Two Chinese bunker fuel firms seek overseas expansion

Two major ship-fuel (bunker) suppliers in China are setting up overseas trading desks and foreign-supply operations. State-owned China Marine Bunker (PetroChina) Co. Ltd., or Chimbusco, is planning to enter into the Middle East bunker market, while Hong Kong-listed Brightoil Petroleum (Holdings) Ltd. is ready to begin trading crude oil overseas, to countries like India and Japan. The two companies’ moves to build regional and global oil trading, as well as marketing presence complement China’s plan to push internationally in order to secure raw materials that will power its economy. Chimbusco is now negotiating with potential partners to set up a joint venture in Fujairah, which is ranked as the world’s third-largest bunkering port after Singapore and Rotterdam. (August 13, 2012)