China National Petroleum Corporation (CNPC), COSCO and China State Shipbuilding Corporation (CSSC) will cooperate to explore a new model for the development of China’s LNG industry chain.
The three parties confirmed their partnership on 28 June at the Greater Bay Area Green Shipping & Financial Lease Exchange Meeting.
Managing director of COSCO Energy Zhu Maijin, president of CNPC International Wu Junli and president of CSSC (Hong Kong) Li Xi signed the “LNG Vessel Leasing Cooperation Agreement in Principle” to enhance cooperation among central enterprises with the new mode of bareboat charter + time charter.
The official signing of this agreement marks a new role for the enterprises to play in helping to implement the “Guangdong-Hong Kong-Macao Bay Area Development” strategy, according to a statement.
“The deal also marks the creation of a new mode of interdependence and mutually beneficial cooperation between the central enterprises to deepen the coordinated development of the industry chain involving large cargo owners, shipowners, and shipyards, to create a new business mode throughout the upstream and downstream industry chain and finally, to write a new chapter of green finance, financial leasing and green shipping,” said COSCO in a statement.
