Shanghai: China Shipping Group arm China Shipping Development Co Ltd says it has signed a 10-year contract with China Petroleum and Chemical Corp (Sinopec) to carry crude imports into China. The long-term contract is intended to limit the impact of freight rate fluctuations and will run from July 1 2006, with shipment volumes beginning at 3.5m to 4.5m tonnes in 2006/7, rising to 10-12m tonnes in 2010. [24/07/06]
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