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Wednesday, 27 June 2018

SCZone to sign management contracts for East Port Said container terminal with PSA International and CMA CGM “soon”

The SCZone is to sign management contracts for East Port Said container terminal with Singapore’s PSA International and France’s CMA CGM “soon.” It looks as though talks are back on with both Singapore’s PSA International and France’s CMA CGM for the construction and management of a new platform and container terminal at East Port Said, sources from the Suez Canal Economic Zone (SCZone) said yesterday. Talks with both companies are reportedly in advanced stages, according to the sources. We had heard back in March that the management contract for the USD 300 mn container terminal project had been awarded to the Port Said Container & Cargo Handling Company, which we took as signaling that talks with CMA CGM had fallen through. The French shipping group had signed an MoU with the authority last year after negotiations with PSA International faltered. Sources said the SCZone plans to make an announcement about the agreement soon, once contracts are finalized.

The SCZone is also expected to soon announce progress on the Russian Industrial Zone (RIZ), the sources said. Officials from the authority are already in talks with companies including Volkswagen and Toyota to set up shop in the area, they added. Russian investors were in Egypt last month to discuss with state officials the potential for investment in the USD 7 bn RIZ.

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