Augustea in negotiation for dismissing new transhipper project in Pakistan
The Italian shipping group should invest some $70m for a full range of logistics solutions for taking coal from deep sea to a new energy plant
Naples-based Augustea Group is in advanced stage of negotiation with a Chinese counterpart for selling the contract to build and operate a new floating terminal capable of handling coal for a new energy plant under construction in Hub, Pakistan.
Some sources revealed the intention of the Zagari family to withdraw somehow from the project following some complications appeared in the last months mainly on the financial side of the deal.
Augustea in October last year bought the post-panamax bulker Yangtze Navigation which was intended to be converted in a floating terminal by a Chinese shipyard but as of today all the works seems to be stopped.
The project in question is a joint-venture between China Power International Holding Limited, a core subsidiary of the State Power Investment Corporation (one of the top five state-owned power generation corporations in China) and The Hub Power Company Limited (the largest independent power producer in Pakistan).
Augustea should invest some $70m for the some vessels (bulk carrier, tugs and barges) needed to provide a plant a full range of logistics solutions for taking coal from deep sea to the new energy plants.