Shell to sell Malaysia refinery stake to teapot refiner

摘要

Shell has agreed to sell its stake in Shell Refining Company - operator of the 156,000 b/d Port Dickson refinery in Malaysia - to Malaysia Hengyuan International Ltd, a subsidiary of Chinese teapot refiner Hengyuan Petrochemical. Shell sold its 51% stake in SRC for $66.3 million, with the remaining 49% held by public investors. SRC announced in January 2015 that it was exploring long-term options for the Port Dickson refinery. The company said then that it was not possible to continue operating SRC in its current form, given its heavy debt load, the significant investment required to meet Euro-4 and Euro-5 compliance standards, and the challenging refining margin outlook.