The Indian Government has
signed a $76 mill loan agreement for a project to upgrade the environment
management plan at Alang-Sosiya ship recycling yards.
The total cost of the
project will be $111 mill, out of which the $76 mill will be provided as soft
loan from Japan International Cooperation Agency (JICA), local sources said.
Out of the remainder, $25
mill as taxes and fees will be borne by Government of Gujarat and the balance
of $10 mill will be shared by Ministry of Shipping and the Government of
Gujarat.
The project, which would be
undertaken by Gujarat Maritime Board (GMB), is likely to be completed by 2022,
the sources said.
The Indian government
reportedly said that the project would also help safeguard the marine and
coastal environment. The use of advanced de-contamination technology would rule
out the possibility of fire accidents in oil and chemical tankers, the
authorities claimed.
In the recycling market,
brokers reported that the 1993-built Suezmax ‘Nataly’ had been sold to
Bangladesh recyclers for $405 per ldt and that the 1995-built Aframax ‘M
Spirit’ was also sold to Bangladesh interests for $385 per ldt.
Source: tanker
operator. 22 September 2017
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