Two oil majors to collaborate in new marine bunkering JV
Sinopec Fuel Oil and BP will form a 50:50 joint venture, BP Sinopec Marine Fuels Pte Ltd, to cater for growing demand in Singapore, one of the largest and busiest ports in the world. The joint venture, set up in Singapore, will capitalise on the companies' existing facilities in the region and will also support marine bunker sales in key global locations.
BP Sinopec Marine Fuels will serve Singapore, UAE, Belgium, the Netherlands, and China. The two global majors have collaborated on a number of projects globally, both in China and overseas.
The Asia Pacific region is set to overtake Europe as the world's largest marine lubricants market by 2016, with the majority of growth being driven by China, Singapore and Japan. The new venture is situated at the heart of a key growth area that will give both companies access to an extensive network of customers.