China National Chemical Corporation is set to increase its holding in commodity trader Mercuria, as part of a deal that will see the Swiss group gain an interest in the Chinese company’s onshore refining system.
Under the agreement, which is yet to be finalised, the state-controlled conglomerate will add to its 12 per cent stake in Mercuria, one of the world’s biggest traders of oil, gas and metals.
In return, Mercuria will secure an interest in ChemChina’s refining assets, according to people familiar with the matter, giving the Swiss trader a significant foothold as China cements its position as the world’s biggest importer of crude oil.
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