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Cosco integrates oil shipping assets with PetroChina

Cosco Shipping Energy Transportation, the energy shipping unit of Cosco, has approved a proposal to transfer its shares in two shipping subsidiaries into Cosco PetroChina Shipping, a joint venture between Cosco and PetroChina.

According to the plan, Cosco will transfer 50% equity interest in Huayang Maritime and 50% equity interest in Huahai Petrol Transportation & Trading to Cosco PetroChina Shipping. PetroChina will also transfer its 50% equity interest in Huahai to the joint venture.

Following the transactions, Cosco and PetroChina will still hold 51% and 49% equity respectively in Cosco PetroChina Shipping.

Last year, Cosco also spent $62.6m on the acquisition of 51% equity in PetroChina Dalian Marine Shipping.

Cosco believes the collaboration with PetroChina will help it expand its presence in the domestic product oil shipping market.

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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