[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.