Odfjell forms new terminal joint venture in China

Odfjell forms new terminal joint venture in China

10:42 PM, 12th January 2012
Odfjell forms new terminal joint venture in China

BERGEN, NORWAY: Odfjell SE has formed a joint venture via its subsidiary Odfjell Terminals Asia Pte Ltd (Singapore), with Tianjin Economic-Technology Development Area (TEDA) via its subsidiary Nangang Port Company to develop a terminal and marine facilities for bulk liquid chemicals, petroleum products and gases in the Nangang Industrial Zone (Tianjin) in China. The first phase will start operations during the second quarter of 2014.

The joint venture company will be named Odfjell Terminals Nangang (Tianjin), whereby Odfjell will hold 49 per cent ownership and hold the operational management. The initial total investment is estimated to be about $160 million. Initially, JV will consist of three deep sea berths and have a total storage capacity of about 150,000 cubic metre. Nangang Industrial Zone is slated to become the major petrochemical complex in Western Bohai Bay area.

(C) WOC News

 

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