Ashurst advises Petrochemical Industries Company K.S.C on its successful public auction process investment in Wanhua Yantai
06 May 2025
Global law firm Ashurst has advised Petrochemical Industries Company K.S.C (PIC), a subsidiary of Kuwait Petroleum Corporation (KPC) on its successful public auction selection by the Shandong Property Right Exchange Center to invest in Wanhua Chemical (Yantai) Petrochemical Co., Ltd. (Wanhua Yantai), a Chinese state-controlled globally operating chemical materials company.
PIC's investment remains subject to anti-trust clearance but will see PIC acquiring a 25% interest in Wanhua Yantai, marking a significant milestone in the long-standing collaboration between the two organisations and reflects their shared commitment to advancing the global petrochemical sector.
Ashurst's UAE, China, Singapore and London teams were involved in the negotiation of PIC's investment in Wanhua Yantai and will continue to advise PIC's on its anti-trust clearance, alongside Citi as PIC's investment banking advisors, S&P Global as PIC's technical and commercial advisors and Deloitte China as PIC's financial and tax due diligence advisors.
The Ashurst team was led by Simon Rahimzada, Vasi Papadopoulos, Michael Sheng, Derek Wang, Maroun El Hachem, Li Chen, Dasith Vithanage and Chloe Xiang, with support from Angie Ng, Tim Gummer, Eleanor Reeves, Shane Jury, Shayaan Zaraq, Joanna Fox, Kailun Ji and Danny Xie.
