Dalian: In a further make-over of its business, Singapore-listed CEFC International, formerly best known for its line of cosmetics, is teaming up with a subsidiary of Rizhao Port Group to build and operate oil storage facilities with a total storage capacity of 600,000 cu m in Rizhao port in Shandong Province.
The total cost of the project, comprising land costs and construction and development of the oil storage facilities, to be undertaken by the joint venture company is estimated to be approximately RMB700m.
Commenting on this new strategic investment, Zang Jian Jun, executive chairman and ceo of CEFC said, “The entry into the oil storage business is a major milestone for CEFC. We view this synergistic partnership with RPG as an extension of our turnaround story, where we have successfully restructured CEFC’s business by moving from the previous loss-making beauty product business to a new strategic focus in the more profitable oil trading business.” [31/07/14]
