InvesTT is embarking on its largest project to date, the multi-billion dollar Sullivan Island Dry Dock, president Raquel Moses announced yesterday."This project is one of our targeted sectors which is the maritime and is a huge opportunity for growth. Once we sign this agreement it will be the biggest opportunity in InvestTT 's portfolio with a potential capital expenditure of US$2.1 billion upon completion.
"The signing will get us up to the stage of facilitating environmental assessment which will take place over the next year," she said at the signing of a memorandum of agreement with the T&T Dry Dock Company (TDDCL).
The agreement, signed at InvesTT's El Socorro office, is for construction of a dry dock island off Trinidad. The Port-of-Spain Dry Dock and Sullivan Island will be a 140-acre facility located in the Gulf of Paria.
Etienne Mendez, chairman and CEO of TDDCL, described it a "world themed" project."We envisaged 11 years ago that we could build a dry dock that could accommodate the largest ships in the global fleet. Our research told us that the Western Hemisphere was home to a mere 15 per cent of the global dry docking capacity which meant that the ships operating on this side of the globe needed to go to the Far East and Europe to access their required dry docking," he said.
"We project 3,500 construction stage jobs and close to 10,000 operational jobs in the primary sector in dry docking and additional 5,000 jobs in the services sector. The project will have residential facilities and recreation facilities. With eight ships in dock and a crew of 30 persons we can entertain these people, so we are creating facilities for the people on the island," he said.
The facility, which will take five years to construct, will include a residential commercial sector and an industrial sector for the ancillary industries that support dry docking activities.InvesTT will provide services throughout the life of the project which will guide, expedite and obtain regulatory, legal, and concessionary permits and licenses for TDDCL and any of its contractors engaged to develop the facility.
"The one year environmental impact assessment has been determined by the Environmental Management Authority (EMA). We spent close to nine months for the term of reference for this. We got their blessings and final document at the beginning of this year," Mandez said.We know how the project will affect the environment. Once our preliminary assessment says there is no major adverse impact that will be caused, we will go ahead and start construction."
To fund the project, TDDCL plans to raise 25 per cent equity from private sector investors and to borrow 75 per cent."We had interest from Brazil, Korea, Singapore, China and the United States. They have all expressed interest in this project," he said.