(EnergyAsia, March 12 2014, Thursday) — Dutch oil and chemical logistics giant Royal Vopak said it has agreed to acquire a 30% stake in Zhangzhou Gulei Haiteng Jetty Investment Management Company Limited which owns a 890,000-cubic metre petrochemicals storage terminal in China’s Fujian province.

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Vopak said it will acquire the 30% stake in Haiteng from full owner Xianglu Petrochemical (Zhangzhou) Co Ltd. Haiteng, which has signed up long-term contracts to serve two petrochemical plants, started up the terminal last year.

As part of the agreement, Vopak said the terminal will be operated according to its safety, technical and operational standards.

“For Xianglu, the partnership further strengthens the reliability and efficiency of the industrial terminal while for Vopak, this partnership will further expand its regional market position, fully in line with its growth strategy in China,” said the Dutch firm.

Haiteng is situated in Gulei Industrial Park, in southeastern China, ranking as one of the top natural deep draft ports in the country. Supported by the central and Fujian provincial governments, the park’s management has ambitious plans to attract additional petrochemical industry in the coming years.

Xianglu is a subsidiary of Xianglu Petrochemicals Co Ltd, which owns a purified theraphthalic acid (PTA) single production line with the largest production capacity in the world.