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BIZCHINA / Top Biz News |
Qingdao Port to raise 4b yuan for expansion(Bloomberg)
Updated: 2007-08-13 15:21 Qingdao Port Group Co, which operates China's biggest crude oil import terminal, plans to raise as much as 4 billion yuan ($528 million) in an initial share sale for expansion. The company will sell shares of its container and crude oil handling unit in China by the end of September, Vice President Wang Shaoyun told reporters in Qingdao in eastern China. UBS AG is helping to arrange the sale of the yuan-denominated shares, Chairman Chang Dechuan said. Qingdao Port needs to add berths and expand its capacity to meet China's surging oil demand. The world's biggest-energy consumer after the US imported a record 3.5 million barrels of crude a day last month, as output from domestic fields failed to keep pace with energy demand. The nation's economy grew 11.9 percent in the second quarter, the fastest pace in 12 years. The proceeds of the share sale will be used to expand the port, including the crude oil terminal, Chang said. Qingdao port, which handles a fifth of China's crude oil shipments, is based in the eastern province of Shandong. Qingdao Port expects to handle 32 million metric tons of crude oil imports in 2007, 10 percent more than last year, Chang said. The gain is prompted by an increase in refining capacity and emergency oil stockpiles by China Petroleum & Chemical Corp, he said. The company may handle 50 million tons of crude oil imports by 2009, Chang said. |
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