CHINA BLUECHEM (03983) saw its shares rise 5% during the morning trading session, reaching HK$3.15, with a turnover of HK$60.5896 million.

The company announced that on February 28, 2026, it entered into an entrusted management agreement with CNOOC Refining and Chemical and Fudao Chemical. Under this agreement, CHINA BLUECHEM has appointed CNOOC Refining and Chemical to manage the daily production and operational activities of Fudao Chemical. The management agreement is set to be effective from March 1, 2026, to February 28, 2029.

The decision is based on the fact that Dongfang Petrochemical, a wholly-owned subsidiary of CNOOC Refining and Chemical, is the primary raw material supplier for Fudao Chemical. This relationship provides industrial synergies and positions Dongfang Petrochemical advantageously to help Fudao Chemical reduce costs and improve efficiency. Additionally, Dongfang Petrochemical possesses advanced, mature, and extensive capabilities and experience in the production and operation of chemical products such as acrylonitrile. To further optimize resource allocation and management, and to enhance the operational efficiency of Fudao Chemical, the involved parties have agreed to proceed with this arrangement.