Sinotrans, Mitsui form transport JV

Mitsui OSK Lines (MOL) agreed to form a 50:50 transport joint venture with China National Foreign Trade Transportation Group (Sinotrans Group), according to Chinese media reports. The venture is expected to acquire a 12-year-old, US$27 million oil tanker from Japan-based MOL in June, which it plans to use to import oil from the Persian Gulf. MOL said that the JV will serve as an inroads into the Chinese market and a convenient way to dispose of the tanker, which will be phased out of global operations by 2010.