Fortune Oil PLC gets regulatory approvals on New Joint Venture of maoming Single Point Mooring (“SPM”)

Fortune Oil PLC gets regulatory approvals on New Joint Venture of maoming Single Point Mooring (“SPM”)

As described in the Company’s Q3 2013 Interim Management Statement released on 19 November 2013, Fortune Oil is pleased to announce that the final approvals from the relevant regulatory agencies in the People’s Republic of China (the “PRC”) for the new SPM joint venture between Fortune Oil and Sinopec have been obtained.

The Company had an interest in a crude oil import terminal in the PRC which supplied around 4% of the PRC’s crude oil imports in 2012. The import terminal allows very large crude oil carriers of up to 300,000 dwt to moor and deliver crude oil via a 15 kilometre sub-sea pipeline. The previous joint venture arrangement between the Company and Sinopec in connection with the import terminal expired in February 2013.

After months of negotiations, Fortune Oil has entered into a new joint venture agreement with Sinopec in respect of the SPM. Under the new shareholding structure, the shareholding interest in the SPM of the Company is 33% and, accordingly, it no longer holds a controlling equity stake in the joint venture. Nonetheless, the scope of the new joint venture has been expanded with the potential development of a new pipeline and buoy. The term of the new joint venture is 20 years.

Source: Fortune Oil

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