Cosco Shipping announced that its wholly owned subsidiary Guangzhou Ocean Shipping, will participate in the business restructuring of Total Lubricants (China).

In the first phase, Guangzhou Ocean Shipping will spend RMB240.62m on the acquisition of 11.49% equity in Total Lubricants (China).

In the second phase, the company will use its 37% stake in ELF Lubricants (Guangzhou), which is a subsidiary of Total China, to invest in Total Lubricants (China).

Guangzhou Ocean Shipping will hold 20% of Total Lubricants (China) after the project is completed.

The company's decision follows Total (China) Investment’s decision to integrate three lubricant businesses in China.