The ports division of Hutchison Whampoa of Hong Kong has signed an agreement with Shenzhen municipal government and Yantian Port Group to develop a third phase of Yantian port, the Financial Times said. The third phase of development, which should be completed in 2006, will increase Yantian’s capacity from 2m teu in 2000 to 5m teu.
Hutchison has already invested in the first two phases of the port, in which it held a 50.5 per cent stake. However, reflecting greater sensitivity to foreign ownership of Chinese ports, Hutchison’s stake in the third phase will be less than 45 per cent.
New inland line for oil products China National Petroleum Corp (Sinopec) and Yangtze River Navigation Group have established a new enterprise to transport, store and sell oil products along China’s inland waterways, China Daily said. Both partners have invested Yn200m in the new venture, whose headquarters are in Wuhan, Hubei province. The new company has five large oil depots, 195 ships and is able to sell 1.5m tons of oil a year.