• Most Popular
  • Most Shared

Singapore's Goodpack to lease containers to China

Mon Feb 4, 2008 4:59am EST

Stocks

   

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)



More from Reuters

Photo

Democrats reach deal on health bill

WASHINGTON (Reuters) - Senate Democratic healthcare negotiators said they agreed on Tuesday to replace a government-run insurance option with a scaled-back non-profit plan and would seek cost estimates on the deal.

» More Top News
File photo of snow covered Uhuru peak of the largest free-standing volcano in the world, Mount Kilimanjaro in Tanzania, taken on March 10, 2006. REUTERS/Neil Wallace
Postcards to Copenhagen:

Wish we weren't here

Mount Kilimanjaro's melting snow cap is one of many things forever altered by climate change. Here's a snapshot of a world dealing with environmental destruction.   Full Article 

Climate conference
People prepare to lower the body of one of the ministers killed in a blast from a suicide bomber last Thursday at Shamo Hotel in Somali's capital Mogadishu December 4, 2009. REUTERS/Feisal Omar
witness:

Scenes of a "slaughterhouse"

War is just about the only story to tell in Somalia. But when one reporter tried to cover an event reflecting positive change, violence reared its ugly head again.  Full Article 

World