In the race to find newer forms of alternative fuel and related byproducts, one of the companies in the Shell Malaysia group is establishing itself as a pioneer in a high-value niche product market.
Shanghai. September 29. INTERFAX-CHINA - ExxonMobil plans to open another 100 automobile lubricant stores in China, adding to its current roster of 100, by the end of this year.
Shell increased its presence in China yesterday by buying a controlling stake in the country’s biggest independent manufacturer of lubricants. The price paid by Shell for the 75 per cent shareholding in Tongyi was not disclosed.
BEIJING (AFX) - Shell China has secured a majority stake in Tongyi, the country's third largest lubricant manufacturer, to raise its share of the fast-changing market.
Oil giant Royal Dutch Shell has bought a 75-per-cent stake in China's largest privately owned lubricant oil company Tongyi, making it the third-largest in China's lubricants market, the firm said on Friday.
BEIJING (XFN-ASIA) - Shell China Holdings BV is aiming to acquire roughly 9.5 pct of the domestic lubricants market this year following the purchase of a 75 pct stake in Beijing Tongyi Petroleum Co Ltd and Xianyang Tongyi Petrochemical Co Ltd, said David Pirret, Shell International's executive vice President of lubricants.
No financial details were provided. In a statement, Shell said the transaction gives it the third largest share of China\'s rapidly growing lubricants market, estimated at over six bln liters a year, while also giving it a 16 pct share of the global branded finished lubricants market.