APMT, Aqaba Development Cooperation agree to $242 million box terminal extension


APM Terminals (APMT) and Aqaba Development Cooperation have signed a Memorandum of Understanding for a 15-year extension of their partnership in the Aqaba Container Terminal (ACT).

The agreement secures a $242 million investment to accelerate plans to transform ACT into a gateway to Jordan, the Levant and beyond.

At a forum following the signing, Keith Svendsen, CEO of APMT, introduced the key aspects of the company’s future vision for the Aqaba port, which include decarbonisation plans, the modernisation and expansion of ACT, the development of a training centre for individuals working in the maritime and logistics sectors, and ongoing support for Jordan’s goal of becoming an export hub for green energy.

“Aqaba is considered one of APM Terminals’ major strategic ports, and an important gateway to the Levant region and beyond,” Svendsen said.

“To reinforce our long-term commitment to Aqaba and to Jordan’s 2030 Economic Modernization Vision, we have developed a meticulous plan for enhancing Aqaba’s competitiveness both regionally and globally including a net zero emission target for 2040 – the only port in the region with such.”

READ: Aqaba Container Terminal details $50 million decarbonisation plan

ACT will invest in solar to reduce the terminal’s carbon footprint.

Additionally, APMT will relocate customs closer to the port, optimising clearance processes and directly connecting to the Aqaba Logistics Village where increasing trade opportunities will reach the wider economy.

Owner of APMT Maersk will also support the development of green hydrogen fuel with knowledge, expertise and a large demand for green fuel.

Earlier this year, APM Terminals Pipavav (APMT Pipavav) commissioned a 1,000 kWp DC capacity solar power plant to reduce 10 per cent of the port’s total energy consumption.

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