Shanghai: Royal Vopak (Vopak) has signed an equity transfer agreement with Xianglu Petrochemical (Zhangzhou) (Xianglu) in Fujian province. The agreement comprises Vopak’s acquisition of a 30% equity interest in Zhangzhou Gulei Haiteng Jetty Investment Management Company Limited (Haiteng).
Haiteng owns an industrial terminal, commissioned in 2013, consisting of 890,000 cu m storage capacity for petrochemical products. Long-term contracts have been signed for this industrial terminal to serve two petrochemical plants via pipelines.
Haiteng is situated in Gulei Industrial Park, in the southeast of China, ranking as one of the top natural deep draft ports in the country. Supported by the central government and the Fujian province, Gulei Industrial Park has ambitious plans to attract additional petrochemical industry in the coming years. [11/03/14]