In a big advance for its global aspirations Shanghai International Port (Group) (SIPG) has been granted the concession to operate what could become the largest port in North Africa.
Yesterday, China and Algeria sealed a $3.3bn deal to build a new port at Cherchell, 100 km west of the capital, Algiers.
The agreement was signed between Algeria’s Transport Ministry, China Harbour Engineering Company (CHEC) and China State Construction Engineering Corporation (CSCEC) in Algeria.
The two phase project will be completed within seven years with SIPG chosen to operate it and try to position the port as a transhipment hub.
SIPG has been keen to grow an overseas network of terminals for more than a decade, but has been very selective in choosing the right projects.