The two subsidiaries of Chinese shipping conglomerate China Shipping Group, China Shipping Container Lines and China Shipping Development have come to an agreement to establish a new fuel trading venture.
The new company China Shipping Petroleum PTE will be based in Singapore, and it will manage shipping fuel purchase, supply and trade business for China Shipping Group.
China Shipping (Singapore) Petroleum will be set up with a register capital of US$5m, China Shipping Container will invest US$4.55m in it and get 91% equity, China Shipping Development and China Shipping Southeast Holdings will get the rest 5% and 4% respectively.[24/07/12]
