COSCO has withdrawn its interest in a proposed US$5 billion project to turn Sangley Point in the Philippines into an international logistics hub.
COSCO Group President, Captain Wei Jiafu, reportedly said that the company had given up its original plans, the Manila Bulletin said in its report of the Tenth 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," the paper quoted Captain Wei as saying.
Part of the Sangley Point project will see a major overhaul of a site at Cavite City, including the development of an international seaport and container terminal, at an estimated cost of US$4.25 billion.
Tracey Jia