On June 30, BOC and Lianyungang Port Group Co., Ltd. ("LPG") entered into a Strategic Cooperation Agreement worth RMB10 billion in Beijing.
Pursuant to the agreement, BOC and LPG will carry out cooperation in the areas of cash management, direct financing, investment banking, insurance, hedging for RMB and foreign-currency, credit, etc.
LPG is the chief operator of Lianyungang Port, and a major force for the city of Lianyungang to implement the strategy of promoting "the Silk Road Economic Belt and the Maritime Silk Road". In 2013, the throughput of Lianyungang Port exceeded 200 million tons, ranked 16th among all the ports nationwide; container throughput reached 5.48 million TEUs, ranking 9th in China and 25th worldwide. By the end of 2013, the port had 55 berths in total, and maintained trade and transportation ties with nearly 1,000 ports in over 170 countries.
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