The group's chairman, Yu Rumin has confirmed that the investment will go toward widening its port channel and for special equipment to handle coal and oil, among other projects. He said the group's five-year investment plan through 2010 amounted to Yuan 45B, but added "we might exceed that."
He also said the company was holding talks about a possible acquisition in northern China, but he declined to give further details.
Cargo throughput at the port has been falling since mid-2008 as a result of the global financial crisis which has hit exports and imports. The chairman said that total throughput recorded negative growth in January compared with a year ago, adding that business had picked up in February when the company handled 8 mt of iron ore imports, which was a record for the port.