Oriental Shenghong intends to purchase 13% equity of Shenghong Refinery

Sinochem News.
com News on December 27th, Oriental Shenghong issued an announcement stating that Jiangsu Shenghong Petrochemical Industry Development Co.
, Ltd.
, a wholly-owned subsidiary of the company, intends to acquire Jiangsu Jiuquan Shenghong Refining & Chemical's debt-to-equity swap investment at a consideration of 3.
509 billion yuan.
Shenghong Refining & Chemical (Lianyungang) Co.
, Ltd.
("Shenghong Refining & Chemical") held by the Fund (Limited Partnership) is approximately 13%
.

As of June 30, Shenghong Refining & Chemical has reviewed total assets of 64.
827 billion yuan, total liabilities of 42.
323 billion yuan, and net assets of 22.
504 billion yuan.
From January to June, it achieved operating income of approximately 473 million yuan and net profit of -3.
9348 million yuan
.

　　Oriental Shenghong stated that Shenghong Refinery is an important holding subsidiary of the company.
The 16 million tons/year integrated refining and chemical project invested and constructed by the company is the company’s implementation of "Crude Oil Refining—PX/Ethylene Glycol—PTA—Polyester— "Chemical fiber" is the core carrier of the integrated operation of the entire industrial chain
.