On November 30th 2010, Sinopec Kantons Holdings Limited (Kantons Holdings) announced that it would cooperate with China Shipping Development Company Limited to establish joint-stock company in Hong Kong, with registered funds of $5m .

Kantons Holdings would splash out $1.5m to gain 30% stock of new company while China Shipping Development would pay $3.5m for another 70%. The joint-stock company would become a subsidiary company of China Shipping Development.

The new company initially intended to invest on LNG carriers. In future, the business would be extended to chartering, transport, ship management and relevant agent.

The announcement indicated that the joint-stock company would mostly focus on international crude oil, petroleum, LNG storage and logistics.

Sinopec Kantons Holdings Limited was established in Bermuda in March 1998 and was listed on the Hong Kong Stock Exchange on 25 June 1999. The entire share capital of Sinopec Kantons International Limited is held by China International United Petroleum and Chemical Company Limited which is a whole owned subsidiary of China Petroleum and Chemical Corporation (Sinopec).