Strong Petrochemical acquires oil tanker

Chinese oil trading firm Strong Petrochemical Holdings Ltd. announced that it has acquired an oil tanker for US$24 million. The company foresees using the tanker, which has a gross tonnage of approximately 142,639 metric tons (MT) and deadweight of 265,243 MT, as a floating storage facility or a transport vessel. Wang Jian Sheng, Strong Petrochemical chairman and executive director, said that the acquisition will strengthen and facilitate the company’s oil product trading business. Strong Petrochemical procures trading products from oil majors and other international oil trading companies, and mainly sells crude oil and petroleum products to state-owned licensed import agents in China. (April 21, 2009)