Hong Kong: Beleaguered Titan Petrochemicals has provided a trading update and admits to suffering from the current “adverse operating environment”.
Following the commencement of the liquidation of StorageCo, the group is trying to offload its shipyard business, however it “is subject to legal proceedings in the PRC,” Titan said.
Among the few bright spots for the Hong Kong-listed entity is its operations in Singapore.
The group has been focusing on the operation of its floating storage units and supply of oil products. In early January 2013, the company initiated a cost management exercise in order to enhance the efficiency of its oil supply and floating storage operations in Singapore and to ensure that it operates at an optimum scale, it said in a release to the Hong Kong stock exchange today.
Titan is under pressure from an American investor, Warburg Pincus, but maintains a southern state-owned Chinese energy firm is coming to its rescue. [30/01/13]
