Citadel subsidiary signs river transport contract

20 May 2008
The National River Transportation Company (NRTC) has signed its first contract for cargo transport using the Nile River.

Under the deal, it will move 700,000 tonnes a year (t/y) for the Al-Nasr Company for Coke & Basic Chemicals.

NRTC, which has a capital of $100m, is owned by Cairo-based private equity firm Citadel Capital. It aims to be moving 12 million t/y of cargo within five years.

The company has bought 23 barges for refurbishment and will enter into contracts with three shipyards to build 90 new barges over a three-year period.

Historically, the state-owned Nile General Company for River Transportation has dominated cargo shipping on the country's inland waterways.

A total of 300 million tonnes of cargo are moved in Egypt every year, but less than 1 per cent of this is transported by river.

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