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FINANCIAL NEWS
JPMC to build $240m port in Aqaba
29 Mar 2010
(MENAFN) The Aqaba Development Corporation (ADC) signed a $240 million agreement with the Jordan Phosphate Mines Company (JPMC) under which the latter will develop, build and operate a new phosphate port over 30 years, Petra reported.
The new phosphate port, which will have an average annual handling capacity of approximately four million tons, will include a 280-metre-long berth equipped with handling equipment, the ADC said in a statement.
The agreement stipulates that the port will be ready for operation by mid 2012 and that it will operate in line with the master plan of Aqaba Ports and according to international best practices.
ADC, the central development arm of the Aqaba Special Economic Zone Authority, and JPMC signed a memorandum of understanding (MoU) in 2008 setting the basic terms for the development and operation agreement including granting JPMC the right to undertake the preparatory works necessary for the implementation of project.
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