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Informed sources disclosed that Royal Dutch Shell Group will sell its entire equity in Lubricating China Co., Ltd., a joint venture in China, and is looking for buyers to take over. It is estimated that the bid price will be between US$350 million and US$500 million, and Shell’s purchase price will be paid in that year. It is RMB 1.5 billion.
Currently, Shell holds a 75% stake in Uniform Lubricants. Over the past eight years, after experiencing high-level blood transfusions and continuous loss of sales channels, the operating performance of Lubricant Lubricants has not reached expectations. In the context of the sharp fall in oil prices, Shell is proceeding with the sale of its assets located throughout the world.
Earlier, a person in charge of an exploration company under PetroChina had revealed that the company was responsible for Shell's drilling business for the shale gas project in Sichuan. However, the project has not progressed since last year and related investment has not been put in place. "It may be to withdraw," the source said. Analysts said that under the pressure of oil prices, the pressure on Shell's performance will be enormous. Shell's management is trying to raise the return on investment by raising funds and divesting assets.
Uniform lubricants were created in 1994. In 2002, its sales exceeded 600 million yuan, which was the first time in private lubricant manufacturers. Over the past 20 years, Huo Zhenxiang, a vegetable farmer, has gone from a small franchise specializing in lubricants to a nationally renowned company. At its peak, Unipec had 2,000 dealers and 90,000 retailers nationwide, once accounting for 10% of the country's oil market share. However, the monopolization of domestic oil smelting limits the rapid growth of unified lubricants. Therefore, the company's management headed by founder Huo Zhenxiang hopes to achieve a curve expansion through foreign-funded enterprises.
In September 2006, Shell purchased all shares of Xiangjia International Investment Holdings Co., Ltd. under the "Shell China Holdings Pte. Ltd.", which owns "Beijing Uniform Petrochemical Co., Ltd." and "Unified Petrochemical (Xianyang) Co., Ltd." 75% of the shares. Shell entered the Beijing Uniform Petrochemical Co., Ltd. and established a joint venture Shell Unified (Beijing) Petrochemical Co., Ltd.
However, Shell's unanimous performance far below expectations may have contributed to Shell's sale of the asset. Due to differences in cultural backgrounds and management styles, the joint venture was unpleasant, the unified management left a large number of employees, and the air-dropping leadership team of Shell was unable to flex its muscles due to different management methods. When Shell was established in 2006, the annual sales volume of unified lubricants was approximately 300,000 tons, which was approximately 30% higher than the sales volume of Shell lubricants in China; eight years later, the sales volume of unified lubricants remained at 300,000. About tons, about 65% of Shell Lubricant sales in China.
Royal Dutch Shell Group is currently one of the world's largest oil companies, headquartered in The Hague, the Netherlands and London, England, by the combination of Royal Dutch Petroleum and the British Shell two companies. It is the world's leading producer of oil, gas and petrochemicals, and the world's largest retailer of automotive fuel and lubricants.
Shell Lubricants
Currently, Shell holds a 75% stake in Uniform Lubricants. Over the past eight years, after experiencing high-level blood transfusions and continuous loss of sales channels, the operating performance of Lubricant Lubricants has not reached expectations. In the context of the sharp fall in oil prices, Shell is proceeding with the sale of its assets located throughout the world.
Earlier, a person in charge of an exploration company under PetroChina had revealed that the company was responsible for Shell's drilling business for the shale gas project in Sichuan. However, the project has not progressed since last year and related investment has not been put in place. "It may be to withdraw," the source said. Analysts said that under the pressure of oil prices, the pressure on Shell's performance will be enormous. Shell's management is trying to raise the return on investment by raising funds and divesting assets.
Uniform lubricants were created in 1994. In 2002, its sales exceeded 600 million yuan, which was the first time in private lubricant manufacturers. Over the past 20 years, Huo Zhenxiang, a vegetable farmer, has gone from a small franchise specializing in lubricants to a nationally renowned company. At its peak, Unipec had 2,000 dealers and 90,000 retailers nationwide, once accounting for 10% of the country's oil market share. However, the monopolization of domestic oil smelting limits the rapid growth of unified lubricants. Therefore, the company's management headed by founder Huo Zhenxiang hopes to achieve a curve expansion through foreign-funded enterprises.
In September 2006, Shell purchased all shares of Xiangjia International Investment Holdings Co., Ltd. under the "Shell China Holdings Pte. Ltd.", which owns "Beijing Uniform Petrochemical Co., Ltd." and "Unified Petrochemical (Xianyang) Co., Ltd." 75% of the shares. Shell entered the Beijing Uniform Petrochemical Co., Ltd. and established a joint venture Shell Unified (Beijing) Petrochemical Co., Ltd.
However, Shell's unanimous performance far below expectations may have contributed to Shell's sale of the asset. Due to differences in cultural backgrounds and management styles, the joint venture was unpleasant, the unified management left a large number of employees, and the air-dropping leadership team of Shell was unable to flex its muscles due to different management methods. When Shell was established in 2006, the annual sales volume of unified lubricants was approximately 300,000 tons, which was approximately 30% higher than the sales volume of Shell lubricants in China; eight years later, the sales volume of unified lubricants remained at 300,000. About tons, about 65% of Shell Lubricant sales in China.
Royal Dutch Shell Group is currently one of the world's largest oil companies, headquartered in The Hague, the Netherlands and London, England, by the combination of Royal Dutch Petroleum and the British Shell two companies. It is the world's leading producer of oil, gas and petrochemicals, and the world's largest retailer of automotive fuel and lubricants.
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