Odfjell SE has made an agreement to enter into 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 initial phase of the joint venture will consist of three deep sea berths and have a total storage capacity of about 150,000 cubic meters.
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 USD 160 million. The
first phase will start operations during the second quarter
of 2014. The Nangang Industrial Zone is located about 120 km
from Beijing and will become the major petrochemical complex
in the Western Bohai Bay area
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