rongsheng international trading factory

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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) - Shares in China Rongsheng Heavy Industries Group Holdings Ltdtumbled 18 percent on Monday after the U.S. securities regulator accused a company controlled by the shipbuilder"s chairman of insider trading ahead of China"s CNOOC Ltd"sbid for Canadian oil company Nexen Inc.Labourers work at a Rongsheng Heavy Industries shipyard in Nantong, Jiangsu province May 21, 2012. REUTERS/Aly Song

The U.S. Securities and Exchange Commission filed a complaint in a U.S. court on Friday against a company controlled by Rongsheng Chairman Zhang Zhirong, and other traders, accusing them of making more than $13 million from insider trading ahead of CNOOC’s $15.1 billion bid for Nexen.

On Monday, Rongsheng shares dropped as much as 18 percent to HK$1.15, a record low, leaving the company with a market capitalization of just over $1 billion. The company also issued a profit warning, saying first-half earnings would fall sharply as a result of a global shipbuilding downturn, a factor that has already pushed its shares down more than 75 percent in the past year.

“Since weak earnings had been expected and the stock had already come down quite a bit, the early selling was mainly triggered by the insider trading probe,” said Steven Leung, a director at UOB Kay Hian.

Rongsheng - which entered a strategic cooperation agreement with CNOOC in 2010 - said in a Hong Kong filing that it did not expect the U.S. investigation to affect its operations. It said Zhang did not have an executive role in the company.

“The news around the chairman comes on the back of other operational and credibility issues,” Barclays said in a note to clients. “We think China Rongsheng presents significant company-specific risk.”

They made trading profits of $7 million and $6 million respectively using inside knowledge of the merger to buy Nexen shares before the announcement, the SEC alleges.

Zhang was ranked the 22th richest Chinese person by Forbes Magazine in September 2011. But his net worth fell by more than half in the past year to $2.6 billion in March 2012 as shares of Rongsheng tumbled.

(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.

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.

Our factory established in 2010, Puyang Rongsheng Home Commodity is a manufacturer and also a trader. Our major products are tablecloths, shower curtains and shower caps. We are also specialized in the research, development and production of a variety of plastic produets, such as EVA rain coat, PVC liner,washing machine cover and other related plastic products. Our factory has 2 embossing machines and 3 printing machines. We develop our new designs by ourselves, and your excellent design is welcome. We are located in Puyang City,Henan province. All of our products comply with international quality standards and are greatly appreciated in a variety of markets around the world.And the best,we have production line from raw material to printing to hot sealing to package then to export,we have the best price advantage.