Total China Investment (TCI) will hold a 49% share in the new joint venture company, and Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining stake.

The Zhoushan region covers the Ningbo and Shanghai ports, representing the busiest shipping hub in the world in terms of cargo tonnage, Total said in a statement.

(Reporting by Sudip Kar-Gupta; Editing by Tom Hogue)