Trading of Oil and Petrochemical Products
On 5 November 2019, the Group acquired 99% equity interest in Shanghai Diyou Industry Co., Ltd. (“SHDY”), being a company which operates in the wholesale of refined oil products and holds a refined oil wholesale operating licence issued by the Ministry of Commerce of the People’s Republic of China, and is a qualified supplier of various state-owned enterprises. During the year ended 31 December 2021, total sales volume of refined oil and petrochemical products reached to 230,000 metric tons, with total sales amount of about RMB 1.5 billion.
The Group’s wholly-owned subsidiary in Hong Kong, Oriental Point International Limited, is principally engaged in international trade. During the year ended 31 December 2021, total sales volume of crude oil, refined oil and other petrochemical products has about 220,000 metric tons, with total sales amount of approximately US$120 million.
The Group’s trading revenue in Mainland and overseas has become the Group’s revenue growth driver.