Investors in Warri Old Port’s Terminal “B” get extension of date

The National Council on Privatization (NCP) has approved the extension of the closing date for the submission of expressions of interest (EOIs) by prospective investors in the concession of Terminal “B” Warri Old Port from Tuesday, July 22, 2014 to Thursday, August 7,2014.
In the advertisement, the Federal Government is requesting that the prospective concessionaires must be experienced local or international operators who will be required to manage and operate the Terminal for a minimum period of 25 years with the option of renewal.
The prospective concessionaire will also be required to invest in the construction of the stacking area, administrative block, warehouse and Clinic, rehabilitation of existing facilities and undertake further developments in the Terminal.
The prospective concessionaires must also present verifiable evidence of successful investment and technical competence in maritime operations, with proven ability to operate a port terminal
Applicants must have a minimum of US$150 million tangible net worth.
Other eligibility criteria include:Applicants must have a minimum of 15 years experience in the efficient operations of a multipurpose Ports Terminal with recorded improvement of cargo turn-around time.
A statement of technical and operational capabilities, indicating manpower and number of yearsin maritime business operations with both local and international experience in port terminal operations specified.
Letter of Consent by professionals indicated to work/avail themselves in the capacities indicated. Acceptable and verifiable evidence of availability of operational capital to meet the first two years of operations.
In the case of SPP/JV, evidence of legally binding MOU with credible technical partners who must have a minimum of 25% equity stake in the SPV/JV. A detailed profile must be attached.
Provide letter of authorization for BPE to conduct due diligence on the submission
The Federal Government warned that failure to provide the above information in full will render an application invalid.