CNOOC buys controlling stake in Shandong Haihua

08 September 2008 08:19  [Source: ICIS news]

SHANGHAI (ICIS news)--China-based CNOOC Refine & Petrochemical has acquired a 51% controlling stake in Shandong Haihua Group Co, the latter company said on Monday.

 

“CNOOC completed this acquisition in a bid to strengthen and develop its petroleum sector in east China,” a source from Haihua Group said.

 

CNOOC acquired the stake from Weifang state’s Assets Supervision and Administration Commission, it added.

 

No financial details were disclosed.

 

Shandong Haihua Group still held a 40.3％ stake in Shandong Haihua Corp and was the first majority shareholder, the company said.

 

Shandong Haihua Group is an integrated petrochemical producer which focuses on diesel, wax oil, soda ash and melamine production.

 

CNOOC Refine & Petrochemical is a subsidiary of China National Offshore Oil Corp (CNOOC).

 

Dolly Wu contributed to this article

By: Judith Wang
+65 6780 4359

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