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Shenhua gets green light for coal dock project in Tianjin
By Richard Fu |
May 29, 2012, Tuesday
|
Online Edition
Online Edition
CHINA Shenhua Energy Co said today the government has approved its plan to build a 3.82 billion yuan (US$602 million) coal dock project in Tianjin.
The project in north China will include three coal-loading berths with combined annual capacity of 35 million tons, the company said in a statement. Sixty-five percent of the investment will be funded by bank loans, with the remainder from equity.
The National Development and Reform Commission, China's top planning agency, approved the project. The country is speeding up approvals of major infrastructure projects to stimulate growth in the face of an economic slowdown.
Hong Kong and Shanghai-listed Shenhua is China's largest coal producer. The company, which also owns railway, port and power generation businesses, is building docks to beef up its coal transportation capability. Analysts say this integrated business model gives the company an edge over its rivals.
The NDRC last week approved two major steel plants in Guangdong and Guangxi. Combined investment in the plants is expected to reach 134 billion yuan.
The project in north China will include three coal-loading berths with combined annual capacity of 35 million tons, the company said in a statement. Sixty-five percent of the investment will be funded by bank loans, with the remainder from equity.
The National Development and Reform Commission, China's top planning agency, approved the project. The country is speeding up approvals of major infrastructure projects to stimulate growth in the face of an economic slowdown.
Hong Kong and Shanghai-listed Shenhua is China's largest coal producer. The company, which also owns railway, port and power generation businesses, is building docks to beef up its coal transportation capability. Analysts say this integrated business model gives the company an edge over its rivals.
The NDRC last week approved two major steel plants in Guangdong and Guangxi. Combined investment in the plants is expected to reach 134 billion yuan.
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