Glencore Sells Oil Storage Assets to China’s HNA Group

1 Apr 2017   China

Glencore PLC, one of the world’s biggest oil traders, has agreed to sell a majority stake in its petroleum products storage and logistics business for $775 million in cash to Chinese conglomerate HNA Group. The move comes as China’s demand for oil storage ramps up amid rising consumption by its expanding urban population. China is the world’s second largest oil consumer, behind the U.S. HNA Group will purchase a 51% stake in…

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