Hutchison Whampoa Says It Will Not Control Canal

Monday, December 06, 1999
Hong Kong tycoon Li Ka-shing dismissed suggestions that his company Hutchison Whampoa Ltd. would control the Panama Canal when it begins operating container ports at each end of the strategic waterway. Li was responding to remarks by President Bill Clinton, who said last week that he did not expect any adverse consequences from "the Chinese running the canal". "We cannot possibly control the canal," Li said. "We are only an operator of container ports there." Li has strong ties to China. U.S. lawmakers have expressed concerns that this could eventually give China effective control of the 51 mile (82 km) long canal once the U.S. military pulls out. The Clinton administration has repeatedly assured them that China will not take it over. Li noted the container ports were for loading, unloading and storing cargo and had no role in operating the canal. Hutchison, with port operations around the world, won a 25-year lease to run the Panama cargo ports after the United States cedes control of the waterway on Dec. 31. "We are not even the largest operator in Panama, compared with some of the Americans and Taiwan operators," Li said. "We are running a container port business, which has nothing to do with the operation of the Panama Canal." Britain returned Hong Kong to China in July 1997, and the Asian financial center became a Special Administrative Region of China. It was granted 50 years of autonomy for its capitalist economy and British common law system. But the thought of having a Hong Kong-listed blue chip firm involved in Panama cargo operations has caused alarm among some members of the U.S. Congress, who fear Hutchison could put a strangle-hold on the canal.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1109 sec (9 req/sec)