Greater ChinaOffshore

Chinese state fund injects $447m into SinoOcean to promote the sale of idle offshore assets

SinoOcean, an idle offshore assets management platform set up by major Chinese state-run offshore builders, has entered into a partnership agreement with China Structural Reform Fund Corporation (CSRF) to accelerate the disposal of idle offshore assets.

Under the agreement, CSRF and SinoOcean will jointly set up a new entity in Tianjin and CSRF will provide RMB3bn ($447m) to SinoOcean to support the idle offshore disposal projects.

SinoOcean was set up last year by China Chengtong, CNOOC, CSSC, CSIC, Cosco Shipping Heavy Industry, China Merchants Offshore and China Communications Construction Company under the arrangement of the central government. The group aims to consolidate around $30bn worth of idle offshore assets at state-run companies through resale and chartering deals.

SinoOcean has arranged a series of sale and charter deals for the idle offshore assets at domestic yards this year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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