KUALA LUMPUR, May 24 (Xinhua) -- Hengyuan Refining Company Bhd's chairman Wang Youde said Thursday that he continues to see Malaysia as its ASEAN hub to expand the group business after the election.
"We are confident with the new Malaysian government, so our investment plans here will remain intact. We are still exploring the market opportunities for other Southeast Asian countries," he told reporters after the group's annual general meeting in Kuala Lumpur.
According to the group's chief commercial officer William Chen, new market opportunities include those in Indonesia, Vietnam and Cambodia.
Currently, only 10 percent to 20 percent of the group's refinery products are allowed to export overseas, including to Singapore, Indonesia and China.
However, Chen said, the group may have some tie-ups with its mother company Shandong Hengyuan Petrochemical Company Ltd in the future, to expand its resources in order to reach more markets with wider products.
Shandong Hengyuan Petrochemical Company Ltd. acquired a 51-percent equity stake in Hengyuan Refining Company from Royal Dutch Shell's subsidiary Shell Overseas Holdings Ltd. in December 2016.
The acquisition, which was triggered by Shandong Hengyuan Petrochemical's "going-out" strategy, aimed to achieve wider development with new growth opportunity outside China.
Hengyuan has in June 2017 approved capital investments totaling 160 million U.S. dollars to upgrade its refinery facilities in Malaysia.
