Investment group

Collector time | Sinopec Fuel Oil Company and Zhoushan Traffic Investment Group Establish New Company in Zhoushan

The following article where information was provided by our correspondent in China was first published by the Manifold Times on December 15. An online translation service was used in the production of the current editorial piece:

Sinopec Fuel Oil Company and Zhoushan Traffic Investment Group on Tuesday (December 7th) reached a cooperation memorandum in Zhoushan, according to local media.

The two sides will jointly create a complete marine services supply platform company with the same share ratio, focusing on marine fuel oil supply and materials supply business; other aspects of the expansion such as agency, storage, petroleum trading and other activities will be explored at the same time.

The new platform company will also build an updated refueling fleet consisting of “Zhoushan Type 2.0” refueling tankers as a core.

As of July 2018, Sinopec Fuel Oil Company accounted for nearly 40% of the annual oil supply operations of the Zhejiang Pilot Free Trade Zone. The company is the largest bunker supplier operating in the region and actively promotes the local maritime sourcing trade.

The close cooperation and integrated development of Sinopec Fuel Oil Company and Zhoushan Traffic Investment Group will have a huge and significant impact on the development of Zhoushan maritime services industry, stakeholders noted.

Xu Xiaoyue, Executive Vice Mayor of Zhoushan Municipal Government, Liu Zurong, Party Secretary and Executive Director of Sinopec Fuel Oil Company, and Yuan Haibin, Party Committee Secretary and Chairman of Zhoushan Trading Group, attended the ceremony. signature.

Wang Qian, deputy chief economist of Sinopec Fuel Oil Company and director of the Global Ship Oil Supply Business Center, and Ying Nengjie, deputy general manager of Zhoushan Trading Group, respectively signed the cooperation memorandum on behalf of the two parties.

Photo credit: Sinopec
Posted: December 15, 2021