Beijing: State-owned China Ocean Shipping Companies Group (COSCO) is currently in negotiations to buy a 55% majority stake in a 6.6bn yuan ($861.2m) port expansion project in the Jiangsu province, reports the South China Morning Post. The company has already signed a memorandum of understanding with Lianyungang Port Group, which will finance the construction of 11 new berths by 2012 to cater to international routes. The two parties are expected to sign an official contract later this year.
COSCO is also reportedly in negotiations to build a cargo hub in Batangas or Subic (both in the Philippines) for consolidation of its U.S.-bound cargo. The company may operate the hub in conjunction with a local partner. [22/05/07]
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