Shell China takes major stake in Tongyi

Shell China Holdings BV bought a 75% stake in Beijing Tongyi Petroleum Chemical Co. and Xianyang Tongyi Petroleum Chemical Co., which produce Chinas largest independent lubricant brand, Monarch. The new company, Shell Tongyi (Beijing) Petroleum Co. Ltd., will be headed by John Dain, president of Shell China Lubricants, though Tongyi management will remain unchanged. (September 22, 2006)