Beijing: In a move that will worry tanker owners from overseas, China National Petroleum Corporation (PetroChina) has signed a cooperative agreement with Cosco.
“Both sides will make full use of their own advantages, deepening cooperation in ocean shipping of oil products and equipment logistics, further expanding globally and realizing win-win development,” a press release noted. The agreement came as the presidents of the two state-owned firms held a meeting in Beijing.
The two are already close, operating the joint venture Chinese bunkering firm, Chimbusco. [17/06/14]