ASX-listed Patrick to expand container terminal at Port Botany, Sydney
PATRICK Stevedores has signed agreements with Sydney Ports Corporation for the development and expansion of its existing container terminal at Port Botany. Friday, 11.May.2012, 03:13 (GMT+3)
PATRICK Stevedores has signed agreements with Sydney Ports Corporation for the development and expansion of its existing container terminal at Port Botany.
Under the terms of the development agreement, Australian Securities Exchange-listed Patrick will expand its presence at Port Botany by 39 per cent through the development of an integrated container terminal, comprising its existing container terminal and the adjoining 17.6-hectare site known as "the Knuckle".
The new terminal will more than double Patrick's total annual container handling capacity to 2.5 million TEU, which is equivalent to the volume of containers handled by the Port of Melbourne.
Lead partner Nikki Robinson of Clayton Utz, the company which advised Patrick on the signing of the agreement, said: "The Port Botany expansion will be one of the largest port projects undertaken in Australia in many years, and is a significant commercial development for Patrick. We are pleased to have worked alongside their team to conclude these important agreements with Sydney Ports Corporation."