The Port of Alaska’s new petroleum and cement terminal is on budget and on schedule, city and port officials said Friday. The project is expected to be finished in late 2021.
The city announced the news during an on-site press conference, led by Acting Mayor Austin Quinn-Davidson.
“This port is not only important to Anchorage, but Alaska,” Quinn-Davidson said. “Fifty percent of the fuel and freight that comes into Alaska comes through the port, and over 90 percent of Alaskans touch goods that come through here.”
The new petroleum and cement terminal is part of an overall port modernization project that will replace aging infrastructure that local officials have long said is in dire need of an upgrade. The port was also damaged in the November 2018 earthquake. The largest part of that is a dock for general cargo.
The new terminal is expected to cost $203 million and last 75 years, and even endure potential future seismic events.
The cost of the overall project is still being determined. Anchorage Municipal Manager Bill Falsey said it’s probably in the ballpark of $1 billion.
“Even in these challenging times, we can still do big and important and challenging things,” Falsey said.