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Aug 1, 2004 12:00 PM

Odfjell has signed a joint-venture agreement with the Garson Group of China to build a tank terminal in Jiangyin in China. The signing took place in Bergen, Norway, with the chairman of the board and chief executive officer of both Garson Group and Odfjell present, as well as a delegation from the Jiangyin government.

The Jiangyin tank terminal will be on the south riverbank of the Yangtze river about two hours' drive from Shanghai and about 12 hours by ship from the entrance of the Yangtze River. It will serve as a public first-come-first-serve ship/shore interfacing facility. The plan is to build a tank terminal with about 80,000-cbm storage capacity and two berths, both of which can accommodate ships up to 50,000 dwt. This terminal will have land for expansions and additional berths. The first phase is estimated to cost about US $30 million to develop.