Nicaragua canal company banking on US shale gas exports

The chairman of the Hong Kong-based Chinese firm that won a concession to design, build and manage a canal in Nicaragua to match the Panama Canal revealed to local media his vision for the project.

HKND chairman Wang Jing said the success of the $40bn project is based on the US shale gas revolution, which is seen leading to bigger tankers that exceed the Panama Canal's capacity.

HKND has been talking to banks and financial institutions and has had preliminary contact with large companies, including those from the energy sector, Wang said.

Wang also clarified that HKND would be doing all the fund raising for the project without any investment from the Nicaraguan government or the Chinese government.

While HKND's stake may change depending on the composition of potential investors, he insisted its holding would be significant enough to maintain a controlling stake.

Previous story: Nicaragua awards canal concession to HK firm

Posted 26 June 2013

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Vincent Wee

Asia Editor, Seatrade Maritime News

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