March 20, 2025 [Reuters]- Eastern China-based independent refiner Hongrun Petrochemical has agreed to acquire a bankrupt oil refinery operated by state-run Sinochem Group in Shandong province, according to four sources familiar with the matter and an auction document.

Changyi Petrochemical, a Sinochem-owned plant in China’s refining hub of Shandong, drew a top bid of about 2.98 billion yuan ($411.82 million) from an unidentified party in an auction that closed on March 14, the document showed.

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