Shanghai: Nanjing Tanker, the oil shipping arm of Sinotrans & CSC, has signed a strategic agreement with CNOOC Taizhou Petrochemcial after being selected as the shipping partner for CNOOC’s Taizhou petrochemical project.
CNOOC started the construction of the new plant in Taizhou in 2012 with an investment of RMB10.2bn. The project will produce feedstock oil for petrochemicals, liquefied petroleum gas, fuel oil as well as lubricants, and is expected to start operation in the second half of 2015.
Nanjing Tanker completed a restructuring in January, and the company now aims to return to profit by 2015 and get back on stock exchange by 2017. [27/01/15]