Cosco Pacific, the ports and terminals arm of the China Ocean Shipping Group (Cosco), has signed a Memorandum of Understanding (MoU) with China’s Tianjin Port Authority to take a 50 percent interest in a joint venture that will build a new six-berth container terminal at the port in two phases.
Construction work on the three-berth Phase I development will begin early next year for completion in 2005. Cosco Pacific deputy managing director Kelvin Wong said the cost of the new terminal will be funded from the US$350 mill the company has set aside for port investments in China next year....
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This complete item is approximately 260 words in length, and appeared in the December 2003 issue of WorldCargo News, on page 7.
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