Auction for Bankrupt Sinochem Refineries Fails to Attract Interest ...Middle East

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Auction for Bankrupt Sinochem Refineries Fails to Attract Interest
source : OILPRICE ( Middle East ) () 77
Chinese state-controlled refining and chemicals giant Sinochem may opt to keep three of its small, old, and now-bankrupt refineries, after failing to sell them at auctions, Reuters reported on Wednesday, citing sources with knowledge of the matter. The three refineries in the eastern part of China are smaller and less sophisticated than the larger newer processing plants. Two months ago, a Chinese court declared a third Sinochem refinery bankrupt, as Chinese refiners have been struggling this year with tepid fuel demand in the world’s largest…

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