Hong Kong: Dubai-based DP World signed a letter of intent with the municipal government of Wenzhou, Zhejiang Province, on December 10, 2007.
Under the agreement, the Middle East shipping company will invest CNY 1.2 billion in building two 50,000-tonnage multi-purpose terminals at the first phase of the Yueqing Port Area in the coastal city.
The first phase project of the port area, which covers 60.8 square kilometers, consists of 43 berths with designed throughput of 82 million tons. It will be built into a comprehensive deep-water port embracing transportation, harbor industries, logistics, shipbuilding and recreation.
The port area is now busy with land reclamation project, which started in May 2007, and formal port construction will begin at the end of 2008 or in early 2009. [13/12/07]
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