Shanghai: Chinese integrated oil logistics provider Titan Petrochemicals plans to construct China's largest ship-repair yard, reports the Shanghai Daily. The company has spent $170m to purchase an un-named existing yard that will be converted to build, repair and convert VLCC vessels as well as the construction of oil rigs and drilling platforms.
The move follows Titan's acquisition of the Quanzhou Shipbuilding Company and cements the company's decision to diversify away from the oil business. In the long term, the company aims to be China's biggest independent fuel storage provider. [11/10/07]
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