According to the agreement, the two parties will jointly invest in and develop crude oil transportation including set up joint venture to build and operate a large size VLCC fleet to providing a stable and efficient supply chain for Rongsheng’s petrochemical project in Zhoushan.
CSSC said that the cooperation would strengthen marine equipment manufacture capability of CSSC and promote petrochemical industry development of Zhejiang, which would also help ensure national energy security and improve the leading position of CSSC in the construction of VLCCs.
Zhejiang Rongsheng is a leading private petrochemical industry player in China. The company is currently developing a petrochemical project at Zhoushan, Zhejiang province, with a production capacity of 40m tons per year.
The VLCCs are expected to be deployed on crude oil transportation between Middle East and Zhoushan.
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