China Merchants Energy Shipping and Sinotrans & CSC Holdings have announced a USD1.1 billion crude oil tanker joint venture which seeks to ensure better and safer control over China’s oil imports. The venture aims to boost both companies’ capacity in ferrying China’s oil imports. China Merchants will provide USD566 million in assets, including nine very large crude carriers (VLCCs), for a 51% stake, while Sinotrans & CSC Holdings will offer USD544 million in cash. The deal is due to be finalized by September 30. China Merchants owns 17 large oil tankers that can carry 3.71 million tons in total, while Sinotrans & CSC Holdings has partnerships with more than 400 foreign transport and logistics suppliers.