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GZ port signs contract
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GUANGZHOU Port signed a contract with Singapore port operator PSA Corp to manage three container berths at the Chinese city, the Guangzhou Daily reported on Wednesday.
The two sides will jointly invest US$100 million to improve the New Port's handling capacity of containers through technical innovation, and establish a joint stock company to facilitate the port's operation.
When the co-operative project is completed in 2005, the handling capacity of Guangzhou Port is expected to reach 3.8 million containers, as compared with 1.42 million reported in 2000, experts say.
Under the agreement signed in Guangzhou on Tuesday, Guangzhou Port will take a 51 per cent stake in Guangzhou Container Terminal Co Ltd with the remaining 49 per cent to be held by its Singaporean partner.
The joint venture will serve the demands for cargo and container services in the southern city of Guangzhou, China's fifth busiest port, Guangzhou Harbour Bureau said.
“The volume of cargo and containers generated at Guangzhou's hinterland is huge and growing rapidly," said Huang Guosheng, director-general of the harbour bureau.
“This growth generated a need for efficient container terminal facilities," he said.
PSA is the largest firm specializing in managing ports engaged in the transportation of containers worldwide.
PSA already has projects in the Chinese ports of Dalian and Fuzhou.(SD News)
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