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Sinopec Fuel Oil Company and Zhoushan Traffic Investment Group to start new Zhoushan firm

15 Dec 2021

The following article where information was supplied by our China correspondent was first published by Manifold Times on 15 December. An online translation service was used in the production of the current editorial piece:

Sinopec Fuel Oil Company and Zhoushan Traffic Investment Group on Tuesday (7 December) entered into a memorandum of cooperation at Zhoushan, according to local media.

The two sides will jointly establish a comprehensive maritime service supply platform company with the same share ratio focusing on marine fuel oil supply and the material supply business; other expansion aspects such as agency, storage, oil trade and other businesses will be explored at the same time.

The new platform company will also build an updated bunkering fleet consisting of “Zhoushan Type 2.0” bunker tankers as the core.

In July 2018, Sinopec Fuel Oil Company accounted for nearly 40% of annual oil supply operations at the Zhejiang pilot free trade area. The firm is the largest bunker supplier operating in the region, and actively promotes the local maritime supply business.

The strong cooperation and integrated development of Sinopec Fuel Oil Company and Zhoushan Traffic Investment Group will have a far-reaching and significant impact on the development of the Zhoushan maritime service industry, noted stakeholders.

Xu Xiaoyue, executive vice mayor of Zhoushan Municipal Government, Liu Zurong, Party Secretary and Executive Director of Sinopec Fuel Oil Company, and Yuan Haibin, Secretary of the Party Committee and Chairman of Zhoushan Trading Group, attended the signing ceremony.

Wang Qian, deputy chief economist of Sinopec Fuel Oil Company and manager of the Global Ship Oil Supply Business Center, and Ying Nengjie, deputy general manager of Zhoushan Trading Group, respectively signed the memorandum of cooperation on behalf of both sides.


Photo credit: Sinopec
Published: 15 December, 2021

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