(EnergyAsia, February 28 2012, Tuesday) — Hong Kong-listed investment company Ruifeng Petroleum Chemical Holdings Limited said it has signed a letter of intent to sell off an unspecified “substantial” equity stake to Black Sea Horizon Investment Holdings Limited and Beijing Xuan Fu.

The announcement came just as Beijing Black Sea and real estate company, Beijing Xuan Fu, are jointly developing an oil trading and storage business in China, according to Ruifeng, which is involved in a range of businesses including computing solutions and oil trading and storage.
It did not provide terms of the proposed acquisition including the cost, equity stake and targeted deadline for completion of the proposed deal.