OREANDA-NEWS. April 20, 2012. New York-listed Aegean Marine Petroleum Network has signed a memorandum of understanding with state-owned enterprise China Changjiang Bunker (Sinopec) Co, which allows the companies to service each other's bunker fuel customers, the company said.

This arrangement allows Aegean and CCBC to extend their bunker supply network in the other company's service area where they do not have a physical presence in, Aegean said in a statement.

The partnership is scheduled to take effect in the second quarter of this year, pending the necessary paperwork.

CCBC is jointly owned by Sinopec Sales Co. and Sinotrans & CSC, and is one of China's five state-certificated bonded bunker suppliers.

The agreement states that CCBC will supply bunker fuel to Aegean's bunker customers at the ports it services across China, including all the Changjiang River ports and select coastal ports such as Nanjing, Zhenjiang, Yangzhou, Taizhou, Changzhou, Jiangyin, Nantong, Changshu, Zhangjiagang, Taiccang, Shanghai (excluding Yangshan), Ningbo, Tianjin, Dalian and Qingdao -- which is scheduled to open by the end of the year.

Similarly, Aegean will service CCBC's customers in ports that fall under Aegean's network, which covers 19 countries across North America, South America, Central America, Europe, Africa and the Middle East.