FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Chinese Refiners Call on Beijing to Trim Oil Processing Rates

By

Private Chinese refiners are requesting Beijing to reduce rates of oil processing as they are being pressured amid higher input costs brought by the Middle East war, Bloomberg News reported Monday, citing insiders.

The request was made a month after the National Development and Reform Commission released an order that refiners should retain production at 2025 levels at any cost to ensure the availability of domestic fuel, the report said.

The order caused run rates in April to hike to the highest in almost two years, while processors are incurring losses, according to the media outlet.

The NDRC has not immediately responded to' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Asia

CSG Smart Science & Technology Acquires 70% Stake in Yuanguang Electric for 151 Million Yuan; Shares Down 3%

CSG Smart Science & Technology (SHE:300222) agreed to acquire a 70% stake in Zhejiang Jiangshan Yuanguang Electric for 151.2 million yuan.The amount is based on a valuation of 216 million yuan for 100% equity, with the deal valuing the transformer manufacturer at a 24.49% premium over its 172.7-million-yuan book value.The company is engaged in industrial automation business and electric power automation business. Its shares were down 3% in recent trade.

$SHE:300222
Asia

EI Power's IPO Gets Oversubscribed By Nearly 31 Times Ahead of ACE Market Debut

EI Power's (KLSE:EIPOWER) initial public offering (IPO) for listing on the ACE Market of Bursa Malaysia was oversubscribed by 30.77 times by the Malaysian public, according to a Monday Malaysian bourse filing.The company received 21,490 applications for 1.11 billion shares worth 533.7 million ringgit, for the 35 million shares allocated to the public. The Bumiputera portion was oversubscribed by 15.79 times, while the public portion saw an oversubscription rate of 45.75 times.EI Power also said the 17.5 million shares allocated to eligible persons were fully subscribed, while the restricted offering to entitled shareholders of OCK Group (KLSE:OCK) was oversubscribed by 2.2 times.Meanwhile, shares allocated to Bumiputera investors approved by MITI and selected investors under the private placement exercise were fully placed out.

$KLSE:EIPOWER$KLSE:OCK
Asia

Winsome Resources Says Proposed Acquisition By by Li-FT Power Now Legally Effective

Winsome Resources (ASX:WR1) said that the proposed acquisition of all of the fully-paid ordinary shares in Winsome by Li-FT Power via a scheme of arrangement, as well as the acquisition of the unlisted options in Winsome via an option scheme, are now legally effective, according to a Tuesday Australian bourse filing.A copy of the orders made by the Supreme Court of Western Australia approving the schemes was lodged with the Australian Securities and Investments Commission.Winsome's shares are expected to be suspended from trading on the ASX with effect from the close of trading on Tuesday.

$ASX:WR1