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CMES Partners with Sinotrans & CSC to Form VLCC Joint Venture
Date:2014-09-08 Soure:CMES Click:



China Merchants Group and Sinotrans & CSC completed the signing of a Shareholders’ Agreement on 5th September 2014 in Beijing. The two Chinese state-owned tanker giants decided to set up a joint venture, China VLCC Company Limited, in a USD1.1 billion deal, the founding meeting of which was held on the same day . China Merchants Energy Shipping, a subsidiary of CMG, plans to take a 51% stake in the new venture, injecting its supertankers and cash. Sinotrans & CSC will pay cash for the remaining share.

As the world's second-largest oil consumer, China is seeking to gain better control over its oil import. The new venture is expected to build up one of the world's leading tanker fleet, increasing both parties' share of transporting China's oil imports and international market competitiveness, said Mr. Li Jianhong, Chairman of CMG.




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