Eurogate acquires Tanger 2

Chairman Sultan Ahmad Bin Sulayem said: “The only valid bid for P&O is from DP World.

A consortium of terminal operators and shipping lines has been awarded a 30-year concession to operate the second container terminal at the port of Tanger Med. The operator, Eurogate/Contship Italia, has a 40% stake in the project, with the rest of the equity being held by MSC, CMA CGM and Comanav, each of whom holds a 20% stake. The terminal will become operational by October 2008 and require investment of ?120m by 2010, although it is envisaged that ?300m will be invested during the life of the concession. Terminal capacity will be in the region of 1.5m TEUs/year.