International law firm Freshfields Bruckhaus Deringer has advised Tangier Mediterranean Special Agency (TMSA) on the contract for the design and construction of the basic infrastructure of the Tangier Med 2 port and the concession of its first container terminal.
The contracts, signed earlier this month, relate to the major extension of the Tangier Med 2 port complex in Morocco. The port, with a nominal capacity of five million containers, will reinforce and consolidate the position of the Tangier Med port on the Gibraltar Straits, a core slot on one of the world’s major container transport routes.
The Moroccan State and TMSA, the state-owned port authority and developer, have signed a contract for the development of the project. A 30 year concession for the design, construction, operation and maintenance of the first container terminal of the port has been granted by TMSA to Marsa Maroc, the leading Moroccan port operator. The turnkey contract for the design and construction of the port’s infrastructure, with a contract price of approximately €825 million, has been signed between TMSA and a consortium formed by Besix, Bouygues Travaux Publics, Bymaro, Saipem and Somagec.
During the first phase of the project, all the basic infrastructure of the port and only one of the two containers terminals of the port, with a quay-length of 1,200 metres and a capacity of 2.2 million containers, will be designed and built. The second terminal of the port, with a quay-length of 1,600 metres and a capacity of 3 million containers, will be developed on the basis of future market demand.
In order to assist with the development of the project, the Moroccan State will contribute 2 billion Moroccan Dirhams (approximately €180 million) to a project company, TM2 SA incorporated by TMSA for the purposes of the project, an amount which may be repaid once the concession of the second terminal of the port is awarded and relevant revenues are secured. TMSA will also make a contribution of 2 billion Moroccan Dirhams to the project company.
Freshfields advised TMSA on all aspects of the project. The Freshfields team was led by finance partner Amir Jahanguiri, and included partner Thierry Laloum, counsel Vincent Brenot, and associates Driss Bererhi, Michaël Armandou and Mathieu Werner (all finance).