Zhoushan, China — French oil major Total has agreed to form a joint venture (JV) with China’s Zhejiang Energy to supply bonded marine bunker fuel in the free trade zone of Zhoushan, company executives said on Friday
* Provincial government-backed Zhejiang Energy will hold 51% in the JV and Total 49%, Gu Qiang, general manager of Zhejiang Energy unit Zhejiang Petroleum Trading Co, said on the sidelines of an industry conference in Zhoushan
* A Total China executive confirmed the agreement to set up a bunker fuel joint venture but declined to comment on the shareholder structure
* Total did not immediately respond to a request for comment.
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- Reuters
