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Kuantan Port group secures 30-year operating concession

Kuantan Port group secures 30-year operating concession
Progress on the Kuantan Port project is continuing well with the group operating the port, Kuantan Port Consortium (KPC), securing a 30-year concession from the Malaysian government to develop and operate the existing Kuantan Port, local media reported.

The concession, effective since 1 June, will be extended by 30 more years upon the completion of a MYR3bn ($800.5m) new deepwater terminal at the port, which 60% owner IJM Corp is jointly developing with China’s Guangxi Beibu Gulf International Port Group, which owns the remaining 40% stake in KPC.

“The new deep-water terminal, other than the new breakwater, will be developed by KPC in two phases,” IJM said.

"The development of the new deepwater terminal is timely, as it increases the cargo-handling capacity of Kuantan Port, which is currently operating at near-full capacity,” IJM added.

TAGS: Ports