STX becomes major Liaoning investor

Dalian: STX Group, based in the Republic of Korea, has officialy signed a package of investment contracts worth US$410m with Dalian municipal government. The contract package includes a general investment agreement, an agreement on hull-block construction, and a shipbuilding agreement, according to the China Daily. According to the contracts, STX Group will invest in building a ship industrial base in the Changxing Island Harbour Industry Zone in Dalian, one of five key investment destinations in Liaoning Province. Covering 2.08m square metres, the ship base will mainly be involved in shipbuilding and hull block construction and is expected to be operational by the second half of next year.  [24/11/06]