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New Silkroutes signs MOU with Chinese company to trade Middle East oil products

Tuesday, October 18, 2016 - 08:46
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NEW Silkroutes Group has inked a memorandum of understanding (MOU) with China Shipbuilding Industry Equipment and Materials Co to jointly explore the possibility of cooperation in crude oil and petroleum products trading.

NEW Silkroutes Group has inked a memorandum of understanding (MOU) with China Shipbuilding Industry Equipment and Materials Co to jointly explore the possibility of cooperation in crude oil and petroleum products trading.

The non-binding memorandum envisions both parties procuring crude oil and petroleum products from the Middle East, and New Silkroutes helping to incorporate a Singapore company to develop business activities in line with the "One Belt, One Road" initiative.

Shares of New Silkroutes, a trader of petrochemical products, last traded at 88 Singapore cents before the announcement.

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