SIMIC

MALTA Freeport Terminals has signed a landmark agreement with the government to carry out its first terminal expansion in two decades, reports Malta Today.

The project will extend the north quay at the Freeport's Terminal Two by 176 metres and the west quay by 195 metres, "ensuring the facility will be able to handle new and future LNG-powered mega containerships which are already more than four football pitches in length and carry 23,000 TEU containers," a statement by the Malta Freeport read. It will cost EUR89 million (US$98.1 million).



"Upon completion of the project, the Freeport will renounce its right to install Quay Cranes on the West Quay at Terminal One - currently the most visible from the shore of Birzebbuga - in a major boon for residents."



Announcing the agreement at a joint press conference with the Minister for the Economy Silvio Schembri, Freeport CEO Alex Montebello said: "The Terminal Two extension will be win-win for everyone: for our facility's capability to handle the world's largest containerships with maximum efficiency, for the Birzebbuga residents and for local importers and exporters, who will benefit from more services than ever before.



"The project will also generate more than 160 new jobs and take the investment in the facility since privatisation past the EUR400 million (US$441 million) mark, making the Freeport one of the biggest ever investors in Maltese history."



The Freeport has already undertaken a EUR320 million strategic investment programme in state-of-the-art machinery and equipment.



"The facility, which handles almost three million TEU containers per year, provides direct employment for more than 1,500 people and contributes EUR170 million - two per cent of gross domestic product - making it a major pillar of Malta's economy," according to a statement.