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2007-1-18 12:17:00 p.m. HKT, XFNA
Hong Kong-listed Daqing Petroleum to sell unit Earlsmead for 350 mln hkd
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HONG KONG (XFN-ASIA) - Daqing Petroleum and Chemical Group Ltd said it
has agreed to sell its unit Earlsmead Enterprises Ltd to an independent third
party Starhigh Group Ltd for 350 mln hkd.
The company will incur losses of 48.5 mln hkd on the disposal, it said in
a statement.
Earlsmead is principally engaged in the refined petroleum products
business, consisting of lubricants and anti-corrosive coatings.
The company said its petroleum refined products division has been
operating in a very high operating cost environment amid high crude oil
prices, which caused the prices of most petrochemical downstream materials to
rise.
It noted that intense competition in the industry also contributed to the
deteriorated performance of the division in the second half of 2006.
At 12.06 pm, Daqing was up 0.01 hkd or 2.86 pct at 0.36.
roby.lau@xfn.com
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