Qinhuangdao Port, China’s largest coal port in terms of handling volume, has announced a plan to replenish RMB818.8m ($118m) into Cangzhou Huanghua Mineral Port Company, a bulk terminal operator at Huanghua Port.
Following the capital injection, Qinhuangdao Port’s shareholding in the terminal will be increased to 98.9% while its partner HBIS Group’s shareholding in the venture will be diluted to 1.1%.
The latest investment is believed to be part of Qinhuangdao Port’s efforts to prepare for the relocation of the port.
Earlier this year, Splash reported that the Hebei government is considering to transform Qinhuangdao Port into a container and cruise port as the central government aims to cut down coal consumption and promote clean energy. Qinhuangdao Port is said to be looking at other ports in Hebei including Caofeidian and Huanghua for a relocation.
This year, Qinhuangdao Port also increased its stake in Cangzhou Huanghua Port Crude Oil Stevedoring, the operator of a crude oil terminal under construction at Huanghua Port.