Stolt-Nielsen S.A. announced that its wholly owned subsidiary, Stolthaven Terminals BV (Stolthaven), signed a partnership agreement with CITIC Daxie Development Co. in Ningbo, China to establish a joint venture to design, construct, own and operate a state-of-the-art chemical and oil products terminal on Daxie Island, China.  Stolthaven and CITIC Daxie Development Co. will each own 50% of the newly formed joint venture company, Stolthaven Ningbo, Ltd. 
The initial phase of development is anticipated to include the construction of 23 storage tanks, with a total capacity of 204,000 cubic meters at a total estimated investment of $44 million.  Stolthaven's share of the initial investment is $22 million. The terminal is expected to be operational in 2008. 
"Ningbo serves the East China region, including the cities of Shanghai, Jiangsu and Zhejiang. It has an area of 800,000 square kilometers and a population of over 370 million," said Walter E. Wattenbergh, Managing Director of Stolthaven Terminals BV.  "This new terminal facility offers natural deep water berths and will serve as an important gateway to the region, where economic growth and industrial expansion are driving increased demand for petroleum products, petrochemical products and fine chemicals." 
Wattenbergh noted that the new terminal in Ningbo, along with other strategic investments by Stolthaven, including the recently announced terminal and jetty joint ventures in Tianjin, underscore Stolthaven's commitment to expanding its worldwide terminal network to provide increased service and value to its customers. 
Stolt-Nielsen S.A. established a representative office in Shanghai in 1994 and today, through its subsidiary Stolt-Nielsen Transportation Group, has offices in Shenzen, Shanghai and Tianjin.