Firms form JV to guide oil imports
Print Edition
CHINA Merchants Energy Shipping and Sinotrans & CSC Holdings have announced a US$1.1 billion crude oil tanker joint venture which seeks to ensure better and safer control over China’s oil imports.
The venture aims to boost both companies’ capacity in ferrying China’s oil imports and seeks to be globally competitive, according to a China Merchants statement.
China Merchants will provide US$566 million in assets, including nine VLCCs (very large crude carriers), for a 51 percent stake, while Sinotrans & CSC Holdings will offer US$544 million in cash.
The deal is due to be finalized by September 30.
China Merchants owns 17 large oil tankers that can carry 3.71 million tons in total, while Sinotrans & CSC Holdings has partnerships with more than 400 foreign transport and logistics suppliers.
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