Chinese energy firm Zhejiang Energy Group and Zhejiang Provincial Financial Holdings have formed a joint-venture port investment company entitled Zhejiang Haitou Group.
Zhejiang Haitou Group has capital of around US$1 billion and was announced as part of the China Marine Economy Development Forum.
The new company will be focused on port development as well as offshore engineering.
It is expected that the planned Zhoushan Jintangdao container port expansion on China’s eastern coastwill be one of its first major projects.
The new joint venture will also incorporate activities from subsidiary and related operating units, including Zhejiang Sea Investment Group, Hong Kong Investment Development Corporation and Zhoushan Jintang Island container port.
Zhejiang Investment Group also plans to start the construction of a port at Ao in Jintang Island, in China’s North-eastern Zhejiang Province.
This will include two container terminals with 14 berths and supporting infrastructure at Jintang Logistics Park.
The project is estimated to provide a throughput capacity of 7 million TEU annually.