Asia/Pacific News
Singapore Commodity Trader Lands Marine Fuel Supply Deal With Chinese Player
A Chinese building company has struck a marine fuel supply deal with a Singapore-based commodity trader, Reuters reports.
Marine Construction & Development, the marine construction arm of the state-owned China Communications Construction Company, signed the agreement with Zenrock Group.
The Chinese company, which is involved in major infrastructure projects around the world as apart of China's Belt and Road initiative, said it wants to streamline the way it buys fuel.
The company owns a fleet of 200 construction vessels and charters in more ships. It uses around half a million metric tonnes of bunker fuel annually.
Zenrock hopes the deal will mean it will able to tap into markets outside Asia as the region's growing refining capacity is expected to leave it with an excess of supply of refined products such as gasoline and diesel, according to the report.
