17th Aug 2006 07:01
Hargreaves Services PLC17 August 2006 For Immediate Release 17 August 2006 Hargreaves Services plc ("Hargreaves" or the "Group"), Hargreaves signs new 5 year import agreement at Immingham with Associated British Ports Hargreaves Services plc (AIM: HSP), a leading provider of transport and supportservices to the energy and waste sectors, is pleased to announce a new five-yearcoal import agreement with Associated British Ports ("ABP") with effect fromSeptember 2006. The agreement will see Hargreaves increase the volume of coal it currentlyimports by 400,000 tonnes per annum through the Port of Immingham from SouthAmerica and Russia for the UK power-generation industry. The agreement alsoincludes the leasing of storage space to Hargreaves at the western end of theport. As a result of this Associated British Ports is set to invest £3.7 million innew cranage for Humber International Terminal 1, the dedicated drybulks-handling terminal at Immingham. This includes two new cranes, including a£2.6 million rail-mounted crane, to handle the additional throughput the newagreement will generate at Humber International Terminal 1. This is the first major agreement to be signed since Humber InternationalTerminal 2 was officially opened at the end of May this year by HRH The PrincessRoyal. The terminal, which was built at a cost of £59.5 million, is the singlelargest project ever to be undertaken by ABP. The extra capacity provided byHumber International Terminal 2 has enabled her sister terminal to receiveadditional tonnage. Gordon Banham, Chief Executive of Hargreaves, said: "Our trading relationship with ABP is an important part of our aim of becomingthe leading UK importer of carbon products. The opening of Humber InternationalTerminal 2 provides enormous opportunity for Hargreaves to grow our business atImmingham significantly on the back of surging demand for coal from the UK'spower-generation industry and we are grateful of the support in concluding thedeal by the team at ABP Immingham especially Nick Palmer and Simon Brett." Nick Palmer, ABP Port Director for Grimsby & Immingham, said that the agreementis a positive sign for the terminal's future: "This agreement was made possible by our investment in the extension of HumberInternational Terminal. It is by working with quality customers, such asHargreaves, that we can confidently look to a bright future for the terminal andthe port." Hargreaves has been importing coal through the first phase of HumberInternational Terminal since 2003. In October 2004, it saw its throughputincrease significantly, and this has continued to grow." - ends - Enquiries: Hargreaves Services plcGordon Banham, 0191 373 4485Peter Dillon 0191 373 4485 Buchanan CommunicationsDiane Stewart/Amy Rajendran 020 7466 5000 Andrew Kitchingman/ Andrew Emmott 0113 241 0130Brewin Dolphin Securities Asssociated British PortsNick Palmer 01472 359 181ABP Port Director, Grimsby & ImminghamTristan Garrick/Margie Collins 020 7430 1177ABP Corporate Communications This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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