Tank storage facility operator LBC Group has developed a strategic partnership with Singapore-based Great Eastern Providence Group (GEP) in order to acquire 90% of GEP Asia Terminals (GAT) for S$32 million (15 million).
GAT owns 70% of Eastern Tankstore Shanghai Shipping (ETSSL), a 54 tank, 66,200 m3 bulk liquid storage terminal located on the Yangtze River in Shanghai.
GAT's parent company, Eastern Tankstore, a subsidiary of GEP, will retain 10% of GAT and enter into a services agreement to manage the Shanghai terminal until December 2011.
LBC Group CEO, Niels von Hombracht, comments: 'We are excited by this first step into the fast growing Chinese economy and look forward to increasing LBC's interests through this and other future projects that will expand our global footprint.'
Eastern Tankstore (Shenzhen)
Eastern Tankstore Shanghai Shipping