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

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.