Canada’s port of Argentia has secured a CAD15 million (USD11.3 million) investment to support infrastructure developments that will allow it to capitalise on emerging opportunities in the offshore and renewable energy industries.
The port of Argentia will use the funds provided by the provincial government to carry out a multi-year project to develop a multipurpose, ice-free marine support and service base in the area of Cooper Cove in Argentia harbour. The proposed development is divided into two components. The first encompasses a marine base, while the second component includes a ro-ro ramp to service the energy industry and other industrial clients.
The grant will be used to leverage the CAD72 million (USD54.2 million) required to develop the project in full, said the port. Andrew Furey, premier of Newfoundland and Labrador, added: “Our support for this project facilitates supply chain cooperation between our government, port of Argentia, local suppliers and operators. This project will lead to an expansion in local supply, export and diversification opportunities, create long term jobs, and attract investment into the province in both the oil and gas and renewables industry.”
In July 2023, the port secured CAD38 million (USD28.9 million) under the National Trade Corridors Fund to improve cargo movement. The project will expand the existing Fleet Dock terminal. The works will include the construction of approximately 460 m of berthing space and a ro-ro ramp, as well as increasing the available dockside space by roughly 100,000 sq m.
