COSCO, China's Top Coal Group Agree on Long Term Cooperation

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Last updated at: (Beijing Time) Friday, August 30, 2002

COSCO, China's Top Coal Group Agree on Long Term Cooperation

The China Ocean Shipping (Group) Company (COSCO) and one of China's leading coal producers signed an agreement in Beijing Thursday to establish a long-term strategic cooperation partnership.

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The China Ocean Shipping (Group) Company (COSCO) and one of China's leading coal producers signed an agreement in Beijing Thursday to establish a long-term strategic cooperation partnership.

COSCO and China National Coal Industry Import and Export (Group) Corporation (CNCIEC) agreed that the two groups will expand broad cooperation in the field of international trade and shipping.

According to the agreement, CNCIEC will offer COSCO its resources in the business of international coal shipping, the international coal trade and international trade information.

COSCO, on its part, will offer CNCIEC information on the international trade, financial and shipping markets, as well as the international ocean shipping service and an international network service.

The two sides have decided to exchange such information regularly and try to initiate more specific cooperation projects.

In addition, a joint venture company will be established for the business of coal trade, shipping and storage.

COSCO has international shipping as its core business, and offers shipping and logistics services to its global clients. It has more than 500 vessels with a total tonnage of 24 million, and these vessels reach over 1,200 ports in more than 150 countries.

CNCIEC was established in 1982 as a national key company, trading coal nationally, and is a major force in global markets. In 2001, the sales income of CNCIEC reached 19 billion yuan (2.3 billion US dollars).

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