New terminal joint venture in China for Odfjell
Odfjell has entered into a joint venture with Tianjin Economic-Technology Development Area (TEDA) to develop a new terminal and marine facilities for bulk liquid chemicals, petroleum products and gases in the Nangag Industrial Zone (Tianjin) in China.
Odfjell's joint venture participation will take place through its subsidiary Odfjell Terminals Asia (Singapore), while TEDA enters the joint venture through its subsidiary Nangang Port Company.
The joint venture company will be named Odfjell Terminals Nangang (Tianjin), whereby Odfjell will hold 49% ownership and hold the operational management. The initial total investment is estimated to be about US$160m.
The first phase will begin operations during the second quarter of 2014. The initial phase of the joint venture will consist of three deep sea berths and have a total storage capacity of about 150,000 cu m.The Nangang Industrial Zone is located about 120 km from Beijing and the two companies aim to develop the area as the major petrochemical complex in the Western Bohai Bay area.