Titan to build China’s largest ship repair yard

Titan Petrochemicals (Group) Co. Ltd, an integrated oil logistics provider in China, has bought a yard in China for US$170 million to construct China’s largest ship repair yard. Titan will use the yard for building, repairing and converting very large crude carriers (VLCC), and for making oil rigs and drilling platform. The project, following Titan’s acquisition for Quanzhou Shipbuilding Company, is in accordance with Titan’s strategy to diversify its business into shipbuilding and repairs and to make Titan the biggest independent fuel storage provider in China. (October 9, 2007)