(June 22): Malaysia-based Hengyuan seals first deal to sell light naphtha after acquiring a stake in Shell Refining Company, people familiar with the matter say.
Hengyuan, a unit of China's Shandong Hengyuan Petrochemical Company, sold up to 48,000 tonnes of naphtha for Aug 1 to Dec 31 loading to an oil major at about US$15 a tonne below Japan quotes on a free-on-board basis.
The naphtha has a 65% to 70% paraffin content and is expected to be used as a gasoline blendstock, the sources add.
Hengyuan acquired 51% stake in Shell Refining Company.