It is reported that, on May 12, LI Junhai, the GM of Cosco Shipping Petroleum transportation Co., Ltd. signed the Joint Venture Agreement of Shareholders on behalf of the company. The project plans to book and construct 3 LNG ship of 174000 cubic metres each in the shipyard Hudong-zhonghua Shipbuilding (Group) Co., Ltd. , with a total investment of about $600 million. In the future, it will provide transportation guarantee for the LNG purchase and sale agreement of Petrochina International Co., Ltd. and its subordinate departments.
The successful signing of this project is based on the strategic cooperation between Cosco Shipping and Petrochina International, two state-owned enterprises, in response to the national call for energy conservation and emission reduction, the development of clean energy, and the optimization of national energy structure to achieve sustainable development. Cosco Shipping is a leader in LNG transportation business in China and an important participant in the world LNG transportation market. Petrochina International Co., Ltd. is an important business unit in charge of international trade of petroleum of China. Cosco shipping Petroleum, a joint venture between Cosco Shipping and Petrochina, is striving to become a world-class professional petroleum shipping and logistics enterprise.