Shanghai: busy port. File image/Pixabay.
French oil major Total has set up a joint-venture with China's Zhejiang Energy to capture a share of the Zhoushan bunker market.
The region is a busy cargo shipping hub and includes the ports of Zhoushan, Ningbo and Shanghai.
Bunker volumes at Zhoushan stood at 3.6 million metric tonnes last year while the port has a 50-strong bunker barge fleet.
Total China Investment will hold a 49% share in the new joint venture company, and Zhejiang Zheneng Petroleum New Energy will hold the remaining stake, according to a Reuters report.