Adani Gets Nod to Develop New Container Terminal in Yangon
- Business & Finance
Adani Yangon International Terminal has received an approval from Myanmar to develop a new container terminal in Ahlon, Yangon.
The company was granted the green light on April 26 to develop, operate and maintain the Ahlon International Port Terminal (2) under a 50-year build, operate and transfer deal with the government, according to Myanmar’s Directorate of Investment and Company Administration (DICA).
AIPT (2) would be developed across 50 acres of land owned by Myanmar Economic Corporation, the operator of AIPT (1), local media cited DICA.
The construction of the new terminal is expected to start in September 2019 under a USD 290 million deal. The terminal would be built in two phases, with a goal of handling up to 150,000 TEU following the completion of the first phase, and a maximum of 800,000 TEU once the second phase is finalized. The phases are expected to be completed in 12 and 6 months, respectively, following the launch of construction works.
The approval comes ahead of the expected increase in trade volumes in the region in the coming years.
World Maritime News Staff