BP and Sinopec set up joint venture marine bunkering business
BP and Sinopec Fuel Oil today announce the formation of a 50:50 marine fuels bunkering joint-venture, BP Sinopec Marine Fuels Pte Ltd. Based in Singapore, one of the largest and busiest ports in the world, the joint venture will build out from its partners existing bunkering locations and activities. In addition to marine bunkering in Singapore, the joint venture will provide marine bunker sales in key global locations.
The ports served by BP Sinopec Marine Fuels Pte Ltd will be: Singapore; Fujairah, United Arab Emirates; Antwerp, Belgium; Rotterdam and Amsterdam in the Netherlands; Tianjin, Qingdao, Shanghai, Ningbo and Shenzhen, China.
BP is an established and leading global provider of marine fuels, and Sinopec is a leading provider within China. Both companies have a long history of working together in China and overseas, and this agreement represents a significant continuation of the relationship.
Further Information
Contacts
BP Singapore: Rosie Danyluk (+65 6371 8567)
BP China Press Office: 86 10 6589 3878
Note to editors
BP is of one of the world's leading international oil and gas companies. We operate or market our products in more than 80 countries, employ over 85,000 people and provide our customers with fuel for transportation, energy for heating and light, retail services and petrochemicals products for everyday items. Our interests and activities are covered in two business segments: Upstream exploration and production, and Downstream refining and marketing. Upstream's activities include oil and natural gas exploration; field development and production; hydrocarbon transportation, storage and processing; and the marketing and trading of natural gas including liquefied natural gas (LNG). Downstream's activities involve the supply and trading, refining, manufacturing, marketing and transportation of crude oil, petroleum and petrochemicals products.Our activities in low-carbon energy, primarily focussed on biofuels, are managed through our Alternative Energy busines.
BP's main business activities in Singapore include the oil, gas, chemicals, carbon and finance trading business for the Eastern Hemisphere, covering the Middle East, Southern & East Africa, Australia, India, South East Asia and China. Singapore is also the regional headquarters for BP Shipping, lubricants buisnesses and aviation fuels, from which they serve international markets and customers. Our seven hundred staff are based at the Harbourfront office, and Tepong Marine Lubricants Blending plant in Jurong.
Cautionary Statement:
This press release contains certain forward-looking statements concerning BP's expectations regarding the formation of a joint venture marine bunkering business with Sinopec Marine Fuels Pte. Ltd., including plans and expectations regarding future bunkering locations and activities, marine bunker sales and ports that will be served by the joint venture. Actual results may differ from those expressed in such statements, depending on a variety of factors including the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under "Risk factors" in our Annual Report and Form 20-F 2014.
