Cosco PetroChina Shipping secures oil shipping contract with Hengli Petrochemical
Cosco PetroChina Shipping, a joint venture between Cosco and PetroChina, has entered into an agreement with Dalian-based Hengli Petrochemical for the transportation of oil products.
The one-year contract will see Cosco PetroChina Shipping transport oil products from Hengli’s new petrochemical production base which commenced operations in March this year.
In June, Cosco Shipping Energy Transportation, the energy shipping unit of Cosco, transferred its shares in shipping subsidiaries Huayang Maritime and Huahai Petrol Transportation & Trading to Cosco PetroChina Shipping and also approved a plan for Cosco PetroChina Shipping to acquire four 28,000 dwt product tankers.
Hengli Petrochemical also runs a shipping subsidiary, Hengli Marine, which owns a fleet of 10 handy bulkers for the transportation of petrochemical raw materials.