China Merchants Energy Shipping (SHA:601872) proposed to increase by 10 billion yuan the cap of its transactions with its related party, China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec, according to a Shanghai bourse filing on Thursday.

The transactions include oil transportation and vessel rentals.

The estimated limit will rise to 16 billion yuan from the previously proposed threshold of 6 billion yuan.

Sinopec's Shanghai shares rose 1% during the morning trade.