The Suez Canal is to be modernised. An agreement to this effect has been signed?
GV Suez Canal Authority building
INT MV Signing of agreement between Mashour (left) and Tetsutaro Mizuno (right) watched by cameramen (5 shots)
MV Mashour news statement with overlay of Suez Canal shots (3 shots)
MASHOUR: "It is a contract for dredging two lots of the first phase of widening and deepening of the Suez Canal. The two lots are the Bitter Lakes. The amount of work -- about 60 million cubic metres. And the offer of the Penta Ocean was the best offer from about six offers. The share lots were put to international tender and we received six tenders from -- six offers -- from different, big companies in the world and their offer was the best."
NEWSMAN: "How long will this work, Mr. Chairman?"
MASHOUR: "It will take from, after finalising all these papers and the financing, it will take 36 months."
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Background: The Suez Canal is to be modernised. An agreement to this effect has been signed in Cairo, between the Canal Authority and a Japanese construction company. the contract is worth GBP 44 million sterling (70 U.S. dollars), part of which will be provided from a Japanese loan.
SYNOPSIS: The Suez Canal Authority building in Cairo, Mr. Mashour Ahmed Mashour, the Canal Authority Chairman, and Mr. Tetsutaro Mizuno, representing the Penta Ocean Construction Company of Japan, signed the agreement for widening and deepening the 100-mile (160-km) waterway. The aim is to enable the passage of ships of 53-feet (16 metres) draught -- instead of the present 38-feet (11.5 metres). This goal is to be achieved by the end of 1979. After the signing ceremony -- Mr. Mashour had this to say to newsmen.