The company, which has renamed itself China Huarong Energy Company, said talks with an unnamed buyer were making “good progress.”
And it said it has won approval from its creditor banks for the deal to sell Jiangsu Rongsheng Heavy Industries and its offshore engineering business, as it focuses on becoming an oil and gas player.
Huarong and the buyer, described only as a Chinese-listed company, held a meeting earlier this month with the relevant government authorities, reaching a “consensus” on the deal.
Talks
