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CEFC International ties up with Chinese firm to build oil storage facilities

Published on Jul 31, 2014 9:56 AM

SINGAPORE - CEFC International, a Singapore-listed trader of petrochemical, and fuel oil and petroleum products, said on Thursday it is partnering Rizhao Port Group to build and operate oil storage facilities in Rizhao Port in China's Shandong province.

CEFC unit Hong Kong CEFC Petrochemical & Energy will set up a joint venture with Rizhao Port Group subsidiary Rizhao Port Oil Terminal, the company said in a statement.

The project is estimated to cost 700 million yuan (S$141.3 million) and the facilities will have a total storage capacity of 600,000 cubic metres, CEFC added.

The joint venture company will have an initial registered capital of 350 million yuan. CEFC will take a 49 per cent interest in the joint venture, while Rizhao Port Group will hold the rest.

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