XN000022-1978-12-11 — Page 9

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MONDAY, DECEMBER 11, 1978

MR. TODD SAID LATER THE COMPANY PLANNED TO BUILD A MAJOR DOCKYARD COMPLEX CAPABLE OF BUILDING MARINE VESSELS OF UP TO 15,000 TONS DEADWEIGHT.

+MA INTENANCE AND REPAIR FACILITIES FOR LARGER SEA-GOING VESSELS WILL ALSO BE PROVIDED IN CONJUNCTION WITH THE COMPANY'S 100,000 TONS DEADWEIGHT FLOATING DOCK, THE CHUNG SHAN, WHICH HAS ALREADY BEEN POSITIONED NEAR THE MAIN SITE, + MR, TODD SAID,

HE POINTED OUT THAT THE CONSTRUCTION OF SEA WALLS AND EXTENSIVE RECLAMATION WOULD BE REQUIRED TO FORM THE SITE, AND THIS WOULD BE THE COMPANY'S FIRST PRIORITY.

ANCILLARY WORKS INCLUDED BUILDING AN ACCESS ROAD LEADING FROM THE MAIN WEST COAST DISTRIBUTOR LINK SCHEDULED FOR COMPLETION LATE NEXT YEAR.

+THE CONDITIONS OF GRANT STIPULATE THAT SITE FORMATION WORK MUST BE COMPLETED IN 84 MONTHS, AND THE COMPANY INFORMS US THAT

IT EXPECTS TO FINISH THIS WELL WITHIN THAT PERIOD, + MR. TODD SAID.

+WHILE THE COMPANY HAS NOT YET DETAILED ITS FINAL DEVELOPMENT PROPOSALS, IT EXPECTS TO SPEND ABOUT $100 MILLION TO ACCOMMODATE THE MANY INTER-RELATED FUNCTIONS REQUIRED WITHIN A SHIP BUILDING/ REPAIRING COMPLEX.

+ONE OF THE MAJOR EXPENDITURES WILL BE ON A SHIPBUILDING BERTH, WHICH EUROASIA SEES AS ONE OF THE MAINSTAYS OF ITS OPERATION.

+ IT WILL BE DESIGNED TO ACCOMMODATE THE CONSTRUCTION OF BOTH CONVENTIONAL VESSELS AND THE MORE SPECIALISED FORMS OF MAR INE TRANSPORT REQUIRED BY THE OIL INDUSTRY.

+ALSO IN THE PLANS ARE ADMINISTRATIVE OFFICES, ENGINEER ING WORKSHOPS AND OTHER INSTALLATIONS PROVIDING THE SOPHISTICATED

INFRASTRUCTURE REQUIRED IN AN OPERATION OF THIS TYPE.

MR. TODD SAID EUROASIA PLANNED TO EMPLOY ABOUT 2,000 PEOPLE ON THE COMPLETED PROJECT +AN IMPORTANT CONSIDERATION FROM THE GOVERNMENT VIEWPOINT AND ONE THAT FORMED AN INTEGRAL PART OF THE NEGOTIATIONS FOR THE GRANT.

HE SAID THE GOVERNMENT WAS VERY PLEASED THAT AFTER SEVERAL YEARS OF NEGOTIATIONS, THE GRANT CONDITIONS HAD BEEN FINALISED AND THE COMPANY WAS READY TO GO AHEAD AT FULL STEAM.

HE SAID THE SIGNING MEANT THAT THREE BIG COMPANIES WOULD NOW BE BUILDING DOCKYARDS ON THE WEST COAST OF TSING YI.

HONGKONG UNITED DOCKYARD AND YIU LIAN MACHINERY REPAIRING WORK LTD. WERE ALREADY WELL ADVANCED WITH SITE FORMATION WORK, AND WHEN ALL THREE COMPLEXES WERE IN OPERATION, HONG KONG WILL HAVE A GREATLY EXPANDED CAPACITY FOR PROVIDING COMPREHENSIVE SERVICES TO THE SHIPPING INDUSTRY IN THE FACE OF STRONG COMPETITION FROM OTHER SOUTHEAST ASIAN COUNTRIES.+

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