Titan Petrochemicals sets up JV to develop Myanmar oil business

Titan Petrochemicals sets up JV to develop Myanmar oil business

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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