Consort Bunkers and Glencore Singapore Thursday entered formal intentions with Zhoushan-based companies to collaborate in maritime logistics, bunker supply and wholesale petroleum trading for a free trade port.
Consort Bunkers, a Singapore company specialising in bunkering and barging and is expanding into freight for foreign and coastal voyages, signed a MOU with the Zhoushan government to collaborate on the marine bunkering value chain.
Glencore Singapore, an energy trading arm of Glencore, a commodities trading and mining company, is partnering Zhejiang Petroleum to establish a joint venture in the China (Zhejiang) Pilot FTZ to conduct and promote oil trading in the region.
The agreements were signed at the 13th Singapore-Zhejiang Economic and Trade Council (SZETC) meeting in Zhoushan, China on Thursday.
It total, the SZETC meeting witnessed 14 agreements signed between Singapore and Zhoushan companies.
“Trade and economic ties between Singapore and Zhejiang have been growing steadily,” said Sim Ann, Senior Minister of State (SMS) for Culture, Community and Youth & Trade and Industry of Singapore.
“The 14 project collaborations signed today are testament to Singapore’s continued strong interest in the province.
“As a global maritime, logistics and energy hub, Singapore and our companies are well-placed to partner Chinese firms to contribute to the development of the China (Zhejiang) Pilot Free Trade Zone.
“In addition, Singapore’s position as a key node along the Belt and Road makes us an ideal partner for Zhejiang enterprises expanding to Southeast Asia.”
The SZETC is supported by Enterprise Singapore, which continues the role of the Secretariat for the Council.
Over 80 government and business representatives from financial services, logistics, oil and gas, professional services, real estate and wholesale trade are on the business mission in conjunction with the SZETC meeting.
Published: 27 April, 2018
