Dutch government approves, helps finances Rotterdam mega-terminal plan

Dutch government approves, helps finances Rotterdam mega-terminal plan    The Dutch government, the municipality of Rotterdam and the port of Rotterdam Friday concluded an agreement on the financing for the construction of a future giant container complex, Maasvlakte 2, under which the state will provide some of the funds for its construction.
   Under the agreement, the Dutch state will take a 33.3-percent interest in the port of Rotterdam by acquiring newly issued stocks to the value of 500 million euros ($600 million), effective Jan. 1, 2006. The municipality of Rotterdam will retain the remaining 66.7 percent.
   “This participation by the state is a sign of the port’s national importance”, said Willem Scholten, chief executive officer of the port of Rotterdam.
   Construction of the dike and the filling of the future terminal’s area with sand will cost about 2.6 billion euros ($3.1 billion). The port complex will provide an estimated handling capacity of about 8 million TEUs a year, according to the port of Rotterdam.
   Building work for the Maasvlakte 2 complex will commence in 2006 and the first sites will be completed in 2010. To be built by reclaiming land from the sea, immediately to the west of the current Rotterdam port area, the new container terminal will occupy 1,000 hectares (about 2,500 acres).
   “Maasvlakte 2 will be able to welcome the largest of ships, whatever the circumstances,” the port of Rotterdam said. With this expansion, the
Rotterdam port area will be enlarged by 20 percent.