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Odfjell SE has reached an agreement to enter into a joint venture via its subsidiary Odfjell Terminals Asia Pte Ltd (Singapore), with Tianjin Economic-Technology Development Area (TEDA) via its subsidiary Nangang Port Company to develop a terminal and marine facilities for petroleum products, gases and bulk liquid chemicals in the Nangang Industrial Zone (Tianjin) in China.

The initial phase of the joint venture will consist of three deep sea berths and have a total storage capacity of around 150,000 cubic metres.

The joint venture company will be named Odfjell Terminals Nangang (Tianjin), whereby Odfjell will hold 49 percent ownership and be in charge of the operational management.

The initial total investment is estimated to be approximately USD 160 million. The first phase is scheduled start operations during the second quarter of 2014.

Nangang Industrial Zone is located about 120 kilometres from Beijing and is expected to become the major petrochemical complex in the Western Bohai Bay area.