July 08, 2019 [Financial Post] – LBC Tank Terminals announced today that it has agreed to divest its interest in their Shanghai Terminal. The joint venture partner Cosco Shipping will acquire all LBC shares with an effective date of 12th June 2019. The sale is 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.”