Matheson Energy Pte. Ltd inks a cooperative agreement with Ningbo to construct its headquarters for global energy trade in the city. [Photo/Ningbo Daily]

Matheson Energy Pte. Ltd has chosen Ningbo in East China's Zhejiang province as its headquarters for global energy trade, local media reported.

Its parent company Oriental Petroleum (Yangtze) Limited is mainly engaged in the distribution of liquefied petroleum gas (LPG) and chemicals.

Oriental Petroleum's annual LPG trade volume accounts for 10 percent of the global market share. The company has three industrial bases in Ningbo, Zhangjiagang and Maoming.

With a registered capital of $50 million, the new company in the Ningbo area of the China (Zhejiang) Pilot Free Trade Zone will specialize in the distribution of LPG and chemicals such as polyolefin.

The company aims to become the world's largest LPG operator by 2025 and have an annual trade volume worth more than 100 billion yuan ($15.4 billion).

At the same time, the company will fully promote cross-border RMB settlement in trade settlement. 

A person in charge of the company pointed out that Zhejiang FTZ's Ningbo area boasts an conducive business climate and efficient government services, and that the company will play an active role in boosting the city's campaign to build itself into an international energy trade center.