China's CIG Yangzte Ports plans to spend $102.3 million on a second-phase expansion of central China's Wuhan International Terminal Port (WITM) by the end of this year, news reports said.
CIG plans to take up a 40% stake and develop four berths in phase II, which will increase WITM's throughput to 1.2 million twenty-foot equivalent units (TEUs) when it becomes operational by 2010, said CIG chairman Edward Chow Kong Fai.
CIG already has an 85% stake in the two-berth phase I of WITM's expansion project.
This new investment by CIG comes on the back of recent announcements by the Wuhan Port Group, now owned by the Shanghai International Port Group, that it was to spend $181 million on boosting the number of berths and increasing container handling facilities at Wuhan.
Upon completion of phase II, WITM will be one of the largest ports in central Asia, accounting for 80% of Wuhan's total throughput.
According to CIG's annual report, phase I of WITM handled 107,384 TEUs in 2006, an 82% increase from 59,098 TEUs in 2005.
Wuhan lies mid-way between Shanghai and Chongqing on the Yangtze River and is the largest hub port in central China.
CIG plans to take up a 40% stake and develop four berths in phase II, which will increase WITM's throughput to 1.2 million twenty-foot equivalent units (TEUs) when it becomes operational by 2010, said CIG chairman Edward Chow Kong Fai.
CIG already has an 85% stake in the two-berth phase I of WITM's expansion project.
This new investment by CIG comes on the back of recent announcements by the Wuhan Port Group, now owned by the Shanghai International Port Group, that it was to spend $181 million on boosting the number of berths and increasing container handling facilities at Wuhan.
Upon completion of phase II, WITM will be one of the largest ports in central Asia, accounting for 80% of Wuhan's total throughput.
According to CIG's annual report, phase I of WITM handled 107,384 TEUs in 2006, an 82% increase from 59,098 TEUs in 2005.
Wuhan lies mid-way between Shanghai and Chongqing on the Yangtze River and is the largest hub port in central China.
