BP, Sinopec Form Marine Fuel Joint Venture
Oil major British Petroleum has teamed up with China’s Sinopec Fuel Oil in a joint venture that would focus on marine fuel business, BP said in a statement.
Under the deal, the 50-50 pct joint venture, Sinopec Marine Fuels Pte Ltd, would be based in Singapore and provide ship fuel storage and sales.
“Based in Singapore, one of the largest and busiest ports in the world, the joint venture will build out from its partners existing bunkering locations and activities. In addition to marine
bunkering in Singapore, the joint venture will provide marine bunker sales in key global locations,” the statement said.
The ports to be included in the bunkering network will include Singapore; Fujairah, United Arab Emirates; Antwerp, Belgium; Rotterdam and Amsterdam in the Netherlands; Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen, China, according to the statement.
The agreement builds on an already set up cooperation in the field in 2011, when the two companies signed a Memorandum of Understanding (MoU) on establishing strategic cooperation in the global marine fuel business.
World Maritime News Staff