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INDUSTRIAL PROJECTS
1976
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1977
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1979
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In Sha Tin a site of approximately 1.5 hectares was developed by the China. Resources Company (CRC), China's state owned trading agency, for an oil depot and cold storage. Approximately $3 million was spent on the oil depot, and $50 million has been invested in the cold storage godown. The oil depot began operations in June 1977.
A railway siding at Fo Tan is being constructed by CRC at a cost of half a million dollars.
An eight acre site at Tsing Yi has been developed by CRC. It is a $50 million oil depot. Also, 1.3 hectares of seabed and offshore was granted for the construction of a pier. The depot began operations in 1978.
The depot's nine oil drums have a storage capacity of 48,000 tons and that together with the depots at Sha Tin and Nga Ying Chou, have a total storage capacity of 258,000 tons of fuel oil.
Petrol filling stations have been built for the outlet of Chinese petrol by the Far East Overseas Oil Ltd. (FESCO). Of these, two are now in operation at Cheung Sha Wan, and at North Point, respectively. The others are to be built in Tuen Mun, Sha Tin and Tai Po road.
Tai Tung Company was granted the lease of 1.2 hectares of land on Tsing Yi Island for the installation of a $100 million machinery factory. The products of the factory are regular machine tools such as lathes grinding and milling machines for the local market at first. It also has a technical servicing centre capable of assembling, modifying and reconstructing equipment for complete plants.
Tai Tung's two principal partners are Cosmos Machinery Trading Co. Ltd. and the Oriental Machinery Ltd. They are distributors of Chinese machinery and equipment, the former in Hong Kong and the latter in Thailand.
Yiu Lian Machinery Repairing Works Ltd. was granted lease of 11.6 hectares of land at Nam Wan on the western side of Tsing Yi island, for a shipyard.
Yiu Lian, a Hong Kong registered company, is closely associated with China Merchants Steam Navigation Co., a Chinese state-owned agency. The Bank of China is to finance the project. The total investment is estimated to be about $100 million.
The shipyard will undertake to build and repair ships and will provide ancilliary services.
China Cement Co. (HK) Ltd., a consortium formed by Cheong Kong (Holdings) and Kiu Yip Investment Corporation, in joint venture with Kaiser Cement, is building a $1 billion cement plant. The 15 hectare site granted is at Tap Shek Kok, Tuen Mun.
Kaiser Cement, the American company holds 40 per cent equity while the consortium 60 per cent, divided 40 per cent to Cheong Kong and Kui Yip the 20 per cent.
The plant is expected to begin production by 1983 and is expected to produce 1.4 million metric tons annually providing for one-third of Hong Kong's annual requirements.
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