Specifically, the development of the port on the Finnafjord in northeast Iceland becomes concrete.

The project includes the following in accordance with the Memorandum of Understanding that was signed between the parties:

  • a deep water port on the Finnafjord in the municipality of Langanesbyggð, southeast of the  municipality of Thórshöfn in northeast Iceland;
  • an industrial site for the supply of the port and for commercial activities;
  • the development of port infrastructure and industry,  including electricity, water and road access;
  • the evaluation and implementation of a customs and tax free  zone in connection with the operation of port and industrial facilities.

Moreover, Bremenports will initially hold 66% of the shares in the port development company. EFLA holds a 26% stake. Another 8% are in the Icelandic communities. In the next step, the FFPD is supplemented by the entry of an investor.

The port also envisages becoming a hub for Greenlandic commodities exports, as well as Icelandic hydrogen.

The development phase will take 3 to 5 years. The partnership, called Finnafjord Port Development Co., is also in talks with an fund for investments later this year.