Beijing: China Ocean Shipping (Group) Company (COSCO) has made the decision to restructure its proposed $5bn plan for a logistics and shipping hub in the Phillipines. Space constraints at the Subic and nearby Sangley Point deepwater ports may force the shipping giant to build its shipyard at a different location to the logistics hub, although the original plans called for the facilities to be built adjoining each other. According to local media other areas under consideration include the Bataan and Quezon provinces in Luzon and a small island in the south.
The project is being overseen by its joint venture with Bantayog Ocean Shipping that has been named COSCO Philippines Shipping. [12/10/07]
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