COSCO goes cold on Sangley Point

China Ocean Shipping Co. (COSCO) has withdrawn its interest in a proposed US$5 billion project to turn Sangley Point in the Philippines into an international logistics hub, according to reports.

COSCO Group president Captain Wei Jiafu is reported in the Manila Bulletin as saying that the company "gave up our original plan", speaking on the sidelines of the 10th World Chinese Entrepreneurship Convention in Manila.

“Two years ago we were invited by President Gloria Arroyo for a collaboration project, but for some reasons the project did not materialise," he said, while also adding that “certain areas for port development was given to other developers.”

The Sangley Point project envisions a major overhaul of the site at Cavite City, including the development of an international seaport and container terminal, at an estimated cost of around P200 billion (approximately US$4.25 billion).

(Source: Port Financial International)