[4 December, 2008 - Hong Kong] Shenzhen Yantian Port Group (YPG) and Hutchison Port Holdings (HPH) are pleased to announce that they have signed a Heads of Agreement (HoA) for the joint construction and development of the Shenzhen Yantian East Port Phase I Container Terminal Project (East Port Phase I) at Yantian Port.

The East Port Phase I Project will cover a total area of 138.56 hectares. It will also have a total quay length of 1,442 metres split between four deepwater berths - two 6,600-TEU berths and two 9,500-TEU berths. A joint team will soon be assembled to carry out preparation work for the construction of this phase.

In order to optimise the use of resources and lower operational costs, Yantian International Container Terminals (YICT) will manage East Port Phase I along with existing facilities at West Port, Phases I, II, and III, and the Expansion Project of Yantian Port.

YPG and HPH signed their first joint venture agreement in 1993. With the construction and completion of each new phase, the relationship of the partners has grown in strength. The development of East Port Phase I will further solidify this relationship while expanding YICT's terminal operations, logistics and information services and enhancing the competitiveness of Yantian Port.

The signing of the HoA was celebrated at a ceremony attended by Guests of Honour Xu Zongheng, Mayor of Shenzhen, and Vice-Mayor Zhang Siping. Representatives from YPG and HPH also attended, including Canning Fok, Group Managing Director of Hutchison Whampoa Limited; Eric Ip, Executive Director of HPH; Kenneth Tse, Managing Director of YICT; and Zheng Hongjie, Chairman of the Board of YPG.

Zheng Hongjie (left), Chairman of the Board of YPG, and Eric Ip, Executive Director of HPH, sign the Heads of Agreement. Xu Zongheng (back row eighth from left), Mayor of Shenzhen; Zhang Siping (back row seventh from left), Vice-Mayor of Shenzhen; Canning Fok (back row sixth from right), Group Managing Director of HWL; and Kenneth Tse (back row first right), Managing Director of YICT attend the signing ceremony

Canning Fok, Group Managing Director of HWL

Xu Zongheng, Mayor of Shenzhen

Notes to Editors:

About YPG

Shenzhen Yantian Port Group Company Limited (YPG), established in 1985, is a state-owned enterprise under Shenzhen State-owned Assets Supervision and Administration Commission. The Group is mainly engaged in the development, construction and operation of Yantian Port and the adjacent land area, providing customers with a full range of value-added benefits that include container tracking, warehousing, tugboat services, and other related services.

About HPH

Hutchison Port Holdings (HPH), a subsidiary of the multinational conglomerate Hutchison Whampoa Limited (HWL), is the world's leading port investor, developer and operator with interests in a total of 292 berths in 47 ports, spanning 24 countries throughout Asia, the Middle East, Africa, Europe, the Americas and Australasia. HPH also owns a number of transportation-related service companies.

In 2007, the HPH Group handled a combined throughput of 66.3 million TEU worldwide.

© Copyright 1996-2023 irasia.com Ltd. All rights reserved.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.