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BUA Gets FG’s Nod To Re-open $400m Facility At PH Terminal

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Barely seven months into the dispute between the management of BUA Group and the Nigerian Port Authority (NPA) over the stoppage of the  commissioning of the $400 million BUA Ports and Terminal, Port  Harcourt, Rivers State, the company, yesterday, disclosed that it was re-opening the port terminal immediately for operations. The management, in a statement yesterday, said that it has received official communications to that effect in line with the earlier decision and consistent stand that all parties respect the content and the spirit of the concession agreement of the facility. The statement said BUA remains committed and has put in place structures to develop a best–in-class terminal at the Rivers port to serve not only users of the Rivers port but also the recently constructed $400 million foods manufacturing complex adjacent to the terminal.
“We are pleased to inform our stakeholders and the public that we have received official communication to that effect. The notice of  termination was issued by the Nigerian Port Authority sometimes last year  against our River Portsbased BUA Ports & Terminal to be withdrawn forthwith. The ongoing arbitration at the London Court of International Arbitration (LCIA) should  be discontinued and the BUA terminals be re-opened immediately for operations,” the statement said. “This decision is in line with our earlier and consistent stand that all parties respect the content and the spirit of the concession agreement of the facility.
“We also want to thank unequivocally, our dear customers, employees, dockworkers and other stakeholders for your patience, support and keeping faith with us throughout this period,” the management said. “BUA remains committed and has put in place structures to develop a best –in-class terminal at the Rivers port to serve not only users of the Rivers port but also, the recently constructed $400 million foods manufacturing complex adjacent to the terminal”.

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