COSCO SHIPPING Energy and Sinochem Oil Signed Cooperation Agreement on Tanker Transportation
On January 11, COSCO SHIPPING Energy, the subsidiary of China COSCO Shipping Group, and Sinochem Oil, a subsidiary of China Sinochem Corporation, held a signing ceremony for a cooperation agreement on tanker transport in Shanghai. Xu Lirong, chairman of COSCO SHIPPING Group and Ning Gaoning, chairman of Sinochem Corporation, attended and witnessed the signing ceremony.
The two sides signed the Agreement on Cooperation on Tanker Transport. According to the needs of business development, COSCO Shipping Energy needs to vigorously develop VLCC tanker capacity in the future. With this cooperation, COSCO Shipping Energy expanded its fleet by leasing five VLCCs from Sinochem Oil to expand its capacity and deepen its cooperation in energy transportation services.