The state-run Tangier Mediterranean Special Agency has granted a 30-year concession to a four-strong consortium headed by the Eurogate/Contship Italia Group to operate the second phase of development of the Tangier Med Container Terminal in Morocco.
Eurogate/Contship Italia Group has a 40 percent stake in the development with CMA CGM, Mediterranean Shipping Co., and Casablanca-based Comanav all taking 20 percent.
CMA CGM said the consortium will invest euros 150 million ($182 million) through 2010 developing the terminal, which when complete will have a quay length of 810 meters (2,657 feet) and an annual cargo handling capacity of 1.5 million TEUs.
The first terminal phase is scheduled to be operational by spring 2008 with a quay length of approximately 450 meters (1,476 feet). The second terminal will be operational in January 2009.