Beijing – Sinochem Holdings has signed a strategic cooperation agreement with the major Chinese shipping company COSCO to ensure the security of the supply chain of its various industries.
The deal, Sinochem said in an Oct. 11 statement, will ensure security and stability of supply, while promoting industrial modernization and green innovation for both sides.
The partners will collaborate on industrial chain management, shipping, supply chain, digital transformation, full real estate services, central purchasing, carbon reduction and information exchange.
Sinochem Holding, which was formed as a result of the merger of chemical supplier Sinochem Group and ChemChina earlier this year, operates in eight lines of business, including rubber and tires, materials science, products basic chemicals and machinery and equipment.
The holding company has a major stake in Italian tire maker Pirelli as well as a number of other tire and rubber businesses, including Aeolus Tire, Prometeon Tire Group and Norwegian silicone maker Elkem.
Created in 2016 following the merger of the COSCO group and the China Shipping group, COSCO Shipping has one of the largest fleets in the world, with 1310 vessels and a capacity of 105.92 million deadweight tonnage.