ISRAEL's Government Companies Authority (GCA) is proceeding with the first step of the privatisation and sale of 100 per cent of the shares of government cooperation, the Haifa Port Company (HPC), according to the Israel Ports Development & Assets Company Ltd. (IPC).
This is next step in the Israeli Port Reform Programme has begun with the privatisation of major ports now underway, reports Port Strategy, Fareham, Hampshire, England.
The process kicked off with the announcement on July 21 of the sale and publication of the sale process on GCA's website.
The national port reform programme began in 2004 with the breakup of the Israel Ports Authority and gradual transformation of the Israeli port sector into the landlord model.
The first 1bn NIS of proceeds from the sale will be reinvested in the company, with proceeds beyond that sum going to the state.
Additional investment funds are also available to cover certain company development costs from other sources.
During 2019, the HPC handled 1.4 million TEU and a total of 15.7 million tons of cargo (containerised, breakbulk and bulk). HPC boasts 5,000 million of quay length with water depth alongside of up to 16.2 million.
Technology investments at its facilities include a modern, paperless gate and advanced operating systems. The company holds an operational licence through 2054 and usage rights to over 166 ha of land.