Yangzijiang Shipbuilding, Qatar Inv't to launch 2 JVs
Singapore-listed Yangzijiang Shipbuilding Holdings Ltd, a shipbuilder based in China, announced today it will set up two joint ventures with Qatar Investment Corp to produce and repair marine vessels and platforms for offshore oil and natural gas, China Knowledge reports.
The two sides will launch JVs, namely YZJ Offshore Engineering Pte Ltd, in Singapore and YZJ Offshore Engineering (China) Co Ltd in China. The former JV will also provide customers with marketing, sales, engineering and management services.
According to a joint statement released by Yangzijiang Shipbuilding and Qatar Investment, YZJ Offshore Engineering will have a registered capital of US$110 million in the initial phase.
The Singapore-based JV will also invest US$100 million in YZJ Offshore Engineering (China) to hold a 40% stake, while a wholly-owned subsidiary of Yangzijiang Shipbuilding will have the remaining 60% stake in the China-based JV with an investment of US$150 million.
Ren Yuanlin, Chairman of Yangzijiang Shipbuilding, said the company delivered 19 vessels in the third quarter of this year, more than 14 vessels it delivered in the same quarter of last year, adding that the firm had secured 114 ship orders worth US$5.3 billion in total as of September 30, 2011.
The two sides will launch JVs, namely YZJ Offshore Engineering Pte Ltd, in Singapore and YZJ Offshore Engineering (China) Co Ltd in China. The former JV will also provide customers with marketing, sales, engineering and management services.
According to a joint statement released by Yangzijiang Shipbuilding and Qatar Investment, YZJ Offshore Engineering will have a registered capital of US$110 million in the initial phase.
The Singapore-based JV will also invest US$100 million in YZJ Offshore Engineering (China) to hold a 40% stake, while a wholly-owned subsidiary of Yangzijiang Shipbuilding will have the remaining 60% stake in the China-based JV with an investment of US$150 million.
Ren Yuanlin, Chairman of Yangzijiang Shipbuilding, said the company delivered 19 vessels in the third quarter of this year, more than 14 vessels it delivered in the same quarter of last year, adding that the firm had secured 114 ship orders worth US$5.3 billion in total as of September 30, 2011.
