Total, Zhejiang create JV supply marine fuels in China

Total, Zhejiang create JV to supply marine fuels in China

9:52 AM, 22nd October 2019
Total logo

ZHOUSHAN, CHINA: Total SA has signed a shareholders’ agreement with Chinese state-owned Zhejiang Energy Group (ZEG), to create a joint venture company dedicated to the supply and delivery of marine fuels in the region of Zhoushan, China.

Total China Investment (TCI) will hold a 49% share in the new company while Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining.

Zhoushan region covers both Ningbo and Shanghai ports, the busiest shipping hub in the world in terms of cargo tonnage.

By combining ZEG’s historical anchoring in the energy business in the region and Total’s longstanding expertise in the trading and marketing of international bunkers, the new company aims to actively contribute to the development of this fast-growing market.

The creation of the new company ensures the continuity of Total’s business development strategy initiated almost 40 years ago in China.

“This new partnership is fully aligned with our strategy to support and supply our shipping customers wherever they go. Providing them with low sulphur fuels fully compliant with IMO regulation in China will further contribute to the transition towards a sustainable shipping industry,” said Philippe Charleux, Senior Vice-President Lubricants & Specialties of Total.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Antimicrobial coatings market to witness robust growth by 2024

Global antimicrobial coatings market size is predicted to be valued at over USD 7 billion by the end of 2024 as a result of its applications in textil ...

Read more
Clariant launches new bio-based additives

MUTTENZ, SWITZERLAND: Clariant unveils new high-performance additives promoting reduction in the consumption of fossil resources, to support the creat ...

Read more
Oman Oil, Orpic Group to outline their expanded polymer portfolio

MUSCAT / SOHAR, OMAN: Oman Oil and Orpic Group said that it will outline how their expanded polymer product portfolio meets the key trends influencing ...

Read more
Rules of Origin under RCEP: ICC flags concerns of Indian Chemical Industry

MUMBAI, INDIA: Built as world’s biggest trade agreement, the Regional Comprehensive Economic Partnership (RCEP) comprising of 10 ASEAN countries ...

Read more
J&J recalls 33,000 bottles of baby powder as FDA finds asbestos in sample

NEW JERSEY, US: Johnson & Johnson said that it is recalling around 33,000 bottles of baby powder in the United States after US health regulators f ...

Read more
Borealis, Borouge & Nova to advance circular economy of plastics

VIENNA, AUSTRIA: Borealis, Borouge and Nova Chemicals are dedicated to sustainable business growth through innovation. A long-term commitment to putti ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X