Shanghai port group in overseas move

Shanghai: China's leading port group SIPG (Shanghai International Port Group) has signed a framework agreement with APM Terminals for a 40% stake in the latter's new Zeebrugge facility which opened in May, marking the Shanghai port operator's first expansion overseas. The signing ceremony took place at the Egmont palace in Brussels and was attended by China's visiting Vice Premier Mr Zeng Peiyan, emphasising the importance of the Sino-European port partnership. APM Terminals and SIPG have cooperated together since December 2003 when they signed a joint venture on the Shanghai East Container Terminal (SECT), and the two have since entered into a partnership (with three others) on Yangshan Phase 2. SIPG handled a total 268m tons in 2005, with container throughput totalling 18.08m teu.  [25/09/06]