China Petroleum & Chemical Corporation, a majority owned subsidiary of state owned company Sinopec Group, sold its first shipping fuel cargo in the Middle East as part of a joint sales agreement signed with BP Plc, Bloomberg reports.
A 3,000 metric-ton shipment was provided to the vessel Yangtze Splendor in the United Arab Emirates port of Fujairah by the BP’s distribution network.
Attempting to enhance its shipping fuel business both at home and overseas, China Petrochemical in August agreed to tap BP’s sales network to supply bunker fuel. According to the agreement, BP will open its global bunkering network to Sinopec’s clients, while Sinopec’s network inside China will be opened to BP’s clients.
China’s bonded bunker fuel sales may exceed 20 million tons in 2015. Singapore, the world’s largest bunkering port, sold 40.9 million tons of the fuel last year, according to the Maritime and Port Authority of Singapore.
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World Maritime News Staff, December 28, 2011;