Financial Daily from THE HINDU group of publications
Saturday, Nov 19, 2005
Financial Daily from THE HINDU group of publications Saturday, Nov 19, 2005 |
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Shipping Government - Policy CCEA approves deepening of channel at Paradip Our Bureau
New Delhi , Nov. 18 THE Cabinet Committee of Economic Affairs (CCEA) has approved "deepening of channel at Paradip Port" at an estimated cost of Rs 154.84 crore. Deeper channels will decongest the port, increase handling capacity and reduce sea freight charges for bulk cargo, including iron ore and crude oil. From the total cost, the Government would provide a grant amounting to one-third of the total project cost (Rs 51.61 crore) and an equivalent amount as loan. Paradip Port Trust has to arrange for the balance by itself. "The project has to be completed within 72 weeks from the date of sanction," said the Finance Minister, Mr P. Chidambaram, while briefing the reporters. The total cost of Rs 154.84 crore consists of direct capital dredging of Rs 135.16 crore, related works such as navigational aids, removal and re-erection of shore marks and removal of stone pitching and placement of new pitching amounting to Rs 12.3 crore, project management consultancy of Rs 2.94 crore and contingencies of Rs 4.42 crore, according to an official statement. After the channels are deepened, ships of 1,25,000 dead weight tonnage (DWT) can be handled by the port as against the existing level of 65,000 DWT.
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