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Bloomberg
Oriental Energy Co, China’s biggest importer of liquefied petroleum gas (LPG), is considering an initial public offering (IPO) of its trading and logistics unit on the Singapore stock exchange.
The company is in discussions with the exchange and the city-state’s government about the share sale for its subsidiary Oriental Energy (Singapore) International Trading Pte, according to an official at Nanjing-based Oriental. Other locations are being considered for the planned IPO including Hong Kong, said the official, who ask not to be identified due to company policy. “Oriental Energy is keen to further tap into the global capital markets,†the company said in an emailed response to questions. “A potential IPO in the future, if proved strategic, will not be ruled out.†China’s LPG imports have increased more than fourfold since 2013, underpinned by the start-up of new plants that turn the fuel into the building blocks for plastic production.