Wuhan Phoenix to expand capacity

Sinopec Wuhan Phoenix Company Limited, a Sinopec subsidiary based in Wuhan, China, will purchase 20 vessels to expand its transportation capacity. The company will purchase 10 5,000-ton bulk cargo vessels for RMB150 million (US$19.8 billion). These ships will be used to transport iron ore and materials, strengthening the company’s position for transporting products along the Yangtze River. It will also buy six 57,300-tonnage vessels and four 92,500-ton vessels for US$216 million and US$192 million, respectively. These purchases will boost the company’s transportation capacity by 343,800 tons. (July 2, 2007)