Illustration: Aïda Amer/Axios

Yihai Kerry Arawana, the Chinese unit of Singapore-listed agribusiness Wilmar, raised $2 billion in a highly-oversubscribed IPO. The company is best known for its namesake cooking oil, whose logo is a golden dragon fish.

Why it matters: This was the largest-ever IPO on the Shenzhen Stock Exchange.

The bottom line:

"After starting production in 1991 from the mainland's first packed oil production line, [Arawana] now has 40% of a Chinese edible oil market that consumes almost 40 million tons annually. The IPO came just three years after the country opened doors for foreign firms to invest in the oilseeds crushing sector, allowing global powerhouses such as Bunge and Cargill to take on local rivals including Arawana and state-run Cofco."
Alfred Kang, Bloomberg

Go deeper

Ben Geman, author of Generate
Oct 14, 2020 - Energy & Environment

The contrarian case that Biden would help oil companies

Illustration: Eniola Odetunde/Axios

Joe Biden certainly isn't who the oil industry wants to win the presidential election — as their political spending shows — but he might be the leader the ailing sector needs.

Why it matters: Biden is vowing new emissions regulations and new restrictions on production as part of plans to hasten a transition away from fossil fuels — but what that means for the industry and markets isn't cut and dry, some analysts argue.

Ben Geman, author of Generate
Oct 14, 2020 - Energy & Environment

The oil industry faces a long-term reckoning

Data: IEA; Chart: Sara Wise/Axios

The International Energy Agency's very long-term outlook released Tuesday offers useful analyses about the cloudy future of the industry and petro-states.

Why it matters: The pandemic's long-term effects and the prospect of future climate policies are together causing a rethink of the sector's financial future.

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Illustration: Sarah Grillo/Axios

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