Bloomberg News

Sinopec to Supply Shipping Fuel to Chinese Vessel in Panama

February 02, 2012

Feb. 2 (Bloomberg) -- China Petroleum & Chemical Corp.’s fuel-oil unit signed a term-supply agreement to provide bunker fuel to a Chinese ship at port in Panama.

The contract is the unit’s first overseas term-supply deal, parent China Petrochemical Corp. said today in a statement on its website.

China Petroleum, known as Sinopec, supplied 6,300 metric tons of bunker, or shipping fuel. The vessel is owned by China National Fisheries Corp. and docked in Panama on Oct. 27. Sinopec used BP Plc’s distribution network.

Sinopec agreed in August to work with BP’s sales network to supply bunker fuel around the world. Under the agreement, BP will open its global bunkering network to Sinopec clients, while Sinopec’s China network will be opened to BP customers, Zhou Yiqing, a vice general manager in the bunker department of Sinopec’s fuel-oil unit, said Dec. 27.

The company shipped 3,000 tons of fuel in December to the vessel Yangtze Splendor in the United Arab Emirates port of Fujairah. BP provided the fuel using its distribution network.

--Editors: Mike Anderson, Christian Schmollinger.

To contact the reporter on this story: Winnie Zhu in Shanghai at wzhu4@bloomberg.net

To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net


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