LBC Tank Terminals has agreed to divest its interest in its 74,000 cbm Shanghai Terminal. The joint venture partner Cosco Shipping will acquire all LBC shares, subject to government approval.
The Shanghai terminal is located near the Yangtze River mouth serving Jisngsu, Anhui, Zhejiang and Shanghai industries. The terminal stores both chemicals and petroleum products and provides a full range of value-added services.
“This divestment will allow LBC to focus on the extensive expansion projects currently underway in Europe and the USA as well as several other potential projects in the LBC expansion portfolio,” the company said in a statement. “LBC wishes to thank the local Shanghai team and wish them all the best for the future.”
For more information visit www.lbctt.com