Cosco Shipping Energy Transportation, the tanker unit of China Cosco Shipping, has entered into an agreement with Chinese state-run energy major PetroChina to take control of PetroChina Dalian Marine Shipping.
According to the agreement, Cosco will make an investment of RMB396.55m ($62.6m) to take over 51% equity in the company while the remaining 49% will remain owned by PetroChina.
PetroChina will provide cargo resources for the joint venture while Cosco will provide shipping and technical management expertise.
Cosco believes the investment will help the company expand collaboration with PetroChina and its presence in the domestic product oil shipping market.
Cosco Shipping Energy Transportation started a major fleet expansion programme recently and has ordered seven tankers at DSIC, seven tankers at GSI and two VLCCs at DACKS.
Sources:lloydslist
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