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Finnafjord Port Development Company a step closer to reality?

Representatives of the parties involved in the Icelandic port project have met in Reykjavik to sign agreements that will enable formation of the Finnafjord Port Development Company

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Finnafjord Port Development Company a step closer to reality?

The signings took place today, Thursday 11th April.

 

The initial idea for this project dates back to the year 2007, when the Icelandic central government, together with the municipalities of Langanesbyggð and Vopnafjarðarhreppur, commissioned EFLA, an Icelandic consultant company, to investigate the feasibility of creating a port and industrial location at Finnafjord and to find suitable partners for planning the project.

 

A corresponding cooperation agreement was signed between EFLA, bremenports and the municipal governments in 2014. Following the positive outcome of the preliminary investigations, the preparation of this new agreement began in 2016.

 

There have been a number of reports of this development in WorldCargo News over the years. The most recent was last November, when it was anticipated that a basic contract should be signed by FFPD, engineering company EFLA, and the communes of Langanesbyggð and Vopnafjarðarhreppur would be signed before the end of 2018.

Today's (Thursday, 11th April) meeting in Iceland
Today's (Thursday, 11th April) meeting in Iceland

According to the new Memorandum of Understanding, the project covers following items:

  •   a deep water port at Finnafjord in the municipality of Langanesbyggð, to the south east of Thórshöfn in the north east of Iceland;
  •   an industrial park for supplies to the port and for industrial/commercial activities;
  •   development of infrastructure for the port and the planned industrial enterprises at the location, including electricity and water supply  as well as road connections;
  •   the evaluation and implementation of a duty-free and tax-free zone in connection with the operation of the port and industrial facilities.

The parties are agreed that:

  •   full implementation of the project could take more than 40 years;
  •   the entire costs of quay construction etc. are to be assumed by the concessionaires;
  •   there are public infrastructure links which have to be closed between the infrastructure to be built by the concessionaires and the national road, energy grid, water and telecommunications grids.

bremenports will initially hold 66% of the shares in the port development company. EFLA will have a shareholding of 26% and the remaining eight per cent will be held by the Icelandic municipalities.

 

During the next stage it is expected that FFPD will be joined by a private investor.

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