News from December 2008

Terms agreed for $160m Cameroon terminal

19th of December, 2008

Sundance Resources Limited reports that it has agreed ‘in principle’ terms with the Government of Cameroon for the development of a $160 million terminal for the export of iron ore in the West African nation.

$5 million contract approved in Houston

17th of December, 2008

The Port Commission of the Port of Houston Authority (PHA) has approved a $5 million multiyear service contract supporting its Houston Ship Channel and Beneficial Use Sites work.

$1bn infrastructure fund unveiled

16th of December, 2008

The Macquarie Group (Macquarie) and Abu Dhabi Commercial Bank (ADCB) have announced the launch of a fund that is expected to raise up to US$1 billion to invest in infrastructure opportunities in the Gulf Cooperation Council (GCC) as well as the broader Middle East and North Africa (MENA) region.

Commission approves financing of JadeWeserPort

10th of December, 2008

The European Commission has said that it will not raise any objections to Germany's plan to offer financial support to aid in the construction of the new €950 million JadeWeserPort in Wilhelmshaven, saying that the measures adopted by the German authorities are compatible with EU policy.

Panama Canal $2.3bn financing agreed

9th of December, 2008

Senior leaders of five Panamanian multilateral and development agencies have met with officials of the Panama Canal at Panama's Ascanio Arosemena Theatre to sign an agreement on a $2.3 billion financing package for the waterway's expansion.

Agreement on Shenzhen development reached

4th of December, 2008

Shenzhen Yantian Port Group (YPG) and Hutchison Port Holdings (HPH) have signed a Heads of Agreement (HoA) for the joint construction and development of the Shenzhen Yantian 'East Port Phase I' container terminal project at Yantian Port.

Metro Pacific to invest over $100m in Manila

4th of December, 2008

Metro Pacific Investments Corp. (MPIC) has confirmed that it intends to spend P5 billion to P6 billion (approximately US$100 million to $125 million) over the next five years to develop the Manila North Harbour, the Philippines' busiest port.

Rak Investment takes remaining 49 per cent of Poti for $65m

2nd of December, 2008

The Georgian Economic Development Ministry has announced that Rak Investment, the investment arm of the government of Ras Al Khaimah in the United Arab Emirates, has bought a 100 per cent stake in the Georgian port of Poti, on the Black Sea.

Qatar and Kenya in talks on $3.5bn port development

1st of December, 2008

The governments of Kenya and Qatar have been in talks aimed at providing financing to facilitate the development of the Kenyan port of Lamu, including discussions on a potential loan by the Arab nation of approximately US$3.5 billion for the construction project.

Mayor calls for $50m for Jacksonville infrastructure

1st of December, 2008

Mayor John Peyton of Jacksonville, Florida, is to ask the city council to amend its current Capital Improvement Plan and provide $50 million to support Phase One of what he calls a 'necessary' roadway infrastructure investment in and around Jacksonville port.

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