Singapore-based oil products distributor Vitol Asia is looking into forming a joint venture with two Zhejiang-based port groups in China to promote bonded bunkering operations at a Zhejiang free trade zone, reports the Straits Times.
The oil company is part of efforts by Enterprise Singapore and the Zhejiang Department of Commerce to support business collaborations on five industries at the Singapore-Zhejiang Economic and Trade Council Roundtable on Monday.
The five sectors are namely oil trade and maritime services; technology and innovation; culture, tourism and youth; financial connectivity, legal and professional services; and sustainable urban management.
“As markets which embrace open and mutually beneficial economic and trade collaborations, Singapore and Zhejiang should accelerate such bilateral cooperation to demonstrate our support for open trade,” said Sim Ann, Senior Minister of State for Communications and Information and Culture, Community and Youth.
The roundtable builds upon an April Singapore-Zhejiang Economic and Trade Council meeting which saw Consort Bunkers and Glencore Singapore entering formal intentions with Zhoushan-based companies to collaborate in maritime logistics, bunker supply and wholesale petroleum trading for a free trade port.
Published: 23 August, 2018
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