CSCL invests in Jichai Power

CSCL invests in Jichai Power

China Shipping Container Lines (CSCL) has announced that it has signed an agreement with Jichai Power, an affiliate company of energy major China National Petroleum Corporation (CNPC), to invest RMB950m ($142m) in the latter.

CSCL has changed its business focus to financing and leasing business since the completion of the ongoing merger between Cosco and China Shipping. It has also proposed a name change to Cosco Shipping Development.

CSCL said the deal will help the company seek potential financing business opportunities from CNPC.

CNPC is currently restructuring loss making Jichai Power into its major financing platform, and plans to transfer about RMB75.5bn ($11.3bn) of financing assets into the company.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

Related Posts