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BP, Sinopec form marine fuels bunkering joint venture
BP and Sinopec Fuel Oil on Tuesday jointly announced the formation of a 50:50 marine fuels bunkering joint venture (JV), BP Sinopec Marine Fuels.
Based in Singapore, home to one of the world's largest and busiest ports, the JV will build out from the partners' existing bunkering locations and activities, and provide marine bunker sales in "key global locations", said the JV partners in a statement.
The ports to be served by BP Sinopec Marine Fuels will include Singapore; Fujairah in the United Arab Emirates; Antwerp in Belgium; Rotterdam and Amsterdam in the Netherlands; and Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen in China.
According to the statement, both partners have a long history of collaboration in China and overseas, and this JV marks a significant continuation of the relationship.