Orlando, Florida, US-based Merletti Partners International has formed an alliance with Hong Kong firm Rose Rock Infrastructure.
The latter, through its joint venture with Hongfa Investment, will build and manage a new petrochemical import terminal in Tianjin, China.
Merletti will be in charge of all project-related security and will manage ongoing security needs once the terminal becomes operational.
The joint venture is the first time a western company has purchased a stake in a Chinese petrochemical port and the Tianjin port is the fifth busiest port in the world.
The development on the site is scheduled to take two years to complete, in which time two 10,000 tonne chemical berths will be built. The terminal storage should store about 800,000m³ once completed and will hold mainly fuel oil, marine oil, petrol, diesel and benzene.
The project is expected to cost about $256 million (€179 million).