PUBLISHED : Tuesday, 07 June, 2011, 12:00am
UPDATED : Tuesday, 07 June, 2011, 12:00am


China agrees to develop crude oil reserves

China will invest 3.5 billion yuan (HK$4.10 billion) in developing national strategic crude oil reserves in Tianjin, according to media reports. The reserves, which are located in the Binhai New Area, will have an initial designed capacity of 32 billion cubic metres, and will be built by China Petrochemical Corp. An ethylene production project, with a projected annual production capacity of 1.2 million tonnes, will be built during the same period.

City provides port of call for yachtsmen

Tianjin will soon to be home to a 9 billion yuan (HK$10.78 billion) yacht port, the country's largest, as interest in private boat ownership grows, according to media reports. The Tianjin International Cruise Home Port is expected to have 750 berths to accommodate 300-foot luxury yachts by 2015.

Binhai-made chopper passes maiden flight

The first helicopter made in Binhai New Area has conducted its maiden flight successfully. The AC311 light multipurpose civilian helicopter, developed by the Aviation Industry Corporation of China, is used in China in communication and command, aerial photography, medical aid, and forest fire protection. AVIC has signed agreements with Guiyang People's Government and Binhai Public Security Bureau.

Canadian group agrees to develop flight simulators

Mechtronix Group of Canada has signed an agreement with Tianjin HYLT Aviation Science & Technology Co to build a joint venture in Binhai New Area to develop advanced flight training simulators. The project is expected to produce 10 full flight training simulators in two to three years, with a production value of about 1 billion yuan (HK$1.19 billion).

HK developer builds luxury seaside resort

A luxury seaside resort is being constructed as a part of Tianjin's booming Binhai New Area. The 'Ocean One' resort is being developed by Hong-Kong developer Rainbow Land Holdings, and has an investment value of more than 20 billion yuan (HK$23.96 billion).

Deere loads up for new all-wheel-drive factory

Deere & Co of the US plans to build a new factory in the Tianjin Economic-Technological Development Area to manufacture four-wheel-drive loaders, excavators and other construction equipment for domestic and export markets, with an investment of approximately US$50 million.