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Wed 20 May 2015, 09:46 GMT

BP and Sinopec set up marine bunkering JV


New company is to operate in Singapore, UAE, Netherlands, Belgium and China.

BP and Sinopec Fuel Oil have announced the formation of a 50:50 marine fuels bunkering joint venture named BP Sinopec Marine Fuels Pte Ltd.

Based in Singapore - the world's leading bunker port - the new business is to serve the ports of Singapore, Fujairah, Antwerp, Rotterdam, Amsterdam, Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen.

"The joint venture will build out from its partners existing bunkering locations and activities. In addition to marine bunkering in Singapore, the joint venture will provide marine bunker sales in key global locations," BP said in a statement.

BP is a leading global seller of marine fuels and has been Singapore's top supplier for 12 consecutive years. Sinopec is a leading provider in China.

"Both companies have a long history of working together in China and overseas, and this agreement represents a significant continuation of the relationship," BP added.

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