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French oil group Total signs marine fuel deal with China's Zhejiang Energy

Total China Investment (TCI) will hold a 49 per cent share in the new joint venture company

Reuters  |  Paris 

Photo: Bloomberg
Photo: Bloomberg

French company Total has signed a deal with Chinese state-owned Zhejiang Energy Group (ZEG) to create a joint venture company to supply and delivery marine fuels in the Chinese region of Zhoushan, the said on Monday.

Total China Investment (TCI) will hold a 49 per cent share in the new joint venture company, and Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining stake.

The Zhoushan region covers the Ningbo and Shanghai ports, representing the busiest shipping hub in the world in terms of cargo tonnage, Total said in a statement.

First Published: Mon, October 21 2019. 11:58 IST
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