Shanghai: Chongqing Port Logistics Group and State Development & Investment Corporation (SDIC) have signed a strategic agreement to jointly develop port infrastructure in Chongqing Guoyuan Port along the upper reaches of the Yangtze River.
Under the agreement, the two companies will jointly spend RMB4.3bn ($686m) on a new port area for bulk shipping including developing a bulk shipping terminal and railway connections.
Chongqing Port Logistics Group said the cooperation with SDIC will help the port expand its business connections with other ports along the Yangtze River.
Currently SDIC has invested in several ports along Yangtze River including Zhangjiagang, Jingzhou and Yichang.
Guoyuan Port started operations in December 2013. It is currently developing an RMB2bn port logistics park project, which is expected to commence operations in 2015.