Sinochem may keep bankrupt refineries
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bankrupt oil refineriesReuters
•Exclusive-Sinochem may keep bankrupt refineries as auctions draw scant interest, sources say
78% Informative
Sinochem Group may keep three bankrupt oil refineries after auctions to sell them drew little interest from other companies.
Failure to sell the refineries may mean state-owned Sinochem will retain them by writing down debts to creditors and renegotiating taxes owed.
The plants, Changyi Petrochemical , Huaxing Petrochemical Group and Zhenghe Group Co , have combined crude processing capacity of 380,000 barrels per day, or 3% of national output.
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