Sinopec Fuel Oil (Singapore) Co., Ltd., a wholly-owned subsidiary of Sinopec Fuel Oil Sales Co., Ltd. (“Sinopec Fuel”), sets up a JV in Singapore with Britannic Strategies Limited, a wholly-owned subsidiary of BP P.L.C. (“BP”) for marine fuel business. The auxiliary contracts of the JＶ have been formally signed and the deal is completed. Jingtian & Gongcheng is the legal counsel of the project and the anti-monopoly counsel of Sinopec. 

Based upon the current fuel supply networks and supporting facilities of the two parties, the JV will explore the global marine fuel market. Besides providing fuel services in Singapore, the JV will also provide related services to its customers in other major ports around the world, including Fujairah Port in UAE, Antwerp in Belgium, Rotterdam and Amsterdam in Holland, as well as Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen in China.

Sinopec Fuel is China’s leading marine fuel supplier. It was established on June 5, 2010 and is the professional company in Sinopec Group with marine fuel business at its core. Since its establishment, it brings into play its advantages in the integration of upstream and downstream businesses, speeds up the construction of service network and system. After 5-year’s continuous efforts, the influence of the brand of Sinopec marine fuel is significantly enhanced in Asia-Pacific regions.

BP is the renowned and leading marine fuel supplier in the world. It leads the world in terms of brand recognition, market share, business operation and management experience. It has been in marine fuel business for many years and owns a complete global supply network of marine fuel.