Odfjell partners Founder Group to develop tank terminal

Odfjell Terminals has penned an agreement to enter into a joint venture with Chinese technology conglomerate Founder Group to develop a petrochemical tank terminal in Quanzhou, Fujian province in China.

Norway-based Odfjell will buy from Founder Group a 50% stake in the existing Fujian Fantong Terminals, including the land and an existing jetty at a price of $21m. The purpose is to construct a new tank terminal that Odfjell will manage and operate.

The new terminal, to be named Odfjell Terminals Fujian (Quanzhou) Co, will sit on 14.8 hectares of land and boast 184,000 cu m of storage capacity supported by two jetties (5,000 dwt and 100,000 dwt). The $137m project is expected to come onstream by the first quarter of 2016.

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 cu m.

“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,” said Jan Hammer, ceo and president of Odfjell.

The new terminal is located in the Quangang Industrial Zone at the mainland side of the Taiwan Strait, at the south side of Meizhou Bay. Quangang has unique deepwater 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.

Posted 27 June 2013

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Lee Hong Liang

Asia Correspondent

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