Qatar’s Qatra for Investment & Development (QID Group) and Hamad Bin Suhaim Enterprises have signed a deal worth US$5bn to acquire 49 per cent of China’s Shandong Dongming Petrochemical Group
Shandong Dongming Petrochemical Group CEO Ibrahim El-Tinay said that the deal is expected to be finalised by the forth quarter of 2015 with the cash used to finance a number of projects that the Chinese firm is currently working on.
“These projects will include building 1,000 petrol stations across six provinces in China and a LNG terminal with three million tonnes per annum capacity in Qinzhou city in China,” he added.
Once the acquisition deal is finalised then completion dates for these projects will be set, El-Tinay noted.
According to a joint statement from the three parties, the petrol stations will be built in 300 km radius of Shandong Dongming Petrochemical Group’s Heze refinery in eastern China, which will provide a third of its output as supply to the stations.
The LNG terminal will be built in Qinzhou and will include the construction of a terminal, jetty, regasification and storage facilities.
