British oil major BP and Chinese oil company Sinopec Fuel Oil will form a 50/50 marine fuels bunkering joint venture named as BP Sinopec Marine Fuels.
The JV will be based in Singapore, the top bunkering port in the world, and leverage both companies‘ ‘existing bunkering locations and activities to deliver marine fuel to their customers, with a strong focus on Chinese shipping companies’.
“BP Sinopec Marine Fuels will operate across a network of key bunkering locations providing reliable and competitive fuelling options,” Sinopec said in a statement.
In addition, BP Sinopec Marine Fuels will serve various ports including Fujairah, Antwerp, Rotterdam, and Amsterdam, as well as Chinese ports of Tianjin, Qingdao, Shanghai, Ningbo, and Shenzhen, according to a BP statement.
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The oil major has been the largest marine fuel seller in Singapore since 2004 with estimated monthly sales of around 400,000 tonnes. Singapore sold 42.4 million tonnes of marine fuel last year.
Meanwhile, Sinopec is one of China’s top refiners and has a third of the country’s bonded bunker market, which sells up to 9 million tonnes of fuel a year.