The agreement, signed on the sidelines of the IPEC conference in Zhoushan, follows a Memorandum of Understanding concluded by Total and ZEG in April 2019 to explore opportunities in the supply and distribution of energy in China. Total China Investment (TCI) will hold a 49% share in the new company while Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining.
The Zhoushan region covers both Ningbo and Shanghai ports, the busiest shipping hub in the world in terms of cargo tonnage.
“This new partnership is fully aligned with our strategy to support and supply our shipping customers wherever they go,” declared Philippe Charleux, Senior Vice-President Lubricants & Specialties of Total. “Providing them with low sulphur fuels fully compliant with IMO regulation in China will further contribute to the transition towards a sustainable shipping industry.”
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/21102019/total-and-zhejiang-energy-group-create-jv-for-supply-and-delivery-of-marine-fuels/