Finnafjord Port Plans Take Shape

Image source: bremenports

The development activities for the Finnafjord Port Project in the north-east of Iceland are taking shape, bremenports said in its latest release. 

The initial idea for this project dates back to the year 2007, when the Icelandic central government, together with the municipalities of Langanesbyggð and Vopnafjarðarhreppur, commissioned EFLA, an Icelandic consultant company, to investigate the feasibility of creating a port and industrial location at Finnafjord and to find suitable partners for planning the project.

“Today, 11 April 2019, representatives of the parties involved in the project met in Reykjavik to sign agreements which will enable formation of the Finnafjord Port Development Company (FFPD),” bremenports said.

The parties are agreed that:

  • full implementation of the project could take more than 40 years;
  • the entire costs of quay construction etc. are to be assumed by the concessionaires;
  • there are public infrastructure links which have to be closed between the infrastructure to be built by the concessionaires and the national road, energy grid, water and telecommunications grids.

During the next stage it is expected that  FFPD will be joined by an investor.

Hafsteinn Helgason, EFLA Consulting Engineers, Director Business Development, said: “The preparation for this moment has taken a long time since the harbor in Finna Fjord is a huge project that will be in the works for decades to come. During our research of the area we have seen that conditions for development are good.”

Elias Peturson, Municipality of Langanesbyggð, Mayor, added: “We have been heading towards this stepping stone that was reached here today for a long time. The harbor, as a new gateway to the world, will reinforce the population of the area and increase opportunities in North- and East-Iceland.”

bremenports will initially hold 66 per cent of the shares in the port development company and EFLA will have a shareholding of 26 per cent and the remaining 8 per cent will be held by the Icelandic municipalities.

Image source: bremenports

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