DUBAI's DP World will invest CNY1.2 billion (US$162.48 million) in building two 50,000-tonne multi-use terminals in the first phase of Yueqing Bay Port Area in Wenzhou, Zhejiang province, Xinhua reported.
DP World signed a letter of intent with the municipal government of Wenzhou on December 10 for the port project. Work on the project is expected to be started at the end of 2008 or early 2009.
The new terminals are expected to attract shipping companies to bring international services, ending Wenzhou's history without them, the report said.
The first phase of Yueqing Bay Port Area project, with an area of 60.8 square kilometres, will involve the building of 43 berths with a capacity of 82 million tons, including 18 berths with each having a annual capacity of more than 50,000 tons.
The port area will have a deep-water capability, integrating transport, harbour industries, logistics, shipbuilding and recreation, the report said.
The developer of the port area is now working on land reclamation, expected to be completed in early next year when 3.3 square kilometres of land will be recovered from the sea.
DP World signed a letter of intent with the municipal government of Wenzhou on December 10 for the port project. Work on the project is expected to be started at the end of 2008 or early 2009.
The new terminals are expected to attract shipping companies to bring international services, ending Wenzhou's history without them, the report said.
The first phase of Yueqing Bay Port Area project, with an area of 60.8 square kilometres, will involve the building of 43 berths with a capacity of 82 million tons, including 18 berths with each having a annual capacity of more than 50,000 tons.
The port area will have a deep-water capability, integrating transport, harbour industries, logistics, shipbuilding and recreation, the report said.
The developer of the port area is now working on land reclamation, expected to be completed in early next year when 3.3 square kilometres of land will be recovered from the sea.