Shanghai: Cosco Shipping announced that its wholly-owned subsidiary Guangzhou Ocean Shipping, will participate in the business restructuring of Total Lubricants (China).
In the first phase, Guangzhou Ocean Shipping will spend RMB240.62m for the acquisition of 11.49% equity in Total Lubricants (China). In the second phase, the company will use its 37% stake in ELF Lubricants (Guangzhou), which is a subsidiary of Total China, to invest in Total Lubricants (China). Guangzhou Ocean Shipping will hold 20% of Total Lubricants (China) after the project is completed.
The company's decision follows Total (China) Investment’s decision to integrate three lubricant businesses in China. [14/11/14]