(Yicai Global) May 13 -- To quell reports it plans to pump USD5.9 billion into an Indonesian port project, Ningbo Zhoushan Port Co. [SHA:601018] said its investment is projected at only USD590 million, not USD5.9 billion.
Ningbo Zhoushan Port plans this investment in the Kalibaru project state port operator Pelindo II runs, the company said yesterday, as the Indonesian The Jakarta Post newspaper reported.
The project is an expansion of Tanjung Priok, Indonesia’s largest port.
Total investment will include USD137.5 million in capital, to which Ningbo Zhoushan Port will contribute USD27.5 million, or 20 percent. The firm has already submitted a project bid, but the results thereof have not yet been forthcoming.