Singapore: Global port industry equipment and service provider Portek International has secured a 25-year concession to manage two multi-purpose ports in the Republic of Gabon in Central West Africa -Port Owendo, located in the country's capital, Libreville, and oil exploration and production hotspot Port Gentil, located 160 km south of Libreville.
The company's Gabon-incorporated subsidiary, Gabon Port Management (GPM), which secured the tender, is expected to see a paid-up capital of S$6m ($3.9m) and initial investments of about S$3m ($1.9m). The company expects to finance its further investments from internal cash flows.
In a statement, the company said, "Port Owendo and Port Gentil both play a crucial role in the economy of the country, and will assume even greater importance as the country further develops its vast natural resource and industries in the near future. GPM's receipt of this concession award is a vote of confidence by the Gabonese authorities of the competence of Portek and the trust they place in Portek to manage the ports efficiently."
Under the terms of the concession agreement, GPM will be responsible for the management, maintenance and investment in infrastructure of both ports and will derive its revenue through fees charged on cargo handled at the ports and other services rendered to port users.
Along with this latest concession in Gabon, Portek has now built up a growing network of ports in the Western Hemisphere including Algeria, and Malta, and aims at expanding this network in the near future. [11/09/07]
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