Hong Kong listed Titan Petrochemicals will establish a shipyard joint venture through its subsidiary Titan Oil Storage investment with a 40% stake. Other members of the joint venture include Shanghai Yaoxuan Trading (20%), Ningbo Meiyue Trading (20%) and Shanghai Wenhao International Logistics (20%).
In an announcement to the Hong Kong Stock Exchange today the company said the JV company, to be based in the North Bund area of Shanghai, has a registered capital of Rmb 100m.
The business scope of the company will embrace marine engineering equipment and fitting, ship equipment, electro-mechanical equipment and related complementary services (including installation and maintenance service).
Also engaging in technical development, technical transfer and technical consulting services in the fields of shipping and marine engineering machinery, plant leasing arrangement and consulting services to enterprises etc, the company said that it hoped to be able to lverage on the location of the business and favourable government policies.