Sinochem International invest more in logistics

On Sep. 22nd, Shanghai Sinochem-Stolt Shipping Co., Ltd. was inaugurated in Shanghai. Sinochem-Stolt's founding was approved by the Ministry of Communication. The company went through the Ministry's tendering process and finally won the franchise, which signifies the development of Chinese chemicals water transportation on the road of specialization of fleets, intensification of operation and standardization of shipping and, the hiking up of the industrial level. It has also well demonstrated the determination of Sinochem International to invest more in logistics business.

Last year, the Ministry of Communication launched the tendering for the business of marine transportation of chemical products between ports of mainland China for the shipping joint ventures. As a result, HaiNan Sinochem Shipment Co., Ltd. and Stolt won the bidding. The two companies made joint investment in funding ShangHai Sinochem Stolt Shipment Co, Ltd., with HaiNan Sinochem owning 51% of the equity.

From:Shanghai Security News 2005-09-26