• BIST 100.339
  • Altın 276,456
  • Dolar 5,6986
  • Euro 6,3000
  • İstanbul 19 °C
  • Ankara 14 °C

$65.1m new investments

$65.1m new investments
The troubled Port Klang Free Trade Zone has attracted M$226m ($65.1m) in new investments over the past seven months.

The troubled Port Klang Free Trade Zone has attracted $65.1m in new investments over the past seven months.

The troubled Port Klang Free Trade Zone has attracted M$226m ($65.1m) in new investments over the past seven months, but the project nevertheless remains a controversial one.

PKFZ has obtained the funding since its new management took over in May, and the money represents a 30% increase in total investment in the Free Zone. But occupancy rates still only average around 18% of the Zone"s capacity.

Malaysian transport minister Ong Tee Keat said this should be viewed in relation to similar developments, such as Jafza ? the Jebel Ali Free Zone ? which took six years to reach 40% capacity, and 10 years to reach full capacity.

Controversy remains concerning the costs of the project, with M$2.9bn paidfor land and construction, and whether PKFZ will be able to service a M$4.6bn soft loan that it received from the government.

?Whether or not the project was handled professionally ? cost-effective or exorbitant ? that is what I"ve been harping on about, and it is what will appear in the PriceWaterhouseCoopers report,? Mr Ong said.

PwC is expected to complete an audit of the project in the next few weeks.

PKFZ is 100%-owned by Port Klang Authority and was originally managed by Jafza. However, the Dubai-based company pulled out in March 2007, just three years into a 15-year contract.


This news is a total 632 time has been read
  • Comments 0
    UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
    Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
    Bu habere henüz yorum eklenmemiştir.
Other News
  • Suez Canal extends discounts for LNG carriers17 September 2019 Tuesday 16:04
  • North Sea Port starts testing17 September 2019 Tuesday 14:03
  • Caribbean port selects Octopi17 September 2019 Tuesday 14:01
  • PSA sets new vessel productivity record in India17 September 2019 Tuesday 12:08
  • MSC includes North Sea Port in its network17 September 2019 Tuesday 10:21
  • ICC unveils ‘Incoterms 2020’16 September 2019 Monday 11:44
  • Bulker Crashes into Pier at China’s Grain Terminal16 September 2019 Monday 10:22
  • Contship Italia embarked the 2nd US Roadshow16 September 2019 Monday 09:31
  • ILWU: Automation of BC Terminals to Cause Major Job Cuts16 September 2019 Monday 09:23
  • British Ports Association Statement on Operation Yellowhammer Leak14 September 2019 Saturday 16:15
  • All Rights Reserved © 2006 TURKISH MARITIME | İzinsiz ve kaynak gösterilmeden yayınlanamaz.
    Phone : 0090 212 293 75 48 | Fax : 0090 212 293 75 49 |