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$439m shot in the arm for Qingdao Port
2009/3/4
Qingdao Port (Group), China''s third-largest container port operator, is to invest US$439 million in the port this year as a government stimulus plan helps offset falling exports.
While the global slowdown was having a significant impact on the company, the huge $583.92 billion package to stimulate the economy would be critical as the focus turns toward the domestic economy, an official told Reuters.
The executive, who is also a delegate to the National People''s Congress, said the investment would include an oil pipeline project in the company''s home coastal province of Shandong.
The project would include local government investment along with participation from the country''s top oil firm CNPC, the parent of PetroChina, he said.
Qingdao Port is also boosting its container handling capabilities with the ongoing investment along with DP World, A P Moller-Maersk''s port arm APM Terminals and China’s Cosco.
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2009/3/5