View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
December 2, 2010

Sinopec, CSD Establish Joint Venture Firm

Hong-Kong based Sinopec Kantons Holdings subsidiary Kantons Investment has entered into an agreement with China Shipping Development to establish a joint venture (JV) in Hong Kong. Upon establishment, the JV will become a non-wholly owned subsidiary of China Shipping Development.

By cms admin

Hong-Kong based Sinopec Kantons Holdings subsidiary Kantons Investment has entered into an agreement with China Shipping Development to establish a joint venture (JV) in Hong Kong.

Upon establishment, the JV will become a non-wholly owned subsidiary of China Shipping Development.

The registered capital of the JV will be $5m, while Kantons Investment will pay $1.5m to own a 30% stake, with China Shipping Development obtaining the remaining 70% by paying $3.5m.

Sinopec said the JV will initially invest in LNG vessels and subsequently may lease, transport and operate other LNG vessels and related agency business.

The formation of the JV will also facilitate the group’s development as an international oil, petrochemicals and LNG storage and logistics company.

The JV can also diversify and extend the scope of services of the Group to include the LNG shipping industry.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Ship Technology