COSCO SHIPPING Energy Transportation will consider ordering its first batch of VLECs at a Chinese shipyard in the near future.
This is mainly due to the recent VLEC cooperation letter of intent signed between COSCO SHIPPING Energy Transportation and Liaoning Bora. The former will transport chemical raw materials to Liaoning Bora.
On December 21, the signing ceremony of the cooperation intention between COSCO SHIPPING Energy Transportation and Liaoning Bora was held in Panjin, Liaoning.
In March of this year, the world's chemical giant Lyondell Basel Industries and Liaoning Bora Enterprise Group formally signed a joint venture cooperation agreement on March 6. The two parties plan to invest a total of US$12 billion in the next 10 years to build a large petrochemical industrial base in Panjin City, Liaoning Province.
After the completion of the project, Panjin will become a world-class polyolefin and chemical production base, and will drive the development of related industrial chains, including plastic packaging, building materials and other industries. It is expected to drive industrial investment exceeding 100 billion yuan.
The exportable ethylene produced by Bora’s joint venture company needs enough VLECs to send raw materials to the United States.
Source: Sarah Yu, XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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