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Prime Minister, Dr. Kamal Al-Ganzoury, received the Minister of Transport Dr. Galal Said where he reviewed outcomes of the committee formed from the Ministry of Transport concerned with negotiation with Suez Canal Containers Trading Co. which owns 75% of shares in Maersk Shipping Containers aiming to study the financial rebalance for the contract signed with the company since 2001. The committee ended in drafting new attachment for the contract to be offered for the cabinet. The Minister of Transport stated that signing such contract will achieve various benefits that have positive respond on the economy topped by payment of additional trading fees on the trading movement by the beginning of 2012 to the end of the franchise period reaching EGP 1.7 billion, along to the company’s contribution in establishing the side canal amounting to EGP 75 million.
The committee has studied the origin contract especially what was subjected in the attachment no. 5 forcing Port-Said Port Authority to establish side navigation canal by the end of 2012 maximum, and the new attachment delayed the canal establishment to end of 2014 to give time for the authority to take procedures and implement the project. The minister stated that the side canal of length 9 km, width 250m and depth 18.5 m starts from East Port-Said to the Mediterranean Sea, and it will allow entrance and exit of largest containers ships worldwide, amounting to EGP 500 million and will help attracting global investments for East Port-Said Port.
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