Moves: China's newest refiner Yulong hires ex-PetroChina trading exec as Singapore GM

Yulong Eco-Materials

14/12/2023 09:14

SINGAPORE, Dec 14 (Reuters) - China's newest refiner and
petrochemical producer Yulong Petrochemical Corp has hired a
former trading executive of state major PetroChina as general
manager for its newly-established Singapore trading unit,
according to five persons familiar with the matter. 
    Xia Hongwei, a veteran with PetroChina's trading vehicle
PetroChina International (PCI) who served as the managing
director of PCI's Singapore operation for nearly 20 years till
late 2019, was hired by Yulong to lead the refiner's oil and
petrochemicals trading business in Singapore.
    Yulong Petrochemical (Singapore) Pte was incorporated in
November, according to Singapore's Accounting and Corporate
Regulatory Authority, which lists Yulong Petrochemical's Hong
Kong unit as its shareholder. 
        A Yulong representative did not immediately comment. Xia
confirmed his move but did not comment further. 
    Yulong Petrochemical, based in China's refining hub Shandong
province, is 51% owned by private Chinese aluminium smelter
Shandong Nanshan Group, 46.1% owned by state-controlled Shandong
Energy Group and the rest by two local entities.
    The company is building a $20-billion complex in Longkou,
Yantai city comprising a 400,000 barrels-per-day crude oil
refinery and two units producing a combined 3 million metric
tons a year of ethylene. 
    Yulong, which is expected to start operating the new plant
in the second half of 2024, recently entered a preliminary
agreement with Saudi Aramco  2222.SE  for the Middle Eastern oil
giant to buy a 10% stake in the company and supply crude oil
under a long-term deal.   
      

 (Reporting by Chen Aizhu and Florence Tan; Editing by Susan
Fenton)