DB World has signed a letter of intent with the municipal government to build two 50,000 tonnage terminals at the Yueqing port area in Wenzhou, Zhejiang province.
The $163 million multi-purpose terminals will be build in the first phase of the port area project, which covers an area of about 61 square kilometres. Fourty three berths with designed throughput of 82 million tonnes will also be constructed during this period.
The area will eventually be built into a comprehensive deep-water port embracing transportation, harbor industries, logistics, shipbuilding and recreation.
Formal construction is expected to begin at the end of 2008 or in early 2009.
DP World and Wenzhou Government are expected to sign a framework agreement in April 2008.
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