Saturday, July 14, 2012

Jurong Port inks deal to manage Hainan port

Straits Times: Sat, Jul 14

JURONG Port has signed a joint-venture deal that will involve it managing one of the busiest ports on China's Hainan Island.

The agreement to run Yangpu Port, which is also said to be the best deep-water port in Hainan, gives Jurong Port a foothold in China's booming south.

Jurong Port chief executive Matthew Chan said: 'Yangpu joint-venture port is our first major port venture in fast-growing southern China.

'In addition to Asean, the port will tap the rapid development of Hainan, which is the largest special economic zone in China.'

Jurong Port, which signed the deal with joint-venture partner SDIC Yangpu Port Co in Hainan's capital Haikou on Thursday, has a similar agreement in Rizhao, Shandong province.

Yangpu Port handled about 8.7 million tons of general and bulk cargo last year, including 310,000 twenty-foot equivalent units (TEUs) of container cargo.

It is the main port serving the Yangpu Economic Development Zone, a fast-developing industrial area in north-west Hainan.

SDIC Yangpu is jointly owned by SDIC, which has 75 per cent, and Yangpu Holdings.

SDIC or the State Development and Investment Corporation is the largest state-owned investment holding company in China.

Besides ports, the SDIC group of companies are also involved in power generation, manufacturing, infrastructure development and real estate in China.

Yangpu Holdings is wholly owned by the Hainan government, and is responsible for developing the Yangpu Economic Development Zone, a free trade area of about 69 sq km.

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