Gabon ports snapped up

Singapore-based Portek International has secured a 25-year concession to manage two multipurpose ports in Gabon: Owendo and Port Gentil. Under the terms of the agreement, Gabon Port Management (GPM) will derive its revenue through fees charged on cargo handled at these two ports and other services rendered to port users. GPM will be responsible for the management, maintenance and investment in the infrastructure of both ports.

The paid up capital of GPM is expected to be S$6m (US$4.1m). Initial investments upon commencement of operations of GPM are expected to be about S$3m. GPM also expects to finance further investments from internal cash flows.