Hengyi Petrochemical Adjusts Budget for Daily Related-Party Transactions Due to Soaring Oil Prices

MT Newswires Live

Aug 11

Hengyi Petrochemical (SHE:000703) subsidiaries adjusted their allocation for daily related-party transactions due to increases in global oil prices, according to a Tuesday filing with the Shenzhen bourse.

The company will add 5 billion yuan to its purchases of crude oil from Hong Kong Yitian and 10 million yuan to its procurement of packaging materials from Shaoxing Hengming, the filing said.

Hengyi will increase sales of caprolactam to Hangzhou Yichen and Hengyi Nylon by up to 350 million yuan and 50 million yuan, respectively, and power and energy products to Shaoxing Hengming for 50 million yuan.

Shares slipped 2% during afternoon trading on Tuesday.

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