Guidry Group of US to Design and Build $1.5B Port Project in Libya
[By: The Guidry Group]
US-based The Guidry Group has signed with a prominent international EPC Contractor Archirodon Construction (Overseas) Company Limited (“Archirodon”) a Master Agreement setting the main terms of their cooperation for the design and construction of the US$1.5 billion Susah Secure Port in Libya. The Susah Secure Port, conceived as a multi-use port, will be: the deepest water port in Libya; the first PPP port project to be undertaken in Libya; the first port to be built to a globally competitive and efficient standard; and the largest port infrastructure investment by a US company in Libya’s history.
The Susah Secure Port project is critical to the rebuilding of Libya and was recently endorsed by the Libyan Government of National Unity. It will provide a secure means of trade for international companies and governments and become a centre for economic development for Libya. The U.S. private sector is very welcome in Libya. There is an expectation for greater U.S. involvement in the development of Libya with the Susah Secure Port being the a first step in the right direction.
In Eastern Libya lies the major Port of Susah, located at about 240 Km east of Benghazi. The seaport in Susah serves as the main artery and entry port for goods into Libya by sea. A natural self-dredging port with a sea depth of 18 meters, the proposed newly developed Port of Susah will enable ships to offload their containers of goods with ease. The US$1.5 Billion Port will be constructed in four-phases. The total development cost projection of the first phase of the project is approximately US$200M. It will primarily focus on container handling, grain handling and other bulk cargoes, general cargo and as a logistics base. The Susah Secure Port is critical to enable the Libyan economy to restart.
Mr. Michael Guidry, CEO and President of The Guidry Group, said:
“We are delighted to enter into a design and construction Master Agreement with Archirodon . Archirodon brings its globally renowned experience in ports construction and has a long and distinguished history of developing port infrastructure in Libya, and the whole of MENA region. The signing of this Master Agreement sets a first solid step towards the project materialization and establishes a strong strategic partnership between the Guidry Group and Archirodon for the development of the Susah Secure Port and for future Guidry Group port projects. Under the terms of the Master Agreement, Archirodon will shortly commence to undertake agreed preliminary works at the Susah Secure Port which will enable the commencement of full construction of the Port by the first quarter of 2023. I would also like to thank all the advisers involved in making this agreement possible.
“Together with our strategic partner Archirodon, we now also move to commence and complete negotiations with a leading international port operator that will be appointed to operate the Susah Secure Port Project.”
Mr. Wisam Edrisi, Deputy Minister of Transportation for Seaports & Maritime in The Government of National Unity of Libya, said:
“Susah seaport is the first BOT project in Libya in seaports. The project has been approved by the Ministry of Transportation and we now looking forward to the building stage of the project. The project is expected to provide many jobs opportunities for Libyans and will help develop the maritime business.
“Being a deep seaport, the opportunity for having a transhipment hub in Libya will help economic development and position Libya in the international shipping market. The NUG-focus is on investment, especially in seaports and other infrastructure, and on inviting international companies to participate in different projects. The government will provide all the support and help to see such projects are a success.”
Mr. Dennis Karapiperis, CEO of Archirodon, said:
“This is a significant announcement for our organization matching our long term anticipation to continue providing our support to Libya’s development and business growth. The Susah Secure Port project will provide a focus for economic development in the country and we are proud to be playing our part, along with the Guidry Group. Our involvement in developing port infrastructure in Libya comes along with the aspiration of the international community for a bright new era for the Libyan nation ”
Dr. Abdalla Al Hasse, an economic development consultant who has worked with Michael Guidry in Libya for a long time, said:
“The projected seaport is expected to be the biggest in Libya and will provide services for container, grain handling, general cargos and others. Support for the seaport has been witnessed at all levels including the new Unity Government, ministries, citizens and others. I believe such support will continue for the life of the project.”
The Guidry Group was advised by Dentons Europe, Ernst & Young and WSP.
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