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Friday, 18 July 2014

Chinese and Brazilian ports couple up to boost productivity

Tubarao port Tubarao port Vale

Vale yesterday announced that its Tubarão Port, in Brazil, and Lianyungang Port, in China, have signed an agreement to jointly increase the productivity of their operations.

The cooperation deal, signed during a state visit by Chinese President Xi Jinping to Brazil, also covers the development of green technologies.

The ports of Tubarão and Lianyungang have agreed to work together to implement “high productivity operations procedures” and “green emissions and energy related measures,” says Vale.

Tubarão Port, located in south-eastern Brazil, is responsible for handling 15% of Brazil’s grain exports and 35% of Vale’s iron ore export, while Lianyungang Port is an important Chinese port for the import of raw material, energy, and coal.

China is Brazil’s largest trade partner, with a strong focus on mineral products and raw materials.

During the Chinese state visit to Brazil, Vale signed a Memorandum of Understanding with the Bank of China (BOC) for cooperation and global financing arrangements under which BOC would be able to provide up to $2.5 billion in the form of syndicated loans, bilateral loans, export credit or trade finance. The MOU is designed to strengthen partnerships between Vale and Chinese enterprises.

Vale also signed a cooperation agreement with Eximbank of China, which will set the basis for the provision of credit facilities covering the acquisition of equipment, goods and services in China for Vale’s projects in Brazil and overseas.

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