Hong Kong-quoted CSCL on Wednesday saidit is ploughing nearly $5m into a joint venture with affiliates of its largestshareholder, China Shipping.
The offshoot, CS Petroleum, will bebased in Singapore where it will engage in sourcing, supplying, trading andfinancing marine fuel primarily for its parent and associates, according to a CSCLsecurities filing.
“The [new] company will analyze fuel market direction,better and seize opportunities, appropriately purchase fuel and reducepurchasing cost so as to the possible extent guarantee quality and quantity offuel and effectively control and reduce fuel costs,” it added.
Thedevelopment
