The Lituanian port of Klaipeda will invest USD 25.4 million in preparatory works for large investment projects planned to take place in 2017, local media quoted port’s chief executive officer Arvydas Vaitkus.
With this investment, the port will undertake minor improvement works, including quay upgrades, deepening of the navigation channel and infrastructure projects, as well as the start of new development projects.
The Klaipeda port authority will contribute USD 18.9 million of its own funds, while some USD 6.5 million will come as EU aid.
Vaitkus said that this move is a part of the port’s investment strategy leading to a number of large projects expected to start next year when the investment amounts will be significantly increased.
Port officials expect that around USD 441.1 million will be invested in the Klaipeda until 2024.
Vaitkus added that the port set a new cargo handling record in 2015. The total annual amount of cargo handled increased by 10.5 percent to 3.3 million tons.
The port also saw a record-high revenue in 2015 which increased by 5.5 percent to USD 50.9 million compared with 2014 revenue.
World Maritime News Staff