China’s Sinopec fuel Oil (2386.HK) and and British Petroleum (BP.L) Set Up Joint Venture for Global Marine Bunkering Business.
Sinopec and BP announced today that they have formed a 50:50 marine fuels bunkering joint-venture, it is to be named BP Sinopec Marine Fuels Pte Ltd, BP announced this in a press release today. This company will be based in Singapore, Singapore is one of the largest and busiest sea ports in the world, the joint venture will build out from its partners existing bunkering locations and activities. In addition to marine bunkering, 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 the relationship.
BP is of one of the world’s leading international oil and gas companies. We operate or market our products in more than 80 countries, employ over 85,000 people and provide our customers with fuel for transportation, energy for heating and light, retail services and petrochemicals products for everyday items. Our interests and activities are covered in two business segments: Upstream exploration and production, and Downstream refining and marketing. Upstream’s activities include oil and natural gas exploration; field development and production; hydrocarbon transportation, storage and processing; and the marketing and trading of natural gas including liquefied natural gas (LNG). Downstream’s activities involve the supply and trading, refining, manufacturing, marketing and transportation of crude oil, petroleum and petrochemicals products.Our activities in low-carbon energy, primarily focussed on biofuels, are managed through our Alternative Energy business.
BP has been the largest marine fuel seller in Singapore since 2004, with estimated monthly sales of around 400,000 tonnes. Singapore sold 42.4 million tonnes of marine fuel last year.
BP’s main business activities in Singapore include the oil, gas, chemicals, carbon and finance trading business for the Eastern Hemisphere, covering the Middle East, Southern & East Africa, Australia, India, South East Asia and China. Singapore is also the regional headquarters for BP Shipping, lubricants buisnesses and aviation fuels, from which they serve international markets and customers. Our seven hundred staff are based at the Harbourfront office, and Tepong Marine Lubricants Blending plant in Jurong.