Odfjell signed a joint-venture agreement with the Garson Group of China to build a tank terminal in Jiangyin in China. The signing took place in Bergen, Norway with the Chaiman of the Board and CEO of both Garson Group and Odfjell present as well as a delegation from the Jiangyin government. The Jiangyin tank terminal will be strategically located on the south riverbank of the Yangtze river about two hours drive from Shanghai and about 12 hours by ship from the entrance of the Yangtze river, and serve as a public first-come-first serve ship/shore interfacing facility. The plan is to build a tank terminal with about 80.000 cbm. storage capacity and two berths, both of which can accommodate ships up to 50.000 dwt. The terminal will have ample land for expansions and additional berths. The first phase is estimated to cost about USD 30 million to develop. Odfjell will own 55% of the joint-venture and Garson Group will hold 45%.