HONG KONG -- Titan Petrochemicals Group Ltd. is buying the Fujian shipyard in China in a move to transform its business into an integrated oil logistics model and to counter the impact of volatile very large crude carrier business, the company says.
Titan has reached a definitive agreement to acquire a 100% interest in Titan Quanzhou Shipyard Ltd. for $170 million. Previously, the company held slightly more than 50% interest in the yard.
Titan has an order book of 22 vessels worth approximately $210 million. Construction of the ship repair and offshore engineering yards started in Dec. 2006 and is to be fully operational by the end of 2009.
The yard, which began operations in 2006, is in the Douwei area of Huian, Quanzhou, in the southern part of Meizhou Bay's economic zone.