Shenhua to invest in dock
By Fu Chenghao |
May 30, 2012, Wednesday
|
Print Edition
Print Edition
THE Chinese government has approved China Shenhua Energy Co's plan to build a 3.82 billion yuan (US$602 million) coal dock project in Tianjin.
The project will include three coal loading berths with a combined annual capacity of 35 million tons, the company said in a statement yesterday.
Shenhua will use 30 percent equity to fund the dock and the rest by bank loans, it said.
The approval from the National Development and Reform Commission, China's top planning agency, comes as the country is speeding up approvals for major infrastructure projects to lift growth in the face of an economic slowdown.
Hong Kong- and Shanghai-listed Shenhua is China's largest coal producer. The owner of railway, port and power generation businesses is building docks to boost transport of the fuel.
The NDRC last week also approved two steel plants in Guangdong and Guangxi with a combined investment of 134 billion yuan.
The project will include three coal loading berths with a combined annual capacity of 35 million tons, the company said in a statement yesterday.
Shenhua will use 30 percent equity to fund the dock and the rest by bank loans, it said.
The approval from the National Development and Reform Commission, China's top planning agency, comes as the country is speeding up approvals for major infrastructure projects to lift growth in the face of an economic slowdown.
Hong Kong- and Shanghai-listed Shenhua is China's largest coal producer. The owner of railway, port and power generation businesses is building docks to boost transport of the fuel.
The NDRC last week also approved two steel plants in Guangdong and Guangxi with a combined investment of 134 billion yuan.
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