Titan Petrochemicals' troubles with its Quanzhou yard appear to be seeing some hope of resolution, with the memorandum of understanding for long-term cooperation in the management and operation of the yard which it signed with an Asian oil rig manufacturer in November moving a step forward.

Titan said in a stock market announcement that the other party has arranged for its experts to visit the yard and given a cooperation proposal and the proposed terms. Titan further updated that the parties are at the final stage of the negotiations and expect to finalise the formal
binding documentation shortly.