Odfjell of Norway said it plans a joint venture to develop a terminal and facilities for bulk liquid chemicals, petroleum products and gases in Tianjin’s Nangang Industrial Zone.

The company’s Singaporean subsidiary Odfjell Terminals Asia will take a 49 per cent stake and be operational manager for the terminal, with state-owned Nangang Port Co taking the rest.

Odfjell said the initial phase of the joint venture will comprise three deep-sea berths and have a total storage capacity of about 150,000 cubic metres. Phase one, costing US$160m, is due to become operational in the spring of 2014.