(MENAFN) Gulftainer's managing director, Peter Richards, announced that the port operator has won a contract to develop and operate a new container terminal at Lebanon's Port of Tripoli, reported Arabian Business.
Richards said that the concession, which will last for 25 years, would need an initial investment of more than USD60 million that would be spent on 3 ship-to-shore gantry cranes, 9 yard cranes and the latest technology in other container handlers and yard management systems.
The new terminal will be able to hold some of the largest container vessels operating in the Eastern Mediterranean when completed, reducing congestion at the Port of Beirut and giving a substitute to the beleaguered ports of Tartous and Latakia in Syria; moreover, it would create over 300 jobs.
Through the Sharjah-based company's in-house logistics firm Momentum; it can now connect Tripoli to its facilities in Umm Qasr Port in Iraq, which would be the shortest distance across the Arabian Peninsula connecting the Mediterranean Sea to the Gulf, avoiding the common congest points of the Suez Canal and Straits of Hormuz.
It is worth noting that the deal is part of an infrastructure investment project for the port's surrounding area.