BP and Sinopec Fuel Oil announce joint venture
BP and Sinopec Fuel Oil announced the formation of a 50-50 marine fuels bunkering joint venture, BP Sinopec Marine Fuels Pte Ltd.
Based in Singapore, one of the largest and busiest ports in the world, the joint venture will build out from its partner’s existing bunkering locations and activities. In addition to marine bunkering in Singapore, the joint venture will provide marine bunker sales in key global locations.
The ports served by BP Sinopec Marine Fuels Pte Ltd. will be: Singapore; Fujairah, United Arab Emirates; Antwerp, Belgium; Rotterdam and Amsterdam in the Netherlands; Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen, 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 their relationship, BP said.