Chinese state-owned China Shipping (Group) Company is set to take up a 20% stake in a joint venture (JV) to develop a new container terminal in Egypt's Mediterranean port of Damietta, news reports said.
China Shipping's president, Li Shaode, said the investment needed for the project would run into tens of millions of US dollars for their 20% share.
The project will be developed under a build, operate and transfer agreement by five investors, one of them being China Shipping, according to a report in Lloyd's List.
Reports say that official contracts have not been signed as discussions between potential partners and the local government are ongoing.
The other four JV partners are an Egyptian firm, an Arabic investor, a global port operator and an international shipping company.
According to a source from China Shipping, the conglomerate is in the process of negotiating for a long concession, likely to be 30 to 40 years.
China Shipping's president, Li Shaode, said the investment needed for the project would run into tens of millions of US dollars for their 20% share.
The project will be developed under a build, operate and transfer agreement by five investors, one of them being China Shipping, according to a report in Lloyd's List.
Reports say that official contracts have not been signed as discussions between potential partners and the local government are ongoing.
The other four JV partners are an Egyptian firm, an Arabic investor, a global port operator and an international shipping company.
According to a source from China Shipping, the conglomerate is in the process of negotiating for a long concession, likely to be 30 to 40 years.