State-run Quanzhou Transportation Development Group (QTDG), the new owner of Quanzhou Shipyard, plans to invest RMB2bn ($309m) to support the restructuring of the yard.
The group took over the Titan Petrochemical-controlled shipyard for RMB1.2bn via an auction in February after the shipyard entered into a liquidation process last year.
Following the completion of asset restructuring, QTDG is looking to resume shipbuilding, ship repair and offshore equipment construction business at the yard.
Quanzhou Shipyard has two 300,000 dwt drydocks and another two 10,000 dwt drydocks, and in the past has mainly built tankers.
