In a significant move to fortify their longstanding partnership, COSCO SHIPPING and bp have officially inked a Memorandum of Understanding (MoU) for strategic cooperation. The ceremony, held in Shanghai, saw the presence of notable dignitaries including William Lin, bp Group Executive Vice President, and Lin Ji, Executive Vice President of COSCO SHIPPING.
Simon Yang, bp Group Senior Vice President and bp China President, along with Chen Wei, Deputy Head of the Operations Division of COSCO SHIPPING, signed the document on behalf of their respective organizations.
Having a robust history of collaboration spanning several decades, bp has been actively involved in China’s energy industry since the early 1970s. The collaboration between bp and COSCO SHIPPING has encompassed various facets, such as energy product transportation, offshore equipment manufacturing services, and the supply of marine fuels and lubricants.
The strategic cooperation memorandum aims to capitalize on the existing business strengths of both entities, fostering synergies, achieving complementary advantages, and pursuing common development goals. The expanded scope of cooperation is poised to explore new dimensions of collaboration, with a focus on areas like Castrol marine lubricants and hydrocarbons transportation, offshore construction, and potential ventures in methanol supply for bunkering and the offshore wind supply chain.
Prior to the signing ceremony, representatives from both parties engaged in a comprehensive discussion, reviewing the current state of cooperation and charting a course for future collaboration. The signed MoU symbolizes a commitment to further deepen ties and explore innovative avenues that align with the evolving landscape of the energy industry. As global players, COSCO SHIPPING and bp’s strengthened partnership is expected to contribute significantly to the sustainable growth and development of the energy sector.
Source COSCO Shipping