Chinese private petrochemical group Zhejiang Rongsheng Holding has signed a framework agreement with state-run shipping conglomerate Cosco Shipping Group to form a strategic partnership.
Under the agreement, the two parties will strengthen existing cooperation ties and seek new collaborations in petrochemical product logistics.
Earlier this month, Rongsheng Holding entered into a framework of agreement with China Shipbuilding Group to build a VLCC fleet. The whole project could eventually total 30 ships.
Hangzhou-headquartered Rongsheng Holding is currently developing a refinery project at Zhoushan with an estimated annual capacity of 40m tons.