China's Tianjin Port Group will invest 12.8 billion yuan ($1.87 billion) this year, up 6.7 percent from 2008, as the company improves its ability to process coal and crude oil, the group's chairman said on Friday. The new investment would also go towards widening its port channel and cooperating with companies, such as Shenhua Energy and Sinopec, Yu Rumin said in remarks to reporters on the sidelines of the annual session of parliament.
Yu also said the company was holding talks about a possible acquisition related to ports in northern China, but he declined to give further details.
"We are in talks about projects related to ports," he said.
The port handles mostly coal, iron ore, crude oil and containers.
The comments come a day after the mayor of the northern city of Dalian said the parent of Dalian Port (PDA) Co Ltd will buy Jinzhou Port this year. [ID:nPEK124165]
He said the group's five-year investment plan through 2010 was 45 billion yuan, but added that the sum might be exceeded.
Yu said he believed the worst of the economic downturn's impact on the company had taken place in January, with signs of an improving economy.
The company handled a record 8 million tonnes of iron ore imports in that month, compared with 5-6 million tonnes normally, he said.
But total throughput this year is expected to reach 360 million tonnes, on par with 2008, he said.
The group will inject into its Shanghai-listed unit Tianjin Port a 1.3 billion yuan crude oil port facility.
"We have made the promise, and we'll stick to that," he said, without providing a timeframe.
Yu also said the company was holding talks about a possible acquisition related to ports in northern China, but he declined to give further details.
"We are in talks about projects related to ports," he said.
The port handles mostly coal, iron ore, crude oil and containers.
The comments come a day after the mayor of the northern city of Dalian said the parent of Dalian Port (PDA) Co Ltd will buy Jinzhou Port this year. [ID:nPEK124165]
He said the group's five-year investment plan through 2010 was 45 billion yuan, but added that the sum might be exceeded.
Yu said he believed the worst of the economic downturn's impact on the company had taken place in January, with signs of an improving economy.
The company handled a record 8 million tonnes of iron ore imports in that month, compared with 5-6 million tonnes normally, he said.
But total throughput this year is expected to reach 360 million tonnes, on par with 2008, he said.
The group will inject into its Shanghai-listed unit Tianjin Port a 1.3 billion yuan crude oil port facility.
"We have made the promise, and we'll stick to that," he said, without providing a timeframe.