The group said in a press release that its Surplus Full unit would be forming a 49-51 joint venture with a paid up capital of RMB10m ($1.5m) with Yunnan Investment Group to promote a 5m tonne oil refinery project in Myanmar as well as develop other business in the energy, tourism, railway and finance industries.
Titan said it is trying to diversify from its core business of ship and oil and gas industry construction and repair and upstream and downstream oil and gas business and trading of petrochemicals and broaden its income sources. The joint venture would enhance its downtream oil business, Titan added.
Yunnan Investment Group is the investment vehicle and financing platform of Yunnan Provincial Government, and is involved in industries as diverse as energy, railways, finance, information, tourism, agriculture, forestry and health care.
Source: Seatrade-maritime
