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HPH takes control of Manta
01 Nov 2006
Manta Port Authority and Investment Holdings Corporation, a subsidiary of Hutchison Port Holdings (HPH), have signed a concession agreement covering the transfer of operations at the port to HPH.
Hutchison presented a private development project to the authority in January, which involves investment of $468m over the 30-year life of the concession. This will fund the acquisition of equipment, extension of the quays and the addition of new installations.
The aim is to convert the port into an international hub serving South America, according to Paul Gallie, project director for Hutchison. Ecuador will also pump in $55m of state funding as part of an additional expansion phase for the port.
Mr Gallie stressed that the country's leading import-export port of Guayquil is not competition for Manta, since the latter will assume an entirely transhipment role in the region. He also discounted competition from the proposed development of Callao in Peru.
Meanwhile, Alinport, which is promoting a new deep water port at Posorja in Ecuador, has announced plans for an adjacent free zone. The container terminal will cover an area of 262,730 sq m and have 980 metres of quay.
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