COSCO International (HKG:0517) announced that it has executed corporate guarantees for bank facilities of up to US$108 million and up to US$41 million made available to its connected person in which it holds a stake, Double Rich Limited.

Double Rich's banking facilities will be utilised to meet the working capital requirements of its bunker oil trading and bunker oil supply business.

COSCO International believes that the provision of the corporate guarantees will support Double Rich's normal operations and development in the local and the PRC marine fuel supply market, and that it will benefit from the continued operations of Double Rich's business.