DP World wins Ecuador concession
DP World has won a 50 year concession for the development of a greenfield multi-purpose port project at Posorja, Ecuador.
Phase 1, a $500m initial investment, will include the purchase of land, dredging of a new access channel, a 20km access road and a 400m berth fully equipped to handle containers and other cargo.
Total investment will be more than $1bn for the entire project. It will also offer thousands of jobs during construction, 1,000 jobs during operations and include places to develop a logistics zone to create a regional trading hub.
The project will focus on containers with the capability to handle other types of cargo and will be implemented with DP World’s local partners, Consorcio Nobis and Grupo Vilaseca.
Sultan Ahmed Bin Sulayem, group chairman and chief executive, DP World, said: “We are delighted to extend our South American footprint with a major investment in Ecuador. The additional value it will bring to the economy is compelling, increasing competitiveness through the provision of modern container terminal services in Ecuador.”
The Posorja project will not only contribute to DP World’s continued growth in the developing markets of South America in the years ahead, but also build on its existing network in the region, with terminals in Argentine, Brazil, Peru and Suriname.
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