Cosco Shipping Energy Transportation has signed a letter of intent with Liaoning Bora Enterprise, a major private petrochemical company in northeastern China, to collaborate on a VLEC project.
While the details of the deal were not disclosed, the deal could mark Cosco’s entry into the ethane carrier market as the group currently doesn’t have any VLECs in its fleet.
In September, Panjin-based Bora Enterprise and Dutch petrochemical company LyondellBasell announced the establishment of a 50/50 joint venture for the development of a major polyolefin complex in Liaoning in order to meet the growing demand in China.
Liaoning Bora also operates a petrochemical terminal at Panjin Port through its subsidiary Liaoning Haihang Industry.
