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March 04, 2010
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Prime Minister, Dr. Ahmed Nazif, and the Minister of Transport, Eng. Alaa Fahmy, witnessed the signing of franchise agreement of designing, establishment, management, operation and redelivery of the liquid bulk station no. 1 at East Port-Said Port, of investments EGP 3.2 billion.
The agreement was signed by General Ibrahim Sedik, Head of Port Said Port Authority, on behalf of the Authority, and Osama El-Sehrif, on behalf of the alliance. The alliance represents Oil Tank Co., AMIRAL Ports, and Sonker Co., (owned by the Finance Ministry, National Investment Bank, Petroleum Ministry and AMIRAL Co.).
The franchise period will take 25 years, both sides agreed. This comes within the general planning of East Port-Said Port using BOT in accordance to the law regulations no. 1 of 1969, amended by the law no. 22 of 1998 concerned with the specialized ports.
The project consists of an integrated station on 500,000 m2 for storing and trading the petroleum products and liquid bulk, along with supplying ships with fuels, in addition to the establishment of a maritime quay of 900 m. The project aims at pushing forward the development process in East Port-Said Port to enlarge benefiting from its geographical strategic location.
The project will generate EGP 1.2 billion during the franchise period.
Dr. Nazif confirmed the importance of such project as being one of the pioneer projects within the implementation of the integrated strategic planning in East Port-Said area. Development taken therein will include three areas; East Port-Said port which will be the largest port among the Mediterranean ports, the industrial zone which will be the largest zone in Egypt, and the metropolitan area that will be established therein.
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