SINGAPORE - Mainboard-listed CEFC International Ltd said on Tuesday (Sept 8) that its wholly-owned subsidiary, Singapore CEFC Petrochemical & Energy Pte. Ltd. (SPE), has entered into a framework cooperation agreement with CEFC Shanghai International Group Ltd, a unit of CEFC China Energy Company Limited.
SPE will act as CEFC Shanghai's exclusive overseas procurement and supply platform for the trading of crude oil, refined petroleum products, petrochemical products, liquefied petroleum gas (LPG), natural gas and other related commodities.
The duration of the agreement is one year with automatic annual renewal thereafter, unless otherwise terminated by the parties.
CEFC International said that despite the similarities in corporate name, it is not part of the CEFC China Group.
Mr Ye Jianming, its current controlling shareholder, sold his equity interest in CEFC China in 2011 to establish Singapore Petrol Development Co. Pte. Ltd. which undertook a general offer for the shares in CEFC International in 2012 when it was then known as Sun East Group Ltd. Following the successful takeover of the company, it changed its name to the present name.
Mr Ye still holds, however, an indirect interest in CEFC China.
CEFC International executive directors Zang Jianjun, Lu Dachuan and Liu Zhongqiu are also directors of CEFC China.