VTG buys Vopak stake in China chem logistics JV

25 June 2008 18:05  [Source: ICIS news]

TORONTO (ICIS news)--VTG Group has acquired Vopak’s 50% stake in Chinese chemical and petrochemical logistics provider Cosco-Vopak Logistics for an undisclosed sum, the Germany-based logistics firms said on Wednesday.

Renamed Cosco-VOTG, the Shanghai-based venture is specialised in logistics services of chemicals for the chemical and petrochemical industry within China, VTG said.

Its customers have included European and American chemical companies which require logistical support for their exports and imports and also for distribution within China from their own local production facilities, VTG said.

Vopak and China Ocean Shipping Company (Cosco) had formed the joint venture in 2004. It employs a staff of 30 and had revenues of $14m (€9m) last year.

"We expect that the strong economic upturn in China – especially within the chemical sector – will continue to accelerate the demand for logistics services,” said VTG head Heiko Fischer.

($1 = €0.64)

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By: Stefan Baumgarten
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