COSCO Ports jumps into joint venture in Quanzhou
COSCO Pacific said Tuesday its wholly owned subsidiary, COSCO Ports has entered into a joint venture contract with Quanzhou Port Container Co. to set up Quanzhou Pacific Container Terminal Co.
The new joint venture will manage and operate four berths in Shihu area at Quanzhou Port, construct a new container berth in Shihu area, and build a new multipurpose berth in Xiutu area. The container terminal is designed to handle 1 million TEUs and has a yard area of about 280,000 square meters, quay length of 970 meters and water depth of 15.1 meters.
The two new berth to be built by Quanzhou Pacific Container Terminal Co. are expected to be built by 2008.
Located at Quanzhou City in Fujian province, Quanzhou Port is the 13th-largest container port and fifth-largest domestic trade container port in China in terms of container throughput. It handled 630,000 TEUs in 2005 and is expected to reach 870,000 TEUs this year and 2 million TEUs by 2010.