Singapore's Goodpack to lease containers to China

SHANGHAI, Feb 4 (Reuters) - Singapore's Goodpack Ltd (GPAK.SI) will provide packaging to Sinopec and Sinochem for their imports of synthetic rubber and natural rubber, Goodpack said in a statement.

By teaming up with Sinopec (600028.SS), China's largest refiner, and Sinochem (600500.SS), a major state-owned trader and producer of oil and petroleum products, Goodpack hopes to tap into China's booming demand for rubber.

China, which buys more than 70 percent of its rubber from overseas, has seen imports nearly double since 2000.

In 2007, China imported 1.6 million tonnes of natural rubber, up 2.2 percent from 2006. Its imports of synthetic rubber in 2007 jumped almost 9 percent, to 1.4 million tonnes.

Goodpack specializes in environmentally-friendly intermediate bulk containers, or IBCs, which could replace wooden boxes and metal drums widely used in bulk cargo today.

Initially Goodpack would lease 2,000 IBCs to Sinopec and Sinochem, according to a statement on the Web site of the Ministry of Commerce (www.mofcom.gov.cn), but aims to explore other markets.

"Besides natural and synthetic rubber, Goodpack is also targeting to grow its share in other product verticals in China such as juices, pastes and edible oils," said Michael Liew, executive director of Goodpack. (Reporting by Rujun Shen; Editing by Michael Urquhart)