Dragon Crown signs MOU with Dow Chemical China

China’s Dragon Crown Group Holdings Limited and Dow Chemical China Holdings Pte. Ltd. have signed a memorandum of understanding (MOU) to establish a joint venture chemical terminal facility in Tianjin Nangang Industrial Park. The new facilities will provide chemical logistics service to Dow, the Dragon Crown group and their affiliates. Dragon Crown will have an 80% stake in the new venture, while Dow will own 20%. The chemical terminal facility, which will cost approximately US$200 million, will provide both deep water access and capacity for six to nine million metric tons. It will be Dow’s first storage facility in China and its largest worldwide. According to Peter Sykes, president of Dow Greater China, the facility will cover a total area of 50 hectares. (July 8, 2011)