Work
starts on new $105m port
Port Spain
Petroleumworldtt.com
01 13 08
State-owned
National Energy Corporation has begun construction
of a new $105 million port to service
the needs of the Essar Steel HBI and downstream
plants,
as well as the Westlake Polyethylene Complex.
Both plants will be located at Savonetta, on lands
formerly owned by Caroni 1975 Limited.
NEC president Prakash Saith said yesterday NEC
will construct the new port with technical assistance
from a foreign company.
The harbour and dock which will be located south
of Point Lisas harbour is expected to be completed
by the last quarter of 2009.
Saith
said: "The annual turnover at the new
dock is expected to be approximately four million
metric tonnes of iron ore which in turn will be
used by Essar to produce three million metric tonnes
of hot bricketted iron (HBI) and other downstream
products."
He said Westlake was expected to begin construction
of its polyethylene complex by the middle of this
year and with completion date set for 2011.
Westlake is expected to produce 570,000 metric
tonnes of polyethylene, a tough light plastic.
Saith said Essar Steel will employ 6,000 workers
during construction of the plant and 1,225 permanent
workers on completion.
The site earmarked for the plant consists of 200
hectares.
Westlake Ethylene Complex expects to employ 5000
people during construction and 500 on completion
of the plant.
In addition to the construction of the new harbour
and port, NEC recently acquired two new tugs, NEC
Pride and NEC Spirit to its existing fleet of ten.
The 12 vessels are valued at $825 million.
Saith said the two new tugs will be commissioned
on January 21, by Energy Minister Conrad Enil.
He said the NEC handled more than 21 million tons
of petrochemical and steel products valued at a
about US$6 billion last year.
The estimated profit from port operations last
year is expected to be well over $100 million.
The company's balance sheet for 2006 showed a
profit after tax of nearly $84 million.
Story
by Louis B Homer from
Trinidad Express
Trinidad
Express
Friday,
January 11th 2008
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