MAINBOARD-LISTED CEFC International Limited said on Monday that it has won the tender to supply diesel to Dyneff SAS. A diesel supply agreement was inked following the successful tender.
Under the agreement, CEFC International, through its wholly-owned subsidiary, Singapore CEFC Petrochemical & Energy Pte Ltd, will sell diesel to Dyneff with a total amount of 800kt to 900kt for a one year period between Jan 1, 2016, and Dec 31, 2016.
"As the diesel supplier of Dyneff with a specified trading volume during the contract period, the agreement is expected to secure a stable trade flow and improve the growth potential for revenue and profitability," said Zang Jianjun, executive chairman of CEFC International.
"The agreement with Dyneff marks the expansion of CEFC International's trading business into Europe and an important milestone in our European market strategy. It's expected to bring in additional business opportunities and facilitate accelerated progress in building up our business network in Europe."
Dyneff is one of the leading independent fuel distributors in France and it has business operations in both France and Spain.
Singapore CEFC Petrochemical & Energy in September entered into a framework cooperation agreement with CEFC Shanghai International Group Ltd, a unit of CEFC China Energy Company Limited, to become its exclusive overseas procurement and supply platform.
CEFC China Energy Company in December, together with KMG International NV, agreed to acquire a 51 per cent stake in Rompetrol France SAS, the parent company of Dyneff, according to a media release by Rompetrol France SAS.