No Work has Started at Portland Bight

No construction or development work has started at Portland Bight. The only activity that is underway is the detailed technical work to complete the feasibility studies prior to making a submission to the National Environment and Planning Agency (NEPA) and other regulatory agencies for approval. Once all approvals are in place only then will the project be submitted to the Cabinet for discussion.

The Final Framework Agreement was signed on Tuesday (August 5) as the parties wanted to record their understanding of the general terms and conditions on which negotiations for the project will continue.

It was also important to take advantage of the presence of a high level delegation from China Communications Construction Company (CCCC) and China Harbour Engineering Company (CHEC) who were on the island to participate in the opening of Segment 2 of the Mount Rosser By-Pass. The signing is simply a re-statement of the Initial Non- Binding Framework Agreement which was signed on March 28, 2014.

The non- binding Framework Agreement details the terms and conditions that will form the basis for the negotiations of the Concession Agreement.

This includes the completion of the following Studies

• Detailed Technical and Market Feasibility Studies,
• Regulatory and Operational Modality for Industrial Park operations
•  Labour supply and training needs to facilitate the employment of local labourers, skilled and professional personnel, during the construction and operation of the Project,
• Sustainable Environmental measures to facilitate sustainable development,

This Framework Agreement will expire no later than July 31, 2015 , or upon the signing of the Concession Agreement, whichever is earlier. 

It should be noted that the Concession Agreement will be subject to:

(i)      Successful completion of detailed technical and feasibility studies;

 (ii)   Submission to and approval by National Environment and Planning Agency (NEPA) and all other relevant agencies of Government; and

(iii) The Parties agreeing and executing the Definitive Agreements.

 Proposed Implementation Schedule

The project will be implemented in phases, with the first phase targeted for completion on or before the opening of the expanded Panama Canal, [now expected to be operational by the first quarter of 2016], subject to the Parties executing the Implementation and Concession Agreements, and CHEC being granted the relevant permits, licences and approvals to enable the timely construction and development of the Project.