Chinese shipping giant Cosco Shipping has announced a memorandum of understanding (MoU) with BP enhancing the oil giant’s operations across China.
The MoU focuses on Castrol marine lubricants, transportation of hydrocarbons, offshore construction, and collaborations in the procurement of methanol for bunkering and the offshore wind supply chain.
BP and COSCO Shipping have a long history of working together on projects including the shipping of energy items, the production of offshore equipment, and the provision of marine lubricants and fuels.
Cosco made an official statement emphasising the extended relationship: “To further capitalize on the business advantages of both parties, enhance synergies, and achieve complementary advantages and common development.
“The two parties have reached this strategic cooperation memorandum to expand the scope of cooperation and explore new directions of collaboration”.
According to Cosco Shipping, during the meeting, the two parties discussed their future directions for cooperation and examined their present level of cooperation.
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The deal expands the relationship between BP and China, which began in the early 1970s, and is one of the leading foreign-invested companies in China’s energy industry.