Odfjell SE : New joint venture agreement in China for Odfjell Terminals
(Thomson Reuters ONE) -
Odfjell Terminals has today signed an agreement to enter into a joint venture
with the Founder Group to become 50/50 partners for the development of a
petrochemical tank terminal in Quanzhou, Fujian Province, China.
Odfjell Terminals will acquire from the Founder Group a 50% equity share in the
existing Fujian Fangtong Terminals Co Ltd., including the land and an existing
jetty at a price of USD 21 million. The purpose is to construct a new tank
terminal that Odfjell will manage and operate.
The new terminal is to be located in the Quangang Industrial Zone at the
mainland side of the Taiwan Strait, at the south side of Meizhou Bay. Quangang
is the most central and progressing region of the "10th five-year" plan of
Fujian Province. As one of the second batch of national economic model areas, it
has also become the forerunner of the Meizhou Bay petrochemical base. Quangang
has an unique deep water coastline situated between Guangdong Province and
Zhejiang Province/Shanghai and can be developed to become a future transhipment
and distribution hub for South China in addition to serving its own local
Meizhou Bay Petrochemical Industry.
The technical design review and engineering scope are in progress. Basic design
is planned to be completed and ready for project tender by end of 2013. The
planned total investment in the terminal is USD 137 million.
The future Odfjell Terminals Fujian (Quanzhou) Co. Ltd has 14.8 hectares of
available land, making possible the construction of 184,000 cbm of total storage
capacity, supported by two jetties (5,000 dwt and 100,000 dwt). In addition,
the new joint venture will have the option to acquire an additional 23 hectares
of adjacent land to expand the facility's storage capacity by an estimated
400,000 cbm. Odfjell Terminals Fujian (Quanzhou) is planned to be in operation
by 1(st) Quarter of 2016.
"We are pleased to announce that Odfjell Terminals is embarking on another large
tank terminal project in China, adding to its two existing terminals and the new
terminal already under construction in Tianjin." Jan A. Hammer, CEO/President at
Odfjell SE, furthers states that: "We have found a very solid and reliable
partner for this project in the Founder Group, which is a corporation owned by
the Peking University in China".
The transaction will be consummated through Odfjell Terminals (China) Pte. Ltd.,
a subsidiary of Odfjell Terminals AS, which is the Joint Venture Company owned
51% by Odfjell SE and 49% by Lindsay Goldberg.
For more information please contact:
CEO/President Odfjell SE
Jan A. Hammer
Ph: +47 55 27 44 00
E-mail: jan.hammer(at)odfjell.com
CFO Odfjell SE
Terje Iversen
Ph. + 47 55 27 47 39
E-mail: terje.iversen(at)odfjell.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Odfjell SE via Thomson Reuters ONE
[HUG#1712083]
Unternehmensinformation / Kurzprofil:
Datum: 26.06.2013 - 11:17 Uhr
Sprache: Deutsch
News-ID 273302
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