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Wednesday, 10 February 2016

Bolloré to build new Timor-Leste port

Paris-listed Bolloré Group was selected to build and operate a new USD424 million port close to Dili, capital of Timor-Leste. The project involves construction of a container and general handling cargo port on the southwest side of Tibar Bay, around 10 km west of Dili. The port will consist of a 630 m wharf with 15 m draught and a 24 ha yard. It will have an annual container throughput capacity of 350,000 teu and will be capable of handling 7,500 teu vessels. The initial cost of building the port is estimated at USD424 million. The government is thought to be contributing USD346 million and Bolloré Group the remaining USD79 million. The public-private partnership (PPP) deal is for a 30-year term on a build operate transfer (BOT) basis and the government will receive royalties, fees, and taxes from the operation of the port during the term. The International Finance Corporation (IFC), part of the World Bank group, advised the government of Timor-Leste on the PPP deal. The new port will replace Timor-Leste’s only existing international seaport, Dili Port, a small facility originally built for breakbulk operations with a wharf length of 285 m and an alongside depth of just 7 m. Dili Port can handle vessels of up to 500 teu only and there are delays in berthing when several vessels arrive during the same period. The frequency of delays is increasing, cargo volumes are growing, and port capacity is limited on the landside. The port is expected to experience critical congestion levels by 2018. Timor-Leste is a post-conflict economy classed as lower middle income by the World Bank. It has USD10 billion in sustainably managed funds from its oil reserves that it is using to rebuild its economy and GDP has been growing steadily in recent years. The country grew by 6.2% in 2015 and is projected by the Asian Development Bank (ADB) to grow by 6.6% in 2016.

Source: fairplay.ihs.com

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