DUBAI — DP World, the world’s fourth largest marine terminal operator, announced on Thursday that it had inked an agreement to double its operations at Sokhna Port in Egypt.
The port operator, which handles 50 terminals and 11 new developments across 31 countries, said the new terminal at Sokhna Port would have a quay length of 1,300 metres and a capacity of 1.75 million TEU.
“It will more than double DP World Sokhna’s existing capacity to match the rapid increase in volumes at the port. It is anticipated the new capacity will be available within four years,” the terminal operator, which acquired UK operator P&O for £3.92 billion in 2006, said in a statement.
The new agreement replaces the original concession agreement awarded to DP World Sokhna and further extends the concession to 35 years after the construction of the new terminal.
Egypt’s Prime Minister Ahmed Nazif and DP World Chairman Sultan Ahmed bin Sulayem officiated at the signing of an agreement between DP World and the Red Sea Ports Authority on Thursday.
Sokhna Port is located at the southern end of the Suez Canal.
“The new agreement is recognition of the contribution DP World Sokhna has made to the local economy and the successful role it has played in meeting the growing needs of our customers with quality services. We thank the Red Sea Ports Authority for the trust placed in us and look forward to a growing cooperation,” said Sulayem.
“The DP World Sokhna Basin 1 terminal has been performing extremely well, working above capacity, thanks to the high level of cooperation we have received from our customers and the authorities. DP World Sokhna has already brought a new level of energy to economic activity in this part of Egypt with its state-of-the-art maritime facility. We hope to contribute even more to Egypt’s growth under the new agreement,” said Captain Osama Al Sharif, Chairman of DP World Sokhna.
In 2009, DP World handled more than 43.4 million twenty-foot equivalent container units across its portfolio from the Americas to Asia.
With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 95 million TEU over the next 10 years as per market demand.
On Wednesday, DP World reiterated that it would seek a secondary listing in the London stock exchange soon after it publishes its financial results next March.
© Khaleej Times 2010
Posted by : Yasmine Aladdin