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Cosco Shipping Energy takes stake in Petrochina Dalian for $63m

Cosco Shipping Energy takes stake in Petrochina Dalian for $63m

Cosco Shipping Energy Transportation has taken up a 51% stake in Petrochina Dalian for RMB396.6m ($62.7m).

The energy shipping company said in a stock market announcement that it would also chip in with capital contributions of no less than RMB122.4m within two months. Petrochina, which owns the remaining 49% stake will also contribute to the capital injection exercise and capital contributions will come up to at least RMB240m.

PetroChina Dalian is principally engaged in international and domestic shipping and transportation business of petroleum and other resources.

Under the agreement, the giant Petrochina Group will give Petrochina Dalian priority in transporting its refined oil, crude oil, fuel oil, chemicals, liquefied natural gas and other marine resources. Meanwhile Cosco Shipping Energy will provide shipping management and technical services, domestic and foreign trade business platform services and other related support services.

“The board believes that the capital Injection represents a good opportunity for the group to strengthen its petroleum and other resources shipping business considering the existing operation and resources of PetroChina Dalian,” said Cosco Shipping Energy.

It added that the petrochemical and refining industry which PetroChina Dalian operates in has potential for future development and sees the capital Injection as being mutually beneficial.

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