China COSCO may list its oil tanker fleet

State-owned China Ocean Shipping Group Co(COSCO Group), the country's largest shipping conglomerate, is planning to list its oil tanker fleet, or merge the fleet to its listed unit China COSCO Holdings<601919><1919>, said Zhang Fusheng, vice president of COSCO Group, at China's annual legislative session in Beijing today.

COSCO Group has invested about 70% of ships, terminals and other holdings to the listed unit, according to Zhang. The remaining assets worth of as much as RMB 60 billion will be transferred gradually after restructuring, which includes ship-repairing and shipbuilding businesses.

COSCO Group saw a handsome profit of RMB 32 billion in 2007.

China is encouraging state-owned companies to sell assets to listed units to enhance competitiveness and financial transparency.