Petroleum shipping and logistics company Titan Petrochemicals has established a new unit, Sinozing Drydock, in Shanghai to expand its ship and offshore repair business.
Sinozing Drydock will integrate all of the shipyard assets of Titan Petrochemicals, including Titan Quanzhou Shipyard, and mainly engage in ship repair and conversion, shipbuilding and offshore equipment construction and repair.
In January, Titan Petrochemicals reached an agreement to acquire a 46% stake in Sino Genius Group, which indirectly owns 94.74% equity interest in Zhoushan Yatai Shipbuilding Engineering, for RMB100m ($14.17m) and the company believed that the acquisition will increase dock capacity of the group for its shipbuilding and repair business.
Titan Petrochemicals said it will continue to explore opportunities for further expansion and it intends to increase its efforts in the ship repair business through more acquisitions.
