The Asry board of directors has approved the proposed $188 million expansion plan and raised a recommendation to the general assembly of the company to approve it.

Asry's strategic plan for the 2008 to 2012 period includes a large expansion project comprising the construction of 1,200 metres of wet berths, an offshore launching pier and a tug replacement programme.

Asry's board of directors held its 113th meeting the Ritz Carlton Bahrain Hotel and Spa. The meeting was presided over by Asry chairman Shaikh Daij bin Salman bin Daij Al Khalifa.

The board of directors listened to a presentation made by the consultancy section of the Arab Petroleum Investment Corporation on the financial feasibility study of the expansion plans. The study supported the feasibility and implementation of the project.

The meeting was attended by representatives of the shareholding countries Saudi Arabia, Qatar, Kuwait, the UAE, Iraq and Libya.

The board also listened to a presentation by Asry's executive management about matters related to the technical, financial and commercial aspects of the new expansion.

Shaikh Daij said that an extraordinary meeting of the general assembly will be held on October 16 to approve the expansion project.-TradeArabia News Service