Hong Kong-listed Titan Petrochemicals has announced that its wholly owned subsidiary Surplus Full has entered into a joint venture agreement with Chinese state-run Yunnan Investment for the establishment of Yunnan Yuntou Zhenrong Energy Company.
The registered capital of the new jv is RMB10m ($1.45m). Surplus Full and Yunnan Investment will hold 49% and 51% equity shares in the jv respectively.
The new company will mainly focus on the development of oil projects and other energy businesses in Myanmar.
Currently Titan Petrochemicals primarily engages in the business of construction, repair and conversion of offshore ships and oil rigs, as well as petrochemical trading. The company said it has been looking for business opportunities to diversify its business and the new investment would enhance the downstream business of the group.