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China's Ying Kou Port announces 3bn yuan expansion

China's Ying Kou Port announces 3bn yuan expansion

Shanghai: Gao Baoyu, chairman of Ying Kou Port Group, one of the top two port operators in Liaoning province, plans to invest up to 3 billion yuan to build new ports this year, writes China Business News writes.

Gao said that the new ports would boast bulk cargo berths and oil wharves and that the expansion would be part financed from the Group's capital resources (35%) and the rest of the money will be sourced from bank loans.

Ying Kou Port, which has a listed arm, mainly serves to export grain from Northeast China, and to import iron ores. During the first two months of 2009, throughput of Ying Kou Port increased by 6%. Gao said the major reason was Angang Steel Co Ltd's new plant in Ying Kou going into production, which spurred iron exports and iron ore imports.

The Group is planning to inject more of its assets into its listed arm, Gao said, but he did not say when.  [13/03/09]