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Wednesday, 08 May 2013

$1.3bn for two new petrochemical terminals on Wenzhou islands

Tadee Group, a private corporation based in the Chinese province of Zhejiang, has pledged to invest RMB 8bn ($1.3bn) in the development of two petrochemical terminals, in a framework agreement signed with Wenzhou Port Group, SinoShip News is reporting.

Construction is due to start in 2014 on Wenzhou’s Damen Island and Xiaomen Island, and completion is expected in 2017.

The two petrochemical terminals will have capacities of 30,000dwt and 50,000dwt. Liquid chemical storage facilities are also to be built, which will have a total capacity of 600,000 cubic metres.

SinoShip News notes that this is the second major port investment on the islands near Wenzhou this year, after Sinopec’s LNG project which is worth RMB 11.3bn ($1.8bn).

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