Aqaba Container Terminal Concession Contract

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In August 2006, the government of Jordan signed a 25-year concession contract with the Special Purpose Company Aqaba Container Terminal Pvt Company to build, rehabilitate and operate Aqaba Container Terminal. Aqaba Container Terminal Pvt Company was a joint venture between AP Moller-Maersk (50%) and the State Owned Corporation,owner of Aqaba ports, Aqaba Development Corporation (50%). The contract was awarded by direct negotiation. AP Moller-Maersk operated the Aqaba Container Terminal under a management contract (3280) from 2004 to August 2006. Under the agreement, Aqaba Container Terminal Pvt Company committed to invest US$705 million to expand the terminal's capacity from 500 thousands in 2006 to 2.4 million TEUs.