Beijing – Sinochem Holdings has signed a strategic cooperation agreement with major Chinese shipping company COSCO to ensure security of supply chain for its various industries.
The agreement, said Sinochem in an 11 Oct statement, will guarantee the security and stability of supply, while promoting industrial upgrading and green innovation for both sides.
The partners will collaborate on industry chain management, shipping, supply chain, digital transformation, comprehensive real estate services, centralised procurement, carbon emission reduction and information exchange.
Sinochem Holding, which was formed following the merger of chemicals supplier Sinochem group and ChemChina earlier this year, operates in eight business sectors including rubber& tire, materials science, basic chemicals, and machinery & equipment.
The holding has a major stake in Italian tire maker Pirelli as well as a number of other tire and rubber operations, including Aeolus Tyre, Prometeon Tyre Group and Norwegian silicones manufacturer Elkem.
Established in 2016 following the merger of COSCO Group and China Shipping Group, COSCO Shipping is claimed to have one of the world's largest fleets, with 1310 vessels and a capacity of 105.92 million deadweight tonnage.