The joint venture of Shell and Huo’s Group formed in 2006, Tongyi Lubricants has acted as a win-win deal for both the companies in last nine years and created a strong brand in China. Royal Dutch Shell, as per the agreement according to Hydrocarbons Technology; will sell 75% of its stake in the JV to Huo’s Group and private-equity firm Carlyle Group. The deal financials are not disclosed yet and the closure is expected to come at the end of this year.
