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PSC’s concession for managing Port Sultan Qaboos extended

Muscat - 

Port Services Corporation’s (PSC) concession agreement for managing and operating Port Sultan Qaboos (PSQ) has been extended for an interim period of one year from January 1, 2013, the company said in a filing to the Muscat Securities Market (MSM) last week. The current concession agreement will expire by the end of this year.

Concerned authorities, represented by the Ministry of Transport and Communications (MoTC), have decided to extend the Corporation’s concession agreement for an interim period of one year with effect from January 1 until December 31, 2012 on the same conditions of the current concession agreement, said Saud bin Ahmed al Nahari, chief executive officer of PSC, in its disclosure. However, the finalisation of legal formalities of the extension are now underway, Nahari added.

As per a Royal Directive, PSQ has to be converted to a full fledged tourist-hub port and accordingly all commercial import, export, general cargo and container activities would be transferred to Sohar Industrial Port.

PSC earlier said that MoTC is in the process of appointing a consultant for planning of transfer of business activities from PSQ to Sohar. The consultants would carry out a study and prepare a report with a proposed time table and recommendations for the migration of vessel-handling operations from PSQ. 

The PSC management had proposed a future strategy which includes converting PSC from a SAOG to a holding company managing subsidiary companies with diversified activities, such as management of other sea ports in addition to managing the new PSQ Tourist Port and investment and real-estate activities.

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