Chinese Overseas Shipping Company to partner OKFTZ

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

28 Dec 2007

The Chinese Overseas  Shipping Company (Cosco), has expressed interest in the Olokola Free Trade Zone, a Joint Project Between Ogun and Ondo State Governments.An Indication to this Emerged During a Meeting Between Ogun State Governor Otunba Gbenga Daniel and the Vice President and Management of Cosco Groups held at the Cosco Headquarter in Beijing China. The Press Officer to the Governor, Mr Kehinde Onasanya in a statement said the meeting was attended by the representative of the Ondo State Government and Special Adviser to the Governor on Investment, Chief Olabode Sunmonu, the Chairman of the Lee Group of Companies, Mr Malim Lee, the Head of the GMT Group of Hongkong, Mr Bosco Ngan and the Officials of Shanghai Waterway Engineering Company. Welcoming the Governor to the Meeting, the Vice President of Cosco Groups, Mr. Li Jiang Hong, said the company is the largest shipping company in the world, with more than 50 businesses in more than 50 countries and 100 ports in the world. He said the company was into Finance Guarantee, Insurance and International Trade with Revenue in Business in Excess of 10 Billion Dollars. Li Jiang Hong, assured the Governor that Cosco Groups would study the Olokola Deep Sea Port and facilitate the signing of necessary agreements on the Project.Ogun State Governor Gbenga Daniel said OKFTZ is the first of its kind in the country with over 12 billion dollars investment profile. He said the port would have the capacity for haulage, transhipment, Roll on Roll off (Roro) Port as well as bulk cargo with location highly conducive for investment. The Governor who affirmed that he wanted the first phase of the project to be completed within three and a half years, said ''We're looking for a consortium that has the capacity to take over in a 'Turn Key Basis''. The project could be operated on a Build Operate and Transfer (BOT) basis, depending on the terms of investment agreement.”