Cosco picks two sites for $3-B project
CHINESE shipping giant China Ocean Shipping Co. is splitting between Sangley Point and Subic its planned investment in an Asian cargo hub worth at least $3 billion, having seen both sites during a visit here last month.
Francis Chua, presidential adviser on China trade and investments, said in an interview that a team of experts from Cosco's diverse operations in the region had seen the advantages of both locations and that the group did not want to pass up on either.
In a week-long sortie last month, half of the team visited Sangley Point--the subject of an executive order mandating its development into an international logistics hub--while another went to Subic, which is fast becoming a maritime center in East Asia.
"[They] want Sangley Point because of its nearness to Manila, and Subic, because it offers the best options for eventual expansion of operations," Chua said. "They found the two areas really attractive."
He said the team would meet up with Cosco top brass in Beijing to consolidate and assess their findings, and to figure out their next steps.
"Part of what they would decide on would be a second visit and how to go into a more detailed approach to realize their shipping hub," he said.
Chua, who is also president of the Federation of Filipino-Chinese Chamber of Commerce and Industry, said everything was still subject to a comprehensive assessment and feasibility analysis.
Still, he said that while Cosco was focusing on Sangley and Subic, local government executives in other provinces across the country was offering alternative sites for the project.
In an earlier interview, he said Cosco was prepared to foot the entire bill for the development of whichever site would be chosen, including land reclamation and port construction.
He said Cosco was fully committed to have a cargo hub in the Philippines, which would be a gathering point for shipments from all over the region on the way to the United States.
Cosco needs enough land area that could accommodate a pier and a container yard or about 50 hectares to 100 hectares.
Founded in 1961 as a pioneering international shipping carrier in China, Cosco is a $17-billion corporation that provides services in freight forwarding, shipbuilding, shiprepairing, terminal operation, trade, financing, real estate and information technology industry.
Cosco owns and operates a variety of merchant fleet of some 600 vessels with total carrying capacity of up to 35 million dead weight tons, which help accommodate a yearly traffic volume of at least 300 million tons.
The group has subsidiaries spread in Guangzhou, Shanghai, Tianjin, Qingdao, Dalian, Xiamen and Hong Kong, and owns and operates various types of ocean shipping fleets for the shipment of containerships, bulk carriers, oil tankers as well as specialized carriers.
Cosco's ships and containers call on some 1,300 ports in at least 160 countries and regions worldwide. By Ronnel Domingo - Inquirer
Francis Chua, presidential adviser on China trade and investments, said in an interview that a team of experts from Cosco's diverse operations in the region had seen the advantages of both locations and that the group did not want to pass up on either.
In a week-long sortie last month, half of the team visited Sangley Point--the subject of an executive order mandating its development into an international logistics hub--while another went to Subic, which is fast becoming a maritime center in East Asia.
"[They] want Sangley Point because of its nearness to Manila, and Subic, because it offers the best options for eventual expansion of operations," Chua said. "They found the two areas really attractive."
He said the team would meet up with Cosco top brass in Beijing to consolidate and assess their findings, and to figure out their next steps.
"Part of what they would decide on would be a second visit and how to go into a more detailed approach to realize their shipping hub," he said.
Chua, who is also president of the Federation of Filipino-Chinese Chamber of Commerce and Industry, said everything was still subject to a comprehensive assessment and feasibility analysis.
Still, he said that while Cosco was focusing on Sangley and Subic, local government executives in other provinces across the country was offering alternative sites for the project.
In an earlier interview, he said Cosco was prepared to foot the entire bill for the development of whichever site would be chosen, including land reclamation and port construction.
He said Cosco was fully committed to have a cargo hub in the Philippines, which would be a gathering point for shipments from all over the region on the way to the United States.
Cosco needs enough land area that could accommodate a pier and a container yard or about 50 hectares to 100 hectares.
Founded in 1961 as a pioneering international shipping carrier in China, Cosco is a $17-billion corporation that provides services in freight forwarding, shipbuilding, shiprepairing, terminal operation, trade, financing, real estate and information technology industry.
Cosco owns and operates a variety of merchant fleet of some 600 vessels with total carrying capacity of up to 35 million dead weight tons, which help accommodate a yearly traffic volume of at least 300 million tons.
The group has subsidiaries spread in Guangzhou, Shanghai, Tianjin, Qingdao, Dalian, Xiamen and Hong Kong, and owns and operates various types of ocean shipping fleets for the shipment of containerships, bulk carriers, oil tankers as well as specialized carriers.
Cosco's ships and containers call on some 1,300 ports in at least 160 countries and regions worldwide. By Ronnel Domingo - Inquirer
posted by OlongapoCity Zambales at
8:44 AM
0 Comments:
Post a Comment
<< Home