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Saturday, 14 January 2012

Odfjell and NPC to build Nangang terminal

14/1/12: Odfjell subsidiary Odfjell Terminals Asia has signed an agreement to establish a joint venture with Nangang Port Company (NPC) to develop a bulk liquid chemicals, petroleum products and gases terminal within the Nangang Industrial Zone (NIZ) in Tianjin, China.

NPC, itself a subsidiary of Tianjin Economic-Technology Development Area (TEDA), will hold a 51% stake in the new entity, to be known as Odfjell Terminals Nangang (Tianjin), with Odfjell responsible for its operational management.

The first phase of the project will have a storage capacity of 150,000 m3 and boast three deep-sea berths.

It is expected to come onstream during the second quarter of 2014 at a cost of around $160m.

The NIZ is located roughly 120 km from Beijing and, Odfjell says, “will become the major petrochemical complex in the Western Bohai Bay area”.

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