September 14 -- Zhejiang Haiyue (600387.SH) reported yesterday that it plans to spend 24 million yuan to set up a joint venture (JV) will construct a chemical industry terminal with annual throughout of 2.7 million tons, report yicai.com, citing the company’s announcement.

Haiyue’s subsidiary, Ningbo Haiyue New Material, has signed an agreement with Ningbo Qingzhi Chemical Industry Terminal and Ningbo Economic and Technological Development Holding to set up the JV, named Ningbo Qijiashan Chemical Industry Terminal, with registered capital of 50 million yuan.

Haiyue invested 24 million yuan in the JV, accounting for 48 percent of total capital. The JV is involved in the construction and operation of ports and terminals, as well as loading and unloading of liquid chemical products.

The construction of the chemical terminal costs 180 million yuan, and the JV will borrow money from banks. The terminal will support Haiyue’s production lines of 1.38 million tons of propane and mixed carbon.