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Zhejiang Petroleum Trading Co., Ltd. was established in the China (Zhejiang) Pilot Free Trade Zone Zhoushan, East China’s Zhejiang province in July 2018. It was the first joint venture company between a Chinese state-owned entity and an international commodity house that involves oil trading. It has a registered capital of 1 billion RMB (approximately 149 million USD). ZPT is a joint venture between Zhejiang Provincial Petroleum Co., Ltd., Glencore Asian Holdings Pte. Ltd. and Zhejiang Energy Gas Group Co., Ltd., holding 51%, 29% and 20% shares respectively. Our operations comprise trading of crude oil, petroleum products, and LNG, with a particular focus on China supply and sourcing.
In December 2018, ZPT set up its Singapore subsidiary, Zhejiang Petroleum Trading (Singapore) Pte. Ltd.. The setting up of the Singapore office underpins the synergy brought together by the newly established Zhejiang Free Trade Zone and Singapore’s Free Trade Zone.
The actual controller of Company is Zhejiang Provincial Energy Group Company Ltd.(abbr. as ZE). The domestic credit rating of ZE is AAA rated by CCXI and the rating outlook is Stable, which is the highest credit in China. The overseas rating is A+ rated by Fitch and A1 rated by Moody’s respectively. Both rating outlooks are Stable and equal to China national sovereign credit rating, which are the highest international credit ratings of Fitch and Moody’s for domestic enterprises. Relying on the strong credit advantages of shareholders and the continuous development of Company’s business, Company has obtained credit lines from many First-class International Banks, such as China Construction Bank, Bank of China, DBS Bank, Standard Chartered Bank, Deutsche Bank, UOB, and OCBC, and has established long-term business relationship with them.