Khan: PoS Port will be privatised

WORKS and Transport Minister Franklin Khan said the Port-of-Spain Port will be privatised but Government would not do so unless it is absolutely certain that the State’s assets will not be squandered by any private sector entity which comes on board.
 During yesterday’s opening of Berth Seven at the Port-of-Spain Port, Seamen and Waterfront Workers Trade Union president Michael Annisette was confident the port could achieve its transformation goals but remained concerned about labour and land space at the port. “Give us that additional land space, or the port will die,” he said.
In response, Khan said: “In two weeks, I will be taking a note to Cabinet and I expect positive response for the approval of the widening and deepening of the channel to create additional space.”
The applause had barely died down when the Minister added: “However, there is a sting in the tail.” Khan said Government believed the port’s future “is intrinsically linked with both private sector equity and private sector management in some form or the other.” “We have been involved in a port privatisation process for the last year. We have been taking some time largely because we are looking for the right mix of equity and management.
“As a government we are the custodians of the State’s assets and under no circumstances as a responsible government, will we give away the people’s assets for a price that we consider sub-par,” he declared.
Minister in the Ministry of Finance, Christine Sahadeo, said Government allocated $10 billion in the 2004/2005 Budget for capital items and this would address land concerns raised by Annisette.  She also said discussions are ongoing with the Urban Development Company of TT on this matter.
Sahadeo agreed with Annisette about the importance of labour at the Port-of-Spain Port.
“We have come too long a way to allow labour problems to be an issue. I agree we must be fair to all our stakeholders,” she said. Noting that Berth Seven will provide the Port Authority with initial annual revenues of $20 million, Sahadeo disclosed that Government has allocated $70 million for new equipment for the Port-of-Spain Port.
Observing that ports worldwide were bursting at the seams, Sahadeo advised port stakeholders not to fight amongst themselves or they would lose “the opportunity of a lifetime” to grow with the trade in the global maritime industry. “The competition exceeds far beyond the Caribbean,” she added. Khan said the Port Authority required no financial assistance from Government to implement the $71.35 million Berth Seven project and a new computerised container management system will be operational at the port by the end of January 2005.