The Guidry Group signs long-term strategic agreement with Archirodon Construction for the design and construction of the US$1.5 Billion Susah Secure Port Project in Libya.
MONTGOMERY, TX, 2 December 2021 - US based The Guidry Group has signed with noted Greek port construction company Archirodon Construction (Overseas) Company Limited (“Archirodon Construction”) a Master Agreement for the design and construction of the US$1.5 billion Susah Secure Port in Libya. The Susah Secure Port, conceived as a multi-use port, will be: the deepest water port in Libya; the first PPP port project to be undertaken in Libya; the first port to be built to a globally competitive and efficient standard; and the largest port infrastructure investment by a US company in Libya’s history.
The Susah Secure Port project is critical to the rebuilding of Libya and was recently endorsed by the Libyan Government of National Unity. It will provide a secure means of trade for international companies and governments and become a centre for economic development for Libya. The U.S. private sector is very welcome in Libya. There is an expectation for greater U.S. involvement in the development of Libya with the Susah Secure Port being the a first step in the right direction.
In Eastern Libya lies the major Port of Susah, located at about 240 Km east of Benghazi. The seaport in Susah serves as the main artery and entry port for goods into Libya by sea. A natural self-dredging port with a sea depth of 18 meters, the proposed newly developed Port of Susah will enable ships to offload their containers of goods with ease. The US$1.5 Billion Port will be constructed in four-phases. The total development cost projection of the first phase of the project is approximately US$200M. It will primarily focus on container handling, grain handling and other bulk cargoes, general cargo and as a logistics base. The Susah Secure Port is critical to enable the Libyan economy to restart.
Mr. Michael Guidry, CEO and President of The Guidry Group, said:
“We are delighted to enter into a design and construction Master Agreement with Archirodon Construction. Archirodon Construction is one of the world’s most pre-eminent port construction companies and has a long and distinguished history of developing port infrastructure in Libya, North Africa and the Middle East. The signing of this agreement is a key building block for the project and establishes a strong strategic partnership between the Guidry Group and Archirodon Construction for the development of the Susah Secure Port and for future Guidry Group port projects. Under the terms of the Master Agreement, Archirodon will shortly commence to undertake agreed preliminary works at the Susah Secure Port which will enable the commencement of full construction of the Port by the first quarter of 2023. I would also like to thank all the advisers involved in making this agreement possible.
“Together with our strategic partner Archirodon Construction, we now also move to commence and complete negotiations with a leading international port operator that will be appointed to operate the Susah Secure Port Project.”
- Michael Guidry
CEO, Guidry Group
“This is a major announcement for our company but more importantly, we think, for Libya. The Susah Secure Port project will provide a focus for economic development in the country and we are proud to be playing our part, along with the Guidry Group. Our involvement in developing port infrastructure in Libya, North Africa and the Middle East is long established and today adds another chapter to that story.”
- Mr. Denis Karapiperis
CEO of Archirodon
"We have had a dream since 2007 and we are now witnessing it really happen. We have a plan to develop a port in Susah that will be unprecedented and to the highest level of modern technology and functionality. We welcome the involvement of the US private sector in Libya and it can and should play a unifying role. We have signed a concession agreement with The Guidry Group. Mr. Guidry is an investor from the USA who believes in the future of Libya and its people. The development of the Susah Port will mark a milestone, not only in the Libyan economy, but in Libyan history, culture and mentality."
- Captain Hassan Gwile,
Chairman of Ports and Maritime
Transport Authority in Libya
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