German port operator bremenports has reached an agreement with three partners to develop a port in northeastern Iceland.
Under the deal with two Icelandic municipalities and Reykjavik-based engineering firm Efla, the parties will establish the Finnafjord Port Development Company (FFPD). Together, over the next several decades, the company will build a deepwater port at Finnafjord in the municipality of Langanesbyggð.
bremenports will initially hold 66 percent of the shares in FFPD. Efla will control 26 percent of the shares, with the remaining 8 percent owned by the Icelandic municipalities.
The proposed site has space for approximately 6 km of quays and the development of more than 1,200 ha of hinterland. Water depth at the bay is approximately 20 m.