SHANGHAI: China’s top oil refiner Sinopec Corp and UK-based energy giant British Petroleum co-established a marine fuel company yesterday to explore the global market with combined advantages.
A subsidiary of Sinopec signed the agreement with BP in Singapore, a major marine fuel market in Asia, to start the joint venture equally owned by the two companies, said Sinopec.
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The new bunker fuel oil firm will operate based on existing branches of the two and increase presence in markets, besides Singapore, in other major world ports including Fujairah in the United Arab Emirates, Rotterdam in the Netherlands, and Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen in China.
