Taiwan's state-owned oil firm CPC is teaming up with domestic shipping firms to set up an oil tanker venture.
CPC will join U-Ming Marine Transport and Chinese Maritime Transport to invest nearly NT$30bn ($930mn) in the Global Energy Maritime venture, with CPC holding a 48pc stake and the shipping firms 26pc each. Each company will provide $NT10bn, with bank loans to cover the remainder.
The tie-up comes as CPC is forced to replace its fleet of single-hull tankers as part of International Maritime Organisation regulations phasing out such vessels to reduce oil spills.
Global Energy Maritime will initially buy or have built six 300,000t double-hull crude tankers and a double-hull oil product tanker.
CPC will join U-Ming Marine Transport and Chinese Maritime Transport to invest nearly NT$30bn ($930mn) in the Global Energy Maritime venture, with CPC holding a 48pc stake and the shipping firms 26pc each. Each company will provide $NT10bn, with bank loans to cover the remainder.
The tie-up comes as CPC is forced to replace its fleet of single-hull tankers as part of International Maritime Organisation regulations phasing out such vessels to reduce oil spills.
Global Energy Maritime will initially buy or have built six 300,000t double-hull crude tankers and a double-hull oil product tanker.
