Singapore to spend 1.4 billion US dollars to expand port: report

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

SINGAPORE, Dec 22, 2007 (AFP) – Singapore is set to spend two billion dollars (1.41 billion US) to increase its port’s annual capacity by about 40 percent, a newspaper reported Saturday. The project is scheduled for completion by 2013 and is expected to allow Singapore’s port to handle higher volumes from increased global trade, the Straits Times reported.

The expansion will add 16 berths to the Pasir Panjang terminal, increasing its annual handling capacity to 14 million standard containers, the Maritime and Port Authority of Singapore said in the report.

Singapore is one of the busiest container ports in the world.

The city-state’s port operator PSA said in September that it had invested five billion Singapore dollars over the last 10 years to develop 26 berths at Pasir Panjang terminal by 2009.

That project would boost annual handling capacity across PSA’s four Singapore terminals to 35 million containers.

Kuah Boon Wee, chief executive of PSA for Southeast Asia and Singapore, told the Straits Times in June Shanghai is set to overtake Singapore as the world’s busiest port in 2008 on the back of China’s continued stellar economic growth.

In the first eigh