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港口英语
ICTSI buys stake in
Yantai port
International Container Terminal Services Inc. has
signed a joint venture contract with Yantai Port Group Co.
Ltd. and SDIC Communications for the purchase of 60 percent of
Yantai Gangtong Container Terminal Co. Ltd. (Gangtong
Container Co.), which manages the Yantai Gangtong Terminal in
Shandong province, China.
The state-owned Yantai Port Group Co. Ltd. and SDIC Communications Co.
will retain 20 percent shareholdings each in Gangtong
Container Co.
Philippines-based ICTSI made the purchase through holding company ICTSI
(Hong Kong) Ltd. The purchase price was not disclosed.
The transaction is subject to Chinese regulatory approvals, including the
approval for the conversion of Gangtong Container Co. into a
Sino-foreign joint venture enterprise.
Gangtong, at the Port of Yantai, operates container berths 38 and 39 of
the Yantai Gangtong Terminal, including a 280,000-square meter
container yard and backup area.
Yantai is China's 10th-largest port, and handled 1.169 million TEUs in
2006, an increase of more than 68 percent.
Yantai Port encompasses three areas: Zhifu Bay Port Area, Western Port
Area and Penglai Port Area. The port lies across the heavy
industrial base in northeast China, and has seen rapid growth
in containerized and ro/ro cargo.
Yantai is at the eastern tip of the Shandong Peninsula, bordering the
Yellow Sea and Bohai Bay. It posted 2006 GDP growth of more
than 19 .2-percent. Shandong's GDP grew 14.5 percent from the
previous year.
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