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Sunday, 25 September 2016

Alex Port replaces multipurpose platform project with new container terminal

ALEX PORT PIVOT? The Alexandria Port Authority has decided to scrap plans to build a USD 750 mn multiplatform facility in the port and will instead build another container terminal, a senior port executive tells Al Borsa. China Harbour, which signed an agreement to build the multipurpose platform at the EEDC in March 2015, will remain as the new project’s developer. Funding for the new USD 800 mn container terminal will come from a facility from the Export-Import Bank of China, the official added. The Transport Ministry had scrapped the MoU for the multipurpose facility back in March after failing to reach an agreement over financing the project with China Harbour, only to resurrect it again in May. Last we heard, the Chinese government was to finance the original project. Al Borsa speculates that the port might have pulled a bait and switch. It has been looking to build a new container terminal, but could not issue a tender for fear being taken to arbitration by the Alexandria Container and Cargo Handling Company as its contract with Alex Port gives it rights of first refusal on all container terminal expansions at the port.

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