ICBC, BP ink financial leasing agreement

BEIJING - A financial leasing subsidiary of Industrial and Commercial Bank of China (ICBC), China's largest bank by assets, announced on Thursday that it will provide 18 oil tankers to BP shipping through financial leasing in the next 10 years.

The deal was estimated at $869 million, the first cooperation agreement between the two and also the largest financing project of the maritime arm of the British oil giant, said ICBC Financial Leasing.

According to the agreement, ICBC Financial Leasing will rent the tankers to BP shipping as the shipowner.

The agreement marked the latest effort from ICBC Financial Leasing to explore shipping and financial markets in Europe and America. As of September, ICBC Financial Leasing owned 318 ships, and its total financial leasing assets had reached 44.5 billion yuan ($7 billion).