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 companyโ€™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)