Shanghai: CSC Phoenix has announced on Thursday that it will form a joint venture with Hubei Yihua, one of the top ten petrochemical companies in China.
The registered capital of the shipping jv, CSC Chongqing Yihua Shipping, is RMB10m, CSC Phoenix and Hubei Yihua will invest RMB5.1m and RMB4.9m to get 51% and 49% shares respectively.
CSC Phoenix formed a strategic partnership with Hubei Yihua in 2010. CSC Phoenix said the jv is to intergate the resources of the companies, expand business range and lower logistics cost for shipping petrochemicals across the nation with a particular focus on the Yangtze. [28/09/12]