COSCO Pacific's wholly owned subsidiary Cosco Terminal (Xiamen Haicang) Co. has agreed to set up a joint venture company with Xiamen Haicang Investment Corporation to build and operate a new container terminal at Haicang, southeast of Xiamen port, Xinhua reported.
The CNY3.99 billion (US$537 million) project of four berths, each with a quay of 377 metres. First phase of the terminal will be completed by the end of 2008, and start operation in 2009.
The joint venture company has a registered capital of CNY1.33 billion. Cosco Terminal (Xiamen Haicang) Co. has invested CNY932 million and holds 70 per cent in the joint venture. Xiamen Haicang Investment Corporation invested CNY399 million and holds 30 per cent.
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