Shenzhen-listed Beibu Gulf Port has announced that it plans to jointly invest in a new port terminal in Tieshan port area of Beihai Port with some local investors.

Beibu Gulf Port will invest RMB420m ($64.8m) to occupy 70% equity interest in the terminal, which will handle coal, ore and oil shipments as well as passenger transport.

Separately, Beibu Gulf Port announced that it will establish a subsidiary Guangxi Beibu Gulf Port Chemical Energy to manage its petrochemical terminal.

Beibu Gulf Port is the main port operator in Guangxi and operates Fangchenggang Port, Qinzhou Port and Beihai Port.