InterChina Partners, one of leading investment banking advisory firms based in China, is pleased to announce that it has advised global tank storage service provider Odfjell Terminals Asia on the divestment of its 49% equity holdings in Tianjin Nangang Odfjell Terminal to Jiangyin Hengyang Chemical Storage Ltd. (“Hengyang Chemical Storage”), a joint venture between Hengyang and Sinopec Group. The transaction was completed on June 22, 2022.

Odfjell Terminals Asia, the Asia platform of a global tank storage service provider owned by Odfjell Terminals BV under the Odfjell Group, a world’s leading shipping company with over one hundred years history and Lindsay Goldberg, a New York based private equity fund. Odfjell Terminals provides safe and efficient storage for vital liquids, chemicals and oil products at strategic international shipping hubs. Odfjell Terminals provides safe storage for vital liquids and chemicals in Antwerp (Belgium), Ulsan (Korea) etc.

Hengyang Chemical Storage is a leading integrated liquid chemical storage provider in China. It operates and build tank storage and terminals in Jiangsu, Chongqing, Hunan, Wuhan and other parts of China. One of Hengyang Chemical Storage’s major shareholders is Sinopec, China’s leading chemical and energy producers. Sinopec has wide range of business activities with annual turnover of US$283 billion in 2021.

This divestment is in line with Odfjell Terminals Asia’s strategy to grow and focus on chemical terminals in locations where they can harvest synergies with Odfjell Tankers.

InterChina’s deal team includes Barry Chen, Partner in Charge.

“We are delighted to have supported Odfjell Terminals Asia on this highly strategic transaction. We have completed the divestments of Odfjell’s equity interests in two other locations in China in the last three years. The transaction in Tianjin has some extremely challenging elements. We are able to prevail, and pleased to bring this to a final closure for our client. This makes Odfjell’s exit in terminal operations in China complete” said Barry Chen, Partner in Charge at InterChina.

InterChina served as Odfjell Terminals Asia’s advisor and provided comprehensive transaction advice, including full sale side services, negotiation of key terms and definitive agreements, and transaction process management. This is a highly complicated transaction involves debt restructuring, and negotiation with multiple parties, banks/creditors, government, JV partners and investors etc.