Titan Petrochemicals Group, which operates crude-oil tankers and fuel storage facilities, said it will buy a shipyard in Quanzhou in southeastern Fujian province for a consideration of US$170 million to expand its logistics business.
In a statement, Titan Petrochemicals said it will pay US$56.9 million cash for Titan Quanzhou Shipyard, and the remainder by issuing ordinary and preferred shares. Titan Petrochemicals said the yard has ship repair, ship building and offshore engineering operations, and received orders of 22 vessels, amounting to US$210 million. The shipyard was completed in September last year and shipbuilding operations will be fully functional by the end of 2009.
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