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Chinese bunker company signs marine fuel pact

10th April 2012

Marine fuel providers embark on mutually beneficial supply agreement

Marine fuel company seeks to improve supply to Chinese customers

Sinopec owned, China Changjiang Bunker (CCBC) has been enlisted to help global marine fuel logistics company, Aegean Marine Petroleum Network Inc. meet expected marine fuel demand to its mainland Chinese customers.

The Memorandum of Understanding, expected to come into force in the second quarter of 2012, should help CCBC maximise its position as one of China's largest bunkering companies, supplying fuel to several key ports, including all Changjiang River ports and certain coastal ports such as Nanjing.

CCBC is one of China's five state-certificated bonded bunker suppliers and among the largest bunker supply companies in China.

Aegean will be responsible for the supply and delivery of marine fuels to its customers in Aegean's network currently covering 19 countries throughout North America, South America, Central America, Europe, Africa and the Middle East.

Dimitris Melisanidis, Head of Corporate Development at Aegean, said the alliance provided "important strategic benefits” for the company.

“First, we are extending our global reach to mainland China, enabling Aegean to establish an initial footprint in some of the world's largest ports. Second, Aegean is expanding its global scale in a prudent, cost-effective manner by partnering with one of China's largest physical suppliers of bonded bunker fuels. And third, this alliance will further strengthen Aegean's ability to meet the needs of its customers that operate on a worldwide basis”.

Jinghan Yao, a Member of the Board and General Manager of CCBC, said: “By combining our efforts with Aegean to deliver innovative customer solutions, we are confident our partnership will provide significant long-term value for both companies. The specific operation of the program will be defined in the cooperation agreements to be signed by the two parties in the future."