ZHOUSHAN, China, 21-Oct-2019 — /EuropaWire/ — Total creates a joint venture company with Chinese state-owned Zhejiang Energy Group (ZEG). The joint venture is intended to the supply and delivery of marine fuels in the region of Zhoushan, China. Zhoushan region covers both Ningbo and Shanghai ports, the busiest shipping hub in the world in terms of cargo tonnage.
With ZEG’s historical anchoring in the energy business in the region and Total’s longstanding expertise in the trading and marketing of international bunkers, the joint venture will contribute to the progress of this fast growing market.
The shareholders’ agreement was signed on the IPEC conference in Zhoushan. This agreement follows a MoU concluded by Total and ZEG in April 2019 to explore opportunities in the supply and distribution of energy in China. Total China Investment (TCI) will hold a 49% share in the new company while Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining.
The new agreement ensures the continuity of Total’s business development strategy initiated almost 40 years ago in China.
Philippe Charleux, Senior Vice-President Lubricants & Specialties of Total, said: “This new partnership is fully aligned with our strategy to support and supply our shipping customers wherever they go. Providing them with low sulphur fuels fully compliant with IMO regulation in China will further contribute to the transition towards a sustainable shipping industry.”
About Total in China
Total has been doing business in China almost 40 years and was the first international energy company to enter China’s offshore oil and gas exploration and refining business. It is actively present across the entire value chain of China’s energy industry, including Exploration & Production, Gas, Renewables & Power, Refining & Chemicals, and Marketing & Services activities. The company employs more than 4,000 employees.
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