China Knowledge reported that Sino Union Petroleum & Chemical International Ltd which is engaged in the trading of polyurethane materials, fuel oil and natural gas second largest shareholder, Shaanxi Yanchang Petroleum Co Ltd has set up a fully owned subsidiary in Hong Kong as its flagship investment arm in the overseas market.

Sino Union Petroleum said in a statement filed with the Hong Kong Stock Exchange that Yanchang Petroleum will transfer its 14.51% stake in Sino Union Petroleum to the new company.

Yanchang Petroleum, China fourth largest oil company is owned by the Shaanxi provincial government.

In the first ten months of this year, Yanchang Petroleum produced about 10 million tonnes of crude oil, 570,000 tonnes more than in the same period of last year.

(Sourced from China Knowledge)