Hong Kong: China Shipping Development Co. and Shenergy Co have agreed to form a joint venture that will mainly ship thermal coal for power plants in China, China Shipping Development said in a statement Friday. China Shipping Development, a unit of state-owned China Shipping (Group) Co., will own 51% of the venture, while Shenergy, a power producer based in southern China, will own 49%. ?The venture will have total registered capital of CNY240 million, the statement said.
China Shipping has inked many similar deals with the country's leading coal players in the past three years. [30/11/09]
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