19th May 2015 12:11
LONDON (Alliance News) - BP PLC Tuesday said it has formed a 50:50 marine fuels bunkering joint venture in Singapore with Sinopec Fuel Oil.
Bunkering is supplying ships with marine fuel, known as bunker, which varies in classifications, standards and grades. The joint venture will be based at "one of the largest and busiest ports in the world" in Singapore.
The other ports served by the joint venture company, BP Sinopec Marine Fuels Pte Ltd, will be the Fujairah port in the United Arab Emirates, Antwerp in Belgium, the Rotterdam and Amsterdam ports in the Netherlands and the Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen ports in China.
"BP is an established and leading global provider of marine fuels, and Sinopec is a leading provider within China. Both companies have a long history of working together in China and overseas, and this agreement represents a significant continuation of the relationship," said BP in a statement.
BP shares were up 0.6% to 454.85 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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