Knesset Committee approves privatization of Eilat Port

The franchise that would be awarded will operate the port for 15 years, with an option for ten more years
 
The Knesset Finance Committee approved last Wednesday the privatization of the Eilat Port, after the Government Companies Authority presented its plan for the privatization process.
 
The franchisee that would be awarded ownership will receive from the Minister of Transport a license to operate the Port for 15 years, with an option to extend for ten years, subject to meeting container traffic volume quotas at the port during the first three years of the operating period.
 
The Eilat Port mainly handles the import of cars and the export of chemicals, handling 6% of Israel's foreign trade. It has also become a port of call for cruise ships.
 
The port's 130 employees carried it to a NIS115 million revenue in 2011, while net profit was NIS 17 million.