Nanjing Tanker has been selected as the shipping partner for CNOOC’s petrochemical project, reports Sinoshipnews.com.
CNOOC commenced development of the new petrochemical facility in Taizhou in 2012 with an investment of CNY10.2bn ($1.6bn).
This facility will generate feedstock oil intended for petrochemicals, liquefied petroleum gas, fuel oil as well as lubricants.
It is scheduled to commence operation in the second half of fiscal 2015.
Following the completion of restructuring in January, Nanjing Tanker intends to return to profits by 2015 and aims to get on stock exchange two years later, according to the news report.
