The government is pressing ahead with an US$1.2bn expansion of the port complex to the east of Tangiers, despite the withdrawal of both its partners – Denmark’s Maersk for Terminal 3 and Singapore’s PSA for Terminal 4 – which signed contracts in 2008, Business Middle East reported.
The Tangier Med Special Agency (TMSA), the government agency in charge of the project, announced in March that due to the global downturn, both its partners were reconsidering their commitments under the concession agreements terms agreed in July 2008.
The two operators were awarded 30-year concessions to run the container terminals, which are set to more than double the current port’s overall capacity to 8 million TEUs.
The two concessions provided the sole revenues of Tang-Med II, together with potential hydrocarbon storage and towage revenues.
The first terminal at Tang-Med started operations in July 2007 under a concession awarded to a locally incorporated subsidiary of Denmark’s Maersk. Terminal 2 operated by a consortium of Eurogate-Contship, a German-Italian port operator, and three shipping firms, received its first vessel in September 2008.
The Tangier Med Special Agency (TMSA), the government agency in charge of the project, announced in March that due to the global downturn, both its partners were reconsidering their commitments under the concession agreements terms agreed in July 2008.
The two operators were awarded 30-year concessions to run the container terminals, which are set to more than double the current port’s overall capacity to 8 million TEUs.
The two concessions provided the sole revenues of Tang-Med II, together with potential hydrocarbon storage and towage revenues.
The first terminal at Tang-Med started operations in July 2007 under a concession awarded to a locally incorporated subsidiary of Denmark’s Maersk. Terminal 2 operated by a consortium of Eurogate-Contship, a German-Italian port operator, and three shipping firms, received its first vessel in September 2008.