New Chinese joint terminal venture
A rendering of the planned new Odjfell Terminals Nangang terminal in Tianjin
Odfjell SE has announced a joint venture with Tianjin Economic-Technology Development Area (TEDA) to develop a new terminal and marine facility at Nangang Industrial Zone in Tianjin, China.
The new terminal will handle bulk liquid chemicals, petroleum and gases. The first phase of the joint venture will involve the construction of three deep sea berths with a total storage capacity of around 150,000 cubic metres.
Initial total investment is estimated at around US$160m and the terminal is scheduled to begin operations in the second half of 2014.
A spokesperson from Odjfell SE told Port Strategy: “Odfjell views the location in the Nangang Industrial Zone to be strategically important as it is part of a major development of a petrochemical hub in the Western Bohai Bay area and it is in line with the company’s strategy to participate in industrial zones with petrochemical production.”
Odfjell already has ownerships in three other terminals in China - Dalian, Jiangyin and Ningbo. The new terminal joint venture in Tianjin is in line with the company’s growth strategy in Asia.
The new joint venture company will be called Odjfell Terminals Nangang (Tianjin). Odjfell Terminals Asia Pte Ltd (Singapore) will hold 49% ownership and control operations, with 51% being held by TEDA's subsidiary, Nangang Port Company.
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