Two major ports in Hebei province and Tianjin municipality has signed an agreement to work together instead of competing with each other, resulting in the foundation of a new company, the Tangshan Container Terminal.
Tangshan Port and Tianjin Port signed the deal on July 18, which drew up some 500 million yuan ($74.65 million) in registered capital.
The newly-formed container terminal will process cargo from Asia, Europe and America.
Sun Wenzhong, Chairman of the Board of Tangshan Port Group, said that the cooperation represents a win-win situation for the two ports and will benefit the development of the Beijing, Tianjin and Hebei areas.
By the end of the 13th Five-Year Plan (2016-2020) period, container ship berths at the Tianjing-Tangshan ports will increase from four to ten, with container capacity rise from 1.2 million to five million per year.
Tangshan Port and Tianjin Port signed the deal on July 18, which drew up some 500 million yuan ($74.65 million) in registered capital.
The newly-formed container terminal will process cargo from Asia, Europe and America.
Sun Wenzhong, Chairman of the Board of Tangshan Port Group, said that the cooperation represents a win-win situation for the two ports and will benefit the development of the Beijing, Tianjin and Hebei areas.
By the end of the 13th Five-Year Plan (2016-2020) period, container ship berths at the Tianjing-Tangshan ports will increase from four to ten, with container capacity rise from 1.2 million to five million per year.