São Tomé e Príncipe officials signed a Memorandum of Understanding with China Harbour Engineering Company Ltd. (CHEC) Oct. 7 to design and build a deep-sea trans-shipment port.
The port will be built on São Tomé and add to the shipping infrastructure of the Gulf of Guinea.
The first phase of construction is scheduled to be complete in 2018 and is projected to be fully operational by 2019.
The total cost of the port is estimated to be $800 million, with the Chinese providing at least $120 million. They will also be responsible for the designing, engineering and construction of the entire project.
As an engineering services conglomerate, CHEC employs more than 10,000 employees worldwide.