BP, Sinopec Form Marine Fuel Joint Venture

zoom Oil major British Petroleum has teamed up with Chinas Sinopec Fuel Oil in a joint venture that would focus on marine fuel business, Reuters reports citing a statement from BP. Under the deal, the 50-50 pct joint venture would be based in Singapore and provide ship fuel storage and sales. It would use the existing bunkering capacities of the two companies and provide bunkering services across the globe. The ports to be included in the bunkering network will include Singapore; Fujairah, United Arab Emirates; Antwerp, Belgium; Rotterdam and Amsterdam in the Netherlands; Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen, China, according to the statement. The agreement builds on already an established cooperation in the field in 2011, when the two companies signed a Memorandum of Understanding (MoU) on establishing strategic cooperation in the global marine fuel business. World Maritime News Staff