China National Chemical Corporation, also known as ChemChina, is in talks with commodities firm Mercuria to expand its 12% stake in exchange for interest in its onshore refining system, sources told the Financial Times.
ChemChina, the country’s third largest oil refiner behind Sinopec and PetroChina, processes over 500,000 barrels a day. With the finalising of the new deal, Swiss-owned Mercuria will gain an interest in this infrastructure as China continues to be the world’s largest crude oil importer.