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Tianjin TEDA to invest RMB 1.24 bln in local oil depot
Published on: 2009-12-02
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Tianjin TEDA Co., Ltd, an investment firm principally engaged in construction, textiles and apparel, has announced that its subsidiary Tianjin TEDA Landun Group will spend RMB 1.24 billion on the construction of a local oil depot with a maximum capacity of 800,000 cubic meters, sources reported on 2 December, 2009. The subsidiary will contribute 20% of the cost of building the oil depot and will apply for bank loans to fund the remaining 80%.

The oil depot, which will be located in Tianjin Nangang Industrial Zone, will cover an area of 241,297 square meters. The project, which will be completed within 13 months, is expected to reap RMB 9.28 billion in operating revenue and RMB 545.93 million in gross profits. Profit after tax will hit RMB 409.45 million and the rate of return on investment will reach 34.58%.

Last year, the Shenzhen-listed firm invested in a 400,000-ton oil depot project in Tianjin Lingang Industrial Area.

In addition, Tianjin TEDA plans to sell a construction subsidiary based in Chengdu, Sichuan Province for RMB 222.42 million. It hopes to earn RMB 176.46 million from the deal. Tianjin Trust Co Ltd will purchase an 80% stake in the subsidiary for RMB 178 million and a Jiangsu-based property firm belonging to Fullshare Group will acquire the remaining 20% for RMB 44.42 million.

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