San Pedro Port Seeks $1.65b for Expansion

Posted by Eric Haun
Thursday, May 08, 2014

Ivory Coast's port of San Pedro is seeking 777 billion CFA francs ($1.65 billion) from private partners to fund upgrades that aim to make it one of West Africa's top shipping hubs, including for iron ore and nickel, the transport minister said.

San Pedro is already the world's leading port for cocoa exports, shipping more than half of total output from Ivory Coast, the top producer of the chocolate ingredient. It also exports coffee, palm oil, timber and cotton.

But the government of President Alassane Ouattara wants to make the port the centrepiece of an ambitious plan that would see more than 8 trillion CFA francs invested in the development of the country's predominantly agricultural western regions.

"The port of San Pedro is our next development and growth hub, because it is from San Pedro that we will export iron and nickel ore," Transport Minister Gaoussou Toure told an investment forum late on Wednesday.

Ivory Coast has long neglected its potentially lucrative mining sector in favour of a concentration on soft commodity exports. But following a decade-long crisis that ended in a brief civil war in 2011, it is seeking to diversify its economy.

India's Tata Steel is finalising exploration and feasibility studies for its Mt. Nimba and Mt. Gao concessions and plans to invest around $1 billion to develop the two iron deposits.

It plans to use the ore mined in Ivory Coast to supply steel mills in Britain and the Netherlands operated by its subsidiary Tata Steel UK, the second-largest steel producer in Europe.

Detailing the investment plans, Toure said San Pedro was seeking private partners to finance the construction of a new 500 billion CFA franc terminal to handle ore exports.

A proposed second container terminal is expected to cost 260 billion CFA francs, he said, while a multipurpose terminal will cost an additional 17 billion CFA.

San Pedro entered a partnership with Port of Antwerp International (PAI), a subsidiary of Antwerp's port authority, in 2012 as part of efforts to secure $230 million in financing from private investors.

The port announced in February it planned to build a new refined fuel terminal targeting distribution in the country's west, as well as export markets in neighbouring Liberia, Guinea and Mali.

($1 = 471.1490 CFA Francs)

(By Ange Aboa; Writing by Joe Bavier; Editing by Mark Trevelyan)

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Cove Point LNG Export Facility Gets US FERC Approval

U.S. federal regulators on Monday approved construction of Dominion Resources Inc's liquefied natural gas export project in Cove Point, Maryland. Cove Point is the fourth U.

DMR Examines Container Terminal Congestion Issues

Container port congestion has been hitting the headlines recently, but the reasons for it vary widely and in many cases it is only a short term issue. Certain world

Fire at Milazzo Refinery Impacts Docks

Inchcape Shipping Services  is advising of extensive disruption after a fire broke out Friday afternoon (27 September) at Italy’s energy giant Eni and Kuwait Petroleum’s

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

News

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

Louisiana to Get Natural Gas Liquefaction and Fueling Facility

Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1257 sec (8 req/sec)