading Co, the trading arm of Chinese conglomerate Zhejiang Rongsheng Holding Group, has purchased at least two 500,000-barrel cargoes of Oman crude oil to prepare for the start-up of the group’s new refinery, several trade sources said on Tuesday

* Zhejiang Petrochemical, 51 percent owned by textile giant Rongsheng Holding Group, was in August awarded a quota to import 5 million tonnes of crude oil this year and the company plans to start up its 400,000-barrels-per-day refinery-petrochemical project in eastern China in late 2018 (Reporting by Florence Tan in SINGAPORE and Chen Aizhu in BEIJING; Editing by Tom Hogue)

Sinochem Petrochemical Distribution Co., Ltd. (Sinochem Petrochemical Distribution) and Zhejiang Rongsheng Holding Group (Rongsheng Group) signed a memorandum of cooperation at the headquarters of Sinochem Petrochemical Distribution. The two parties intend to establish long-term cooperation in the procurement and sales of petrochemical products.

Deputy General Manager Wang Guolun gave a detailed introduction on the company profile, marketing capabilities, organizational structure, innovation platform, etc. He said that Sinochem Petrochemical Distribution will continue to follow the direction of professionalization and integration, improve the industrial chain, strengthen industrial coordination, and gradually build up a development model with Sinochem characteristics for petrochemical product marketing. In addition, the Company will build Sinochem Group"s internal unified sales platform, external professional operation platform, integrated service and e-commerce platform to meet customers" most optimized "one-stop" procurement needs with innovative transaction models, abundant high-quality resources, fast information services and thoughtful online customer service. In 2017, Sinochem Petrochemical Distribution sold products to eight provinces – Liaoning, Shandong, Jiangsu, Zhejiang, Fujian, Jiangxi, Hunan, and Guangdong. It is estimated that in 2018, it will import and export 600,000 tons of chemical products, with an annual sales volume of 10 million tons. At the same time, the two sides had extensive exchanges on the pre-sales of Sinochem Petrochemical Distribution"s ethylene products, reached a broad consensus on the product sales after Rongsheng Group"s ethylene project was put into production, and established in-depth cooperation intentions.

At the signing ceremony, Li Bo, General Manager of Sinochem Petrochemical Distribution, and Shou Baichun, General Manager of Rongsheng International Trading Co., Ltd. under Rongsheng Group, signed a memorandum of cooperation on behalf of both parties. Deputy General Manager Wang Guolun and Wang Xiaoling, Chief Financial Officer Zhang Tao, Senior Marketing Director Guo Hui, General Manager of East China Branch Zhou Jiankang, and Deputy Director of Chemicals, Rongsheng International Trading Co., Ltd. Wang Haidong, and others attended the signing ceremony.

General Manager Li Bo said that the two parties will strengthen partnership on petrochemical product trade and logistics to complement each other"s advantages and expand the business scope. Shou Baichun said that Rongsheng Group can work with Sinochem Petrochemical Distribution surrounding the logistics and distribution of petrochemical products, and that this will bring mutual benefits to both parties.

Abu Dhabi, UAE – November 12, 2019: The Abu Dhabi National Oil Company (ADNOC) announced, today, it has signed a broad Framework Agreement with China’s Rongsheng Petrochemical Co., Ltd. (Rongsheng) to explore domestic and international growth opportunities which will support the delivery of its 2030 smart growth strategy.

The agreement will see both companies explore opportunities in the sale of refined products from ADNOC to Rongsheng, downstream investment opportunities in both China and the United Arab Emirates, and the supply and delivery of liquified natural gas (LNG) to Rongsheng.

The agreement was signed by His Excellency Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, and Li Shuirong, Chairman of Rongsheng Group.

H.E. Dr. Al Jaber said: “This Framework Agreement builds on the existing crude oil supply relationship between ADNOC and Rongsheng, which we are keen to enhance. The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new markets for our growing portfolio of products and attract investment to support our downstream and gas expansion plans.

Under the terms of the Framework Agreement, ADNOC and Rongsheng will explore opportunities for increasing the volume and variety of refined products sales to Rongsheng as well as ADNOC’s active participation as Rongsheng’s strategic partner in refinery and petrochemical opportunities, including an investment in Rongsheng’s downstream complex. In return Rongsheng will also explore potential investments in ADNOC’s downstream industrial ecosystem in Ruwais, including the proposed Gasoline Aromatics Plant (GAP) and the potential for ADNOC to supply and deliver liquified natural gas (LNG) for utilization by Rongsheng within its production complexes in China.

Shuirong said: “This Framework Agreement is a key milestone in Rongsheng Petrochemical’s strategic international expansion. ADNOC is an important trading partner, and we are confident of the win-win benefits of this partnership, particularly in realizing opportunities in the downstream space in Asia.

“The strategic cooperation with ADNOC will ensure that our ZPC project, which will have a refining capacity of up to 1 million barrels per day (mbpd) of crude, has adequate supplies of feedstock. Our valued partnership will enable Rongsheng Petrochemical to continue its expansion into the international oil market and we are confident Rongsheng Petrochemical will achieve enhanced market share and recognition in the global marketplace.”

Rongsheng Petrochemical Co., Ltd. is one of the leading companies in China’s petrochemical and textile industry. In recent years, Rongsheng has been committed to developing both vertically and horizontally across the value chain, investing massively in multiple high-value oil and gas projects. Amongst them, Zhejiang Petroleum & Chemical Co., Ltd. (ZPC), in which Rongsheng has a controlling interest, is a 40 million tons per annum mega integrated refining and chemical project. Once operational, ZPC will be one of the largest-scale plants in the world.

China is the world"s second-largest oil consumer, and Chinese energy companies have steadily increased their participation in ADNOC’s Upstream and Downstream operations. At the same time, ADNOC has identified China as an important growth market for its crude oil and petrochemical products, as it moves towards boosting its oil production capacity to 4 million barrels per day (mbpd) by the end of 2020 and 5mbpd in 2030 and accelerates the implementation of its downstream expansion and international investment strategies.

Founded in 1989, Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in petrochemical, polyester, spinning, texturing, coal chemicals, real estate, trading, logistics, and thermal power businesses. Rongsheng is a global company serving customers in China, Europe, America, and Asia.

The Group has proven to be a leader among its competitors in each industry and has over ten subsidiaries, three of which are public companies, including Rongsheng Petrochemical Co. Ltd., Yibing Tianyuan Group Co. Ltd., and Ningbo United Group Co. Ltd. In 2014, the Group’s sales revenue surpassed RMB ￥60 Billion (CAD $10 Billion). In 2015, Rongsheng was a top 10 petrochemical industry leader in China.

Mr. Li Shuirong, Chairman of Rongsheng Holding Group serves as the Chairman of Rongsheng Petrochemical Co. Ltd., Vice President of the Zhejiang Private Economy Academy and Director of the Zhejiang Operation Management Academy. Mr. Li is a recognized philanthropist and greatly believes in giving back to the community especially in building schools to educate future generations as well as for those in need.

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Now that it is breaking out chemical sales again, Shell rejoins the Global Top 50 this year after a 5-year hiatus. Rongsheng Petrochemical, which makes polyester chemicals, debuts this year. The former DowDuPont agricultural chemical business, Corteva Agriscience, made the cut as well.

As DuPont separated from DowDuPont in 2019, observers wondered how long the company would last. DuPont executive chairman Ed Breen once presided over the breakup of the industrial conglomerate Tyco, causing some to reckon he had similar plans for DuPont. It now appears that DuPont is here to stay, with Breen satisfied that the company has done enough portfolio restructuring to stand on its own. The largest of those moves came in February, when the company completed the sale of its Nutrition & Biosciences division to International Flavors & Fragrances. The sale yielded $7.3 billion in proceeds. DuPont also agreed to sell its biomaterials business, a producer of 1,3-propanediol, and it divested its stake in the polysilicon maker Hemlock Semiconductor. Breen elected to keep DuPont’s electronic materials business, which he had been considering selling. In fact, DuPont is adding to this business, agreeing in March to purchase Laird Performance Materials, which makes materials for heat management in electronics, for $2.3 billion.

Recent years have seen Chinese petrochemical producers, often involved in the polyester supply chain, join the Global Top 50. Hengli Petrochemical is one of those firms. And now Rongsheng Petrochemical is another. The company is one of the largest producers of purified terephthalic acid in the world, with 13 million metric tons of capacity at plants in Dalian, Ningbo, and Hainan, China. It also makes polyester resin and fiber. It is an investor in Zhejiang Petrochemical, a large oil refinery and petrochemical complex that is currently starting up.

Nutrien got a new CEO in May when Mayo Schmidt replaced Chuck Magro. Schmidt had been chair of the Canadian fertilizer maker’s board since 2019 and before that was CEO of the Canadian agribusiness Viterra. Magro had led Nutrien and its predecessor Agrium since 2014. Because of tight supplies of potash, Nutrien pledged in June to raise production at its six potash mines. Like a few other big fertilizer makers, Nutrien is developing low-carbon ammonia as a fuel. It is one of 15 partners, led by the nonprofit RTI International, working with the US Department of Energy to develop a demonstration facility for low- and zero-carbon ammonia. Nutrien already produces about 1 million metric tons of low-carbon ammonia annually in the US and Canada.

Rongsheng Petro Chemical Co, Ltd. specialises in the production and marketing of petrochemical and chemical fibres. Products include PTA yarns, fully drawn polyester yarns (FDY), pre-oriented polyester yarns (POY), polyester textured drawn yarns (DTY), polyester filaments and polyethylene terephthalate (PET) slivers.

“In the first half of 2012, the global economic downturn and weak international trading activities continued to exert pressure on the shipping industry, which has been struggling since the second half of 2011,” its mid-year report said.