France's CMA CGM Group, the world's third largest container shipping firm, has won government approval to develop a deep-water container terminal in Xiamen's Haicang port in southern Fujian province, the official Xinhua news agency reported.
CMA CGM signed an agreement with Xiamen Municipality and Hong Kong's New World Services Holding Ltd in November last year to form a joint venture to construct and manage two container berths, which will become operational in 2010.
The French company will hold a 30 pct stake in the venture. No financial details were given.
The project, which was approved by the National Development and Reform Commission, the state planner, will be CMA CGM's first port investment in China.
CMA CGM signed an agreement with Xiamen Municipality and Hong Kong's New World Services Holding Ltd in November last year to form a joint venture to construct and manage two container berths, which will become operational in 2010.
The French company will hold a 30 pct stake in the venture. No financial details were given.
The project, which was approved by the National Development and Reform Commission, the state planner, will be CMA CGM's first port investment in China.