OREANDA-NEWS. August 22, 2012. Oil trader Guangdong Zhenrong Energy Co. Ltd. is planning to deploy USD 208 million to acquire control of Hong Kong Stock Exchange-listed Titan Petrochemicals Group Ltd., a debt-troubled shipping and oil storage company, Titan said in a statement.

“If the offer is successful, Guangdong Zhenrong will be able to take advantage of Titan's oil storage facilities in Guangdong, Fujian, Shanghai and Shandong,” Lu Jianfeng, an oil industry analyst, told.