COSCO Shipping and bp enhance cooperation

China’s largest shipping enterprise COSCO Shipping has inked a memorandum of understanding (MoU) with oil and gas industry player bp to establish strategic cooperation. 

To further capitalise on the business advantages of both parties, enhance synergies, and achieve complementary advantages and common development, the two parties have reached this strategic cooperation memorandum to expand the scope of cooperation and explore new directions of collaboration. 

This includes Castrol marine lubricants and hydrocarbons transportation, offshore construction as well as exploring collaboration opportunities in areas such as methanol supply for bunkering and offshore wind supply chain.

bp has been operating in China since the early 1970s and is one of the leading foreign-invested companies in China’s energy industry. bp and COSCO Shipping have a longstanding history of cooperation, including the transportation of energy products, offshore equipment manufacturing services and the supply of marine fuels and lubricants.