October 21, 2019 / 6:27 AM / a month ago

French oil group Total signs marine fuel deal with China's Zhejiang Energy

FILE PHOTO: The logo of French oil and gas company Total is seen on a truck transporting fuel in Durban, South Africa February 7, 2019. REUTERS/Rogan Ward

PARIS (Reuters) - French oil company Total has signed a deal with Chinese state-owned Zhejiang Energy Group (ZEG) to create a joint venture company to supply and delivery marine fuels in the Chinese region of Zhoushan, the companies said on Monday.

Total China Investment (TCI) will hold a 49% share in the new joint venture company, and Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining stake.

The Zhoushan region covers the Ningbo and Shanghai ports, representing the busiest shipping hub in the world in terms of cargo tonnage, Total said in a statement.

Reporting by Sudip Kar-Gupta; Editing by Tom Hogue

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