Joint-venture of iron ore terminal at Port of Dongjiakou in Qingdao
In the signing ceremony of Shandong and Hong Kong Co-operation projects in Hong Kong on May 29, 2013, ajoint venture agreement of an iron ore terminal project at Port of Dongjiakou in Qingdao was signed with the witness of Mr. Guo Shuqing, Deputy Secretary of Shandong Provincial Party Committee and acting Governor, Mr. Li Qun, Shandong Provincial Party Committee Member and Party Secretary of Qingdao,and other honourable guests from Shandong province and local government, said in the press release.
With the strong support from Qingdao municipal government and COSCO Group, COSCO Pacific Limited (“COSCO Pacific” or the “Company”) and Qingdao Port Group, China Merchants Holding International, and IMC Group establish a joint venture to invest, manage and operate an iron ore terminal at Dongjiakou port area (“DJK Terminal” or the “Terminal”). The terminal has been builtand equipped with a 300,000-ton berth, a 200,000-ton berth and supplementary facilities. Total investmentis approximately RMB3.8 billion. The shareholding of four parties is 30% (Qingdao Port Group), 25% (COSCO Pacific), 25% (China Merchants Holdings International) and 20% (IMC Group) respectively. This investment is in line with COSCO Pacific’s corporate strategy in relation to diversificationof terminal investment.
With the background of a well-established long-term cooperation, the substantial strengths of four parties of this joint venture in shipping, logistics and port related businesses have formed a solid foundation to develop the DJK Terminal to be a modern terminal providing the most efficient terminal and port related services to their customers and the local communities in Shandong.
