(Ecofin Agency) - Port operator China Merchants Holdings plans to invest in the development of new ports and in the modernization of existing terminals in West and East Africa, Maritime News reported on March 13, citing one of group’s executive.

“We are looking for right partners in several regions, including Southeast Asia, East and West Africa and Baltic Sea region and Russia. Our partners must have vision and target coinciding with our vision, but process is long and time consuming,” said Jingtao, the company’s CEO.

“The project to build a mega-port of Bagamoyo in Tanzania on the east coast of Africa is still in the planning stages,” he added.

Construction of the port, which is located 75 km North of Dar es Salaam whose actual port is already operating beyond its capacities, will be financed by China Merchants Holdings and sovereign fund of Sultanate of Oman.

According to Tanzania’s government, the port will be able to receive mega-ships, including container ships of 8,000 TEU upon completion of first stage. This capacity can be extended.

China Merchants Holdings, who detains more than 32% of containers traffic in China, launched an international expansion plan in 2008. The Company, listed on the Hong Kong stock market, is currently active in 320 terminals worldwide.

In Africa, China Merchants Holdings is already in Djibouti, Cote d’Ivoire, Morocco, Nigeria and Togo.