Titan Petrochem to invest US$91 mln more in Nansha project

13-Jul-05

Guangzhou Nansha Titan Petrochemical Development, a joint venture between Titan Petrochemical Group Ltd and its partners, is to see an additional investment in its oil and petrochem project in Nansha in the Pearl River Delta. An estimated investment of about US$91 mln more will go towards the expansion of their oil and petrochemicals storage facility. This brings the total investment outlay to US$ 120 mln. Promising prospects and favourable factors for the storage business are the reasons that have triggered the additional investment and the decision to speed up development of the project by starting construction before the end of the year. The expansion will bring forward the date of the operation of Phases 2 and 3 of the project to H2 2006. Prior to this decision Guangzhou Nansha Titan Petrochemical Development, which owns the project, was constructing these facilities with an initial capacity of about 370,00 cubic meters that was due for operation by the middle of next year. Now the expansion is expected to boost the plant's capacity to about 1.0 mln cubic meters.