NIS630 millions will be invested in ports infrastructure in 2007

Israel Ports Development & Assets Company Ltd. (IPC) announced last week that NIS 630 million will be invested during the next financial year in a number of development projects. The amount was approved at the recently held company's board meeting.
 
IPC is responsible for the development of Israel's three commercial seaports in Haifa, Ashdod and Eilat and for providing them with the necessary infrastructure which will allow them to efficiently and competitively handle Israel's international maritime trade.
 
In a statement issued by IPC, the company said that most of the investment would be directed toward two large infrastructure projects:
- The Eitan Terminal in Ashdod Port. The project (formerly known as the Hayovel project) is being carried out by the Israel Ports Company at a total estimated cost of NIS 3 billion. The facility's new state-of-the-art container terminal, modern quays, extensive storage area, and advanced technology will allow the port to address the growth in maritime traffic and, at the same time, improve service provided to its cliental thus creating the potential for the port to become one of the leading ports in the region.
 
- The Carmel phase I project which is one of Israel's largest infrastructure projects currently underway. It will increase the port's capacity by about 450,000 containers per year and create the infrastructure that will allow the handling of larger super post-Panamax container vessels.
Phase I will include the construction of a modern container terminal featuring a new 700-meter long quay with up to 15.5 meters of water depth. In addition, a secondary quay 250 meters long will be available to handle other cargo. The new terminal will include stacking areas and be equipped with modern cranes for unloading, loading and stacking containers. A new gate complex utilizing sophisticated technology will expedite movement into and out of the port.
 
Mr. Shlomo Brayman, director general of Israel Ports Development & Assets Company Ltd said that NIS320 millions will be dedicated to the above two projects. NIS210millions will be invested in various upgrading projects including security and NIS100millions have been allocated for land purchase which is essential for the future development of the ports.