China In-Focus — Sinopec Shanghai Petchem shut crude, ethylene units; Evergrande sticks to restructuring plan

Sinopec Shanghai Petrochemical Co. has shut its crude oil refining and ethylene units to evaluate safety risks after a fire on Saturday hit a chemical facility, a company spokesperson said.

The spokesperson did not specify the duration of the shutdown but said the firm will ensure stable domestic fuel supplies.

The Shanghai-based plant, controlled by state refiner Sinopec Corp., operates 16 million tons per year crude oil refining capacity and 700,000 tons of ethylene capacity annually.

Evergrande sticks to restructuring plan

China Evergrande Group said it expects to announce its preliminary restructuring plan before the end of July, sticking to its original deadline as the world’s most indebted property developer struggles to emerge from its financial crisis.

Reeling under more than $300 billion in liabilities, the firm’s offshore debt is deemed to be in default after missing payment obligations late last year.

In a stock exchange filing late on Monday, Evergrande also said it does not have a timeline for publishing its 2021 annual results or completing a probe in its property services unit.