The agreement sets the main terms of cooperation in the $1.5 billion project and is set to turn the Susah Secure Port into a centre for Libyan economic development.
The port will also be conceived as a multi-use port and will be the deepest water port in Libya, the first public-private partnership port project undertaken in Libya, the first port to be built to a globally competitive and efficient standard, and the largest port infrastructure investment by a US company in Libya’s history.
The seaport in Susah serves as the main artery and entry port for goods into Libya by sea. A natural self-dredging port with a sea depth of 18m, the proposed newly developed Port of Susah will enable ships to offload their containers of goods with ease.
The $1.5 billion port will be constructed in four-phases: the total development cost projection of the first phase of the project is approximately $200 billion. It will primarily focus on container handling, grain handling and other bulk cargoes, general cargo and as a logistics base.
“We are delighted to enter into a design and construction Master Agreement with Archirodon. Archirodon brings its globally renowned experience in ports construction and has a long and distinguished history of developing port infrastructure in Libya and the whole of the MENA region,” said Michael Guidry, CEO and President of the Guidry Group.
“The signing of this Master Agreement sets a first solid step towards the project materialisation and establishes a strong strategic partnership between the Guidry Group and Archirodon for the development of the Susah Secure Port and for the future Guidry Group port projects.
“Under the terms of the Master Agreement, Archirodon will shortly commence to undertake agreed preliminary works at the Susah Secure Port which will enable the commencement of full construction of the port by the first quarter of 2023. I would also like to thank all the advisers involved in making this agreement possible.
“Together with our strategic partner Archirodon, we now also move to commence and complete negotiations with a leading international port operator that will be appointed to operate the Susah Secure Port Project.”
The project has also recently been endorsed by the Libyan Government of National Unity.
Dennis Karapiperis, CEO of Archirodon, added “This is a significant announcement for our organisation matching our long-term anticipation to continue our support to Libya’s development and business growth. The Susah Secure Port Project will provide a focus for economic development in the country, and we are proud to be playing our part, along with the Guidry Group.
“Our involvement in developing port infrastructure in Libya comes along with the aspiration of the of the international community for a bright new era for the Libyan nation.”