Odfjell Terminals Asia and Nangang Port in joint venture

Odfjell Terminals Asia Pte Ltd (Singapore), a subsidiary of Odfjell SE, and Nangang Port Company, a subsidiary of China’s Tianjin Economic-Technology Development Area (TEDA), announced that they have agreed to form a joint venture that will develop a terminal and marine facilities for bulk petroleum products, liquid chemicals and gases in the Nangang Industrial Zone in Tianjin, China. Initially, the joint venture will have three deep sea berths and a total capacity of 150,000 cubic meters. Odfjell owns 49% of the joint venture, which will be named Odfjell Terminals Nangang (Tianjin), and it will also be in charge of operations. Both companies will have a combined investment of US$160 million. The first phase of the project will begin in the second quarter of 2014. Odfjell is a leading company in the global market, involved globally in the transportation and storage of bulk liquid chemicals, edible oils, acids and other products. TEDA is considered as Northern China’s finest state-sponsored development area. (January 11, 2012)