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FINANCIAL NEWS
China’s Sinopec sells first shipping fuel cargo to ME
28 Dec 2011
(MENAFN) China Petrochemical Corp. said that as part of a joint sales contract inked with BP Plc, the firm sold its first shipping fuel cargo in the Middle East through its subsidiary, China Petroleum & Chemical Corp. (Sinopec), reported Gulf News.
The company added that Sinopec agreed to tap BP’s sales network to supply bunker fuel, which comes as part of the company’s plans to expand its shipping fuel business in China and abroad.
It also said that it managed to supply a 3,000 metric ton shipment to the vessel Yangtze Splendor in Fujairah, the UAE, moreover, BP provided the fuel using its distribution network.
It is worth noting that under the deal, BP will open its global bunkering network to Sinopec’s customers, whereas Sinopec’s network inside China will be opened to BP’s clients.
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